NU Online News Service, Feb. 5, 2004, 5:52 p.m. EST – Swiss Re Life & Health America Inc., Stamford, Conn., has agreed to pay $690 million in cash for the individual life insurance business of CNA Financial Corp., Chicago.[@@]
Swiss Re Life will be getting a large block of in-force business along with CNA’s life insurance administration offices in Nashville, Tenn.
Swiss Re Life estimates the 1 million life policies and annuity contracts in the block have about $3 billion in assets and generate about $440 million in annual premium revenue.
The block includes term, universal and permanent life insurance policies along with individual annuity products, but it excludes CNA’s long term care insurance and structured settlement business, Swiss Re Life says.
Swiss Re Life says it will be putting the business it acquires into run-off once the deal closes.
Swiss Re Life is a unit of Swiss Reinsurance Company, Zurich.