Property and casualty insurer The Hartford says it’s launching a new operating and organizational structure after completing its $2.1 billion acquisition of Stamford global specialty underwriter The Navigators Group Inc.
The Hartford announced plans Monday to combine Navigators’ operations and its specialty commercial and middle market businesses into two new segments: global specialty and middle and larger commercial.
The new structure will take effect after The Hartford-Navigators combination closes following regulatory approvals in late March of April, the insurer said.
“The acquisition accelerates key strategic objectives for The Hartford by expanding our product offerings, risk appetite and geographic reach,” said Doug Elliot, president of The Hartford.
A. Morris “Mo” Tooker, The Hartford’s head of middle market, will oversee the aligned middle and large commercial segment, which is aimed at delivering workers’ compensation, property insurance, and auto and general liability through retail agents and brokers to middle and large businesses. It also includes industry verticals, program and captive businesses, and umbrella, excess and high-hazard general liability offerings.
Vincent C. Tizzio, president of Navigators’ U.S. Insurance operation, will head the global specialty business focused on several specialty products through retail and wholesale markets. The Hartford’s surety and financial products businesses will also merge with its global specialty unit.
M. Ross Fisher, head of specialty commercial at The Hartford, will serve as property and casualty global chief underwriting officer.
After the companies consummate, Navigators CEO Stanley A. Galanski will serve an executive advisory role during a transition period. Galanski has been the Stamford company’s chief executive since 2003.
In August, The Hartford announced its agreement to acquire Navigators, which has a presence in the global marine, construction and energy industries, for $70 a share, or $2.1 billion in cash. Navigators’ shareholders approved the combination in November.
Upon closing, Navigators will become a subsidiary of The Hartford and its roughly 800 employees will join the insurer.
The Hartford has said it expects the acquisition to add profits of $30 million to $75 million by 2020.
The insurer is slated to release its fourth-quarter earnings report after the market closes Monday afternoon.
