The Hartford announces new operating model following Navigators Group acquisition
The changes will take effect immediately following the close of the acquisition in late March or April.
The Hartford announced the new operating model and organizational structure that will take effect upon the closing of its pending acquisition of The Navigators Group, Inc. The acquisition is subject to regulatory approval and expected to close in late March or April.
The Hartford announced the signing of a definitive agreement to acquire all outstanding shares of The Navigators Group, Inc. on August 22, 2018. Approximately 800 Navigators employees globally will join The Hartford upon closing.
Navigators operations, along with The Hartford’s current Specialty Commercial and Middle Market businesses, will be aligned around two new market-facing businesses — Global Specialty and Middle & Large Commercial.
Related: Conn. enters two separate agreements with The Hartford, Liberty Mutual
Naming new leaders
A. Morris “Mo” Tooker, currently head of Middle Market at The Hartford, will lead Middle & Large Commercial, which will include national accounts, and continue to report to Elliot. This business will focus on delivering workers’ compensation, general liability, auto liability and property insurance to mid-size and large businesses through retail agents and brokers.
Vincent C. Tizzio, currently president of Navigators’ U.S. Insurance operation, will lead Global Specialty and report to Elliot. This business will focus on delivering a broad array of specialty products through retail and wholesale channels, and will include U.S. specialty insurance and international teams.
M. Ross Fisher, currently head of Specialty Commercial at The Hartford, will take on the new role of property and casualty global chief underwriting officer and continue to report to Elliot. H. Clay Bassett, Jr., will continue to lead Navigators Reinsurance in the new organization and report to Fisher.
Stanley A. Galanski, who has served as Navigators’ CEO since 2003, will continue to serve as president and CEO through the completion of the acquisition. Upon closing of the transaction, he will assume an executive advisory role during a transition period.
Related: Generali Global Assistance acquires travel insurance provider Trip Mate