NU Online News Service, May 3, 2004, 4:47 p.m. EDT – CNA Financial Corp., Chicago, is out of the individual life business.[@@]
CNA has completed previously announced plans to sell its individual life operation to Swiss Re Life & Health America Inc., Stamford, Conn., for $690 million, CNA says.[@@]
The block includes 1 million individual life and annuity contracts that generate about $440 million in annual premium revenue. The life policies in the block are term, universal and permanent policies.
The deal also includes the CNA life administration building in Nashville, Tenn., and responsibility for 300 former CNA employees.
The deal excludes CNA’s long term care insurance and structured settlement businesses.