CNA Financial Corporation yesterday announced it had completed the $230 million acquisition of Hardy Underwriting Bermuda Ltd.The US company said Hardy would continue to operate under the Hardy brand and with its current leadership team.Hardy redomiciled from the UK to Bermuda in 2008 and has a reinsurance underwriting operation on Par-la-Ville Road.Hardy CEO Barbara Merry said yesterday: “We are excited about joining a company with CNA’s history of financial strength and insurance leadership. The strategic alignment of our organisations provides a very strong foundation for mutual success.“I would like to take this opportunity to thank Hardy’s shareholders for their support over the years and also to thank the Hardy team for their passion and commitment we have a very strong culture and I am confident that our new parent will enable us to achieve our full potential in this exciting new chapter in our history.”The acquisition by CNA Financial of Hardy was approved by Hardy shareholders in April 2012. Regulatory approvals for the transaction, including from Lloyd’s and the UK Financial Services Authority, have been obtained.“We are delighted to have successfully and smoothly completed the transaction,” said Tom Motamed, chairman and chief executive officer of CNA Financial.“Hardy is a specialised Lloyd’s underwriter with a respected brand and a long history of disciplined underwriting. The addition of Hardy complements our deep expertise in specialised 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.”“In addition, Hardy’s underwriting philosophy is very similar to ours. 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 seventh largest commercial insurance underwriter in the US and the 13th largest American property and casualty company.