Chicago-based CNA Financial Corporation announced the sale of the renewal rights of its book of hull and liability insurance business for ocean-going vessels in both London and the United States to the Arch Insurance Group, a division of Arch Capital Group Ltd. The sale will be effective for all covered policies with renewal dates of Feb. 1, 2003 issued by the Continental Insurance Company, a CNA subsidiary. The transaction is not expected to materially impact CNA’s net operating income.
CNA will continue to service all underwriting and claims issues until the policies are successfully transitioned. CNA will work with Arch Insurance Group to foster a seamless transfer for policyholders.
“CNA is one of the largest ocean marine insurance organizations in the world,” Nigel Jenkins, CNA senior vice president, commented. “This sale will allow us to focus on and grow more effectively the remaining lines of our core marine business.”
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