NU Online News Service, June 26, 11:03 a.m. – CNA Financial Corp., Chicago, says it has agreed to sell the variable life and variable annuity operations of its Valley Forge Life Insurance Company unit to The Phoenix Companies Inc., Hartford, through a coinsurance arrangement.
CNA denies that completing the transaction would result in a “material” gain or loss, but it declines to give more information about the terms, other than to say that it hopes to complete the deal by Sept. 30.
CNA is making the move to focus more on its core life and group insurance operations, CNA says.