CNA Hardy, the specialist commercial insurer writing business within the Lloyd’s and company markets, announced that its new European subsidiary has successfully been granted an insurance company license by Luxembourg’s regulator, the Commissariat Aux Assurances (CAA).
CNA Hardy chose Luxembourg as the optimum jurisdiction for its European Union base due to its geographic location between three of its Continental European offices, its stable economic and political environment and the professional approach of the Luxembourg regulator, the company said in a statement.
“Our preparations for Brexit are firmly on track. The granting of our insurance company license by the Luxembourg regulator is an important milestone for us,” said Dave Brosnan, CEO, CNA Hardy. “It ensures continuity and certainty for our brokers, customers and our staff. We are committed to developing our European operations and our new European subsidiary, [with a head office] in Luxembourg, will enhance our ability to do just that.”
Stuart Middleton, CEO, Continental Europe, has started to recruit the Luxembourg management team. Recent appointments include Bertrand Mohr, chief risk officer, and Amandine Motte, chief financial officer.
Before joining CNA Hardy, Motte held senior management roles at Swiss RE and Deloitte, and Mohr served as chief risk officer, most recently at Dare Holdings.
CNA Hardy will continue to write business across Continental Europe through its network of wholly owned offices and Syndicate 382, its Lloyd’s platform.
Source: CNA Hardy
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