HARTFORD, Conn.--(BUSINESS WIRE)--
Changes will be effective immediately following the close of the acquisition, which is expected in late March or April 2019
The Hartford announced the new operating model and organizational structure that will be effective upon the closing of its pending acquisition of The Navigators Group, Inc. Navigators operations, along with The Hartford’s current Specialty Commercial and Middle Market businesses, will be aligned around two new market-facing businesses – Global Specialty and Middle & Large Commercial. The acquisition is subject to regulatory approval and expected to close in late March or April.
“We are pleased with our progress on the integration planning and excited about our growth opportunities post-close,” said The Hartford’s President Doug Elliot. “The acquisition accelerates key strategic objectives for The Hartford by expanding our product offerings, risk appetite and geographic reach. This go-to-market operating model will enable us to optimize our shared commitment to underwriting excellence, innovation and delivering value to our best-in-class distribution partners and their customers.”
A. Morris “Mo” Tooker, currently head of Middle Market at The Hartford, will lead Middle & Large Commercial, which will include national accounts, and continue to report to Elliot. This business will focus on delivering workers’ compensation, general liability, auto liability and property insurance to mid-size and large businesses through retail agents and brokers. Included in this organization are: industry verticals; program and captive businesses; and umbrella, excess and high-hazard general liability offerings. Middle & Large Commercial will comprise approximately $2.7 billion of net written premiums on a pro forma basis.1
Vincent C. Tizzio, currently president of Navigators’ U.S. Insurance operation, will lead Global Specialty and report to Elliot. This business will focus on delivering a broad array of specialty products through retail and wholesale channels, and will include U.S. specialty insurance and international teams. The surety and financial products businesses of The Hartford will become a part of Global Specialty. Global Specialty will represent approximately $1.9 billion in net written premiums on a pro forma basis.1
M. Ross Fisher, currently head of Specialty Commercial at The Hartford, will take on the new role of property and casualty global chief underwriting officer and continue to report to Elliot. H. Clay Bassett, Jr., will continue to lead Navigators Reinsurance in the new organization and report to Fisher.
Stanley A. Galanski, who has served as Navigators’ CEO since 2003, will continue to serve as president and CEO through the completion of the acquisition. Upon closing of the transaction, he will assume an executive advisory role during a transition period. Under Galanski’s leadership, Navigators grew to become a global specialty insurer with strong positions in the global marine, specialty casualty, and management and professional liability markets.
The Hartford announced the signing of a definitive agreement to acquire all outstanding shares of The Navigators Group, Inc. on Aug. 22, 2018. Approximately 800 Navigators employees globally will join The Hartford upon closing.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford’s legal notice.
1 Based on 2017 net written premiums of the combined businesses.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about the expected closing date of the acquisition of Navigators, the strategic and financial impact of the acquisition, the realignment of business upon closing, and the pro forma net written premiums of the realigned businesses. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2017 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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