CNA Financial Corp. will acquire Hardy Underwriting Bermuda Ltd. through a cash acquisition of all Hardy common shares. The acquisition is to be implemented by way of a merger under the Bermuda Companies Act, and CNA will pay about $227 million for the shares.

CNA says the proposed transaction has been approved by the board of directors of both companies. Subject to the approval of Hardy shareholders, regulatory approvals and other conditions set forth in the agreement, the acquisition is expected to be completed during Q2 2012.

CNA says that, under the terms of the agreement, Hardy shareholders will be entitled to receive $4.44 for each common share. The acquisition price values Hardy's entire issued and to-be-issued share capital at about $227 million. Aon Benfield Securities is acting as financial advisor to CNA in connection with the transaction, while Rothschild and Peel Hunt are acting as financial advisors to Hardy in connection with the transaction, says CNA.

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