Chicago-based CNA Financial Corporation announced it has signed a binding agreement to sell a portion of the business of its subsidiary, RSKCo, to Cunningham Lindsey, U.S., a subsidiary of Lindsey Morden Group, Inc., a publicly traded corporation on the Toronto Stock Exchange. The transaction is not expected to materially impact CNA’s net operating income or net income. The approximate annual revenue related to this portion of the business is $40 million.
The sale is expected to include the RSKCo name, as well as all business provided by RSKCo that is not sold in connection with insurance products of other CNA subsidiaries, commonly referred to as the unbundled business.
CNA will continue to offer claim, risk control, cost management, and other third-party administrator (TPA) services to its large and middle market bundled commercial insurance accounts. CNA offers a variety of innovative risk management services that focus on improving customers’ bottom line by reducing loss costs, enhancing productivity and facilitating communications.
“We are pleased to announce this agreement today,” stated Darryl Coleman, senior vice president, Standard Lines Claim at CNA. “This sale will allow CNA to focus on its core claim competencies to benefit our insurance businesses.”
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