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CNA to Sell Individual Life Insurance Business

CNA Financial Corporation announced it would sell its individual life insurance business to Swiss Reinsurance Company's Life & Health America Inc., for about $690 million....
February 10, 2004

CNA Financial Corporation announced it would sell its individual life insurance business to Swiss Reinsurance Company's Life & Health America Inc., for about $690 million. CNA said the sale includes term, universal and permanent life insurance policies and individual annuity products but excludes the individual long-term care and structured settlement businesses. Swiss Re will also buy CNA's insurance servicing and administration building in Nashville, Tennessee. About 300 employees will transfer to the Swiss company, which is based in Zurich. CNA said it would take a charge of about $300 million on the sale in the first quarter.

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