CNN Hardy have announced a strategic decision to exit the aviation insurance sector due to the current challenging market conditions and capacity levels which continue to influence profitability in the market.
“At CNA Hardy we are committed to building profitable books of business and will make investments in our operations to achieve that.
A review of our current book of aviation business confirmed that to maintain relevance and achieve a balanced portfolio we would need to grow our account significantly. Given challenging market conditions and the availability of capacity, it is apparent that we will struggle to increase market share whilst building a profitable book of business. In addition, the firming of rates and terms and conditions hasn’t materialised to the degree we hoped.
We are committed to maintaining underwriting discipline and profitability and for this reason we have made the strategic decision to withdraw from the Aviation sector with immediate effect. We will re-invest capital and re-deploy resource to other lines of business that offer greater opportunities for profitable growth.
This has been a difficult decision for CNA Hardy owing to Hardy’s successful historic position in the Aviation market and the strong partnerships Hardy has enjoyed with clients, brokers and reinsurance partners over many years.”