US commercial property and casualty insurance provider CNA Financial has acquired Hardy Underwriting Bermuda for approximately $230m.

After the integration, Hardy will continue to trade under its own brand and its existing leadership team but as a wholly owned, indirect subsidiary of CNA Financial, the acquirer said.

The deal has been cleared by the concerned regulators as well as Lloyd’s and the UK Financial Services Authority.

CNA Financial chairman and chief executive officer Tom Motamed said Hardy is a specialized Lloyd’s underwriter and will complement their deep expertise in specialized markets.

"With its access to the $35 billion Lloyd’s marketplace, Hardy will provide a solid platform for profitable growth and an attractive opportunity for CNA to deploy capital," Motamed added.

"We are very pleased that Barbara Merry, chief executive, and Patrick Gage, director of underwriting, will continue to lead their outstanding team."

CNA is the US seventh largest commercial insurance writer and the 13th largest property and casualty underwriter, which offers standard commercial lines, specialty lines, surety, marine and other property and casualty coverages.