The Hartford has unveiled a new operating model and organizational structure for its specialty commercial and middle market businesses, which will come into effect after the completion of its $2.1bn acquisition of Navigators Group.
The Specialty Commercial and Middle Market will be aligned around two new market-facing businesses, to be named Global Specialty and Middle & Large Commercial, said The Hartford.
Global Specialty will focus on offering a range of specialty products via retail and wholesale channels. Headed by Vincent Tizzio, the current president of Navigators’ US insurance operation, the new business unit will be made of the company’s US specialty insurance and international teams.
Global Specialty will also include The Hartford’s surety and financial products businesses. On a pro forma basis, the new business unit will represent nearly $1.9bn in net written premiums.
Middle & Large Commercial, on the other hand, will include national accounts of the US insurer. Its focus will be on providing workers’ compensation, general liability, auto liability and property insurance to mid-size and large businesses via brokers and retail agents.
The new business unit will include industry verticals, program and captive businesses, and umbrella, excess and high-hazard general liability offerings.
Middle & Large Commercial, which will be headed by Morris Tooker, the current head of Middle Market at The Hartford, will have nearly $2.7bn of net written premiums on a pro forma basis.
The Hartford president Doug Elliot said: “We are pleased with our progress on the integration planning and excited about our growth opportunities post-close.
“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.”
The Hartford’s acquisition of Navigators, a global specialty underwriter, is expected to be closed in late March or April based on receipt of regulatory approval.
The US insurer, which specializes in property and casualty, reported $196m income in the fourth quarter 2018 from continuing operations, after tax.
