Aim to double size of European business by 2012
CNA Europe president and chief executive Julian Enoizi is looking at UK acquisitions as part of ambitious plans to double the size of the business in five years.
Enoizi said the specialist insurer was also developing proposals to push further into the UK SME market and was set to expand its product range and online capabilities.
In an exclusive interview with Insurance Times, Enoizi said he had secured the investment from its US parent needed to expand the business after two years spent returning the insurer to profitability.
He said the aim was to double the size of the European business by 2012, which would see the UK business grow to more than £200m in revenues. CNA UK currently writes about £110m in gross written premiums.
Enoizi said the growth would be achieved through expanding its product range and acquisitions. “It’s a big challenge and if the market doesn’t help us [with hardening rates] it won’t happen. But it is possible.”