Key Developments: CNA Financial Corp (CNA.N)
27 Nov 2015
Latest Key Developments (Source: Significant Developments)
CNA Financial Corp:Says it has entered into a definitive agreement to sell 100% of the common stock of Continental Assurance Company (CAC), an indirect, wholly owned life insurance subsidiary consisting primarily of structured settlement and group annuities, to a subsidiary of Wilton Re Holdings Limited.Says inclusive of tax benefits, the transaction is expected to result in net proceeds of about $615 mln, a portion of which will be received in the form of a dividend from CAC immediately prior to closing.The closing of the transaction is expected to occur in the Q2 2014. Full Article
Hotel, energy and financial services conglomerate Loews Corp reported a 12.5 percent drop in quarterly profit, hurt by lower revenue from its two major units - multiline insurer CNA Financial Corp and Diamond Offshore Drilling Inc .