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CNA Hardy to set up European unit in Luxembourg

CNA Hardy plans to establish a new European subsidiary in Luxembourg.

"Luxembourg is the optimum jurisdiction for our European Union base due to its geographic location between three of our Continental European offices, its stable economic and political environment and the professional approach of the Luxembourg regulator," CNA Hardy CEO David Brosnan said in a statement.

The company will hire a local management team in Luxembourg, comprising risk, finance and compliance functions. The unit establishment process is underway and expected to be complete by early 2019.

CNA Hardy, acting through Hardy (Underwriting Agencies) Ltd. and CNA Insurance Co. Ltd., is a specialist commercial insurance provider for clients within both the Lloyd's and company markets.