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CNA Financial Announces Transfer Of Legacy Surplus Workers’ Compensation Portfolio To Cavello Bay Reinsurance Minimal

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CHICAGO, Dec. 30, 2020 /PRNewswire by means of COMTEX/ —
CHICAGO, Dec. 30, 2020 /PRNewswire/ — CNA Economic Company (NYSE: CNA) announced today that its principal operating subsidiary, Continental Casualty Business, has entered into an agreement with Cavello Bay Reinsurance Restricted (“Cavello”), a subsidiary of Enstar Group Restricted, underneath which Cavello will reinsure a legacy portfolio of surplus workers’ compensation procedures. Underneath the conditions of the transaction, which will be considered efficient as of January 1, 2020, CNA will cede to Cavello somewhere around $690 million of internet surplus workers’ compensation liabilities relating to enterprise composed in 2007 and prior underneath a retroactive reinsurance arrangement with an combination restrict of $1 billion.

The transaction is anticipated to shut in the initially quarter of 2021, issue to regulatory acceptance and other closing problems, at which time CNA expects to recognize an after-tax loss of around $12 million.

Dino Robusto, Chairman and CEO of CNA, commented, “The transfer of legacy reserves supports CNA’s continued determination to advancing our main company.  We are delighted to be operating with an excellent husband or wife in Enstar in pursuit of our plans.”

About the Company

CNA is a single of the largest U.S. professional property and casualty insurance policies companies.  CNA supplies a wide assortment of conventional and specialised house and casualty insurance items and products and services for companies and gurus in the U.S., Canada and Europe, backed by much more than 120 yrs of working experience and somewhere around $45 billion of invested belongings.  For far more info, make sure you stop by CNA at www.cna.com.

Forward-Searching Statements

This press launch incorporates statements that relate to anticipated long term events (ahead-looking statements) instead than precise present ailments or historical occasions. These statements are manufactured pursuant to the secure harbor provisions of the Personal Securities Litigation Reform Act of 1995 and usually include words and phrases these as “thinks,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-on the lookout statements, by their character, are matter to a selection of inherent hazards and uncertainties that could lead to genuine success to differ materially from the results projected. Many of these hazards and uncertainties are unable to be controlled by CNA. For a in depth description of these risks and uncertainties be sure to refer to CNA’s filings with the Securities and Trade Commission, readily available at www.cna.com.

Any ahead-searching statements designed in this push launch are produced by CNA as of the day of this push launch. Further, CNA does not have any obligation to update or revise any ahead-wanting assertion contained in this press launch, even if CNA’s anticipations or any similar activities, situations or situation transform.

Any descriptions of coverage underneath CNA procedures or packages in this push launch are delivered for ease only and are not to be relied upon with regard to queries of coverage, exclusions or limits. With regard to all these types of matters, the terms and provisions of pertinent insurance procedures are key and controlling. In addition, you should note that all coverages may possibly not be available in all states. “CNA” is a registered trademark of CNA Financial Corporation. Sure CNA Monetary Company subsidiaries use the “CNA” trademark in link with insurance plan underwriting and statements things to do. Copyright © 2019 CNA. All legal rights reserved.

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Cara McCall, 312-822-1309  

Amy Adams, 312-822-5533

 

 

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Resource CNA

COMTEX_377025132/2454/2020-12-30T18:20:14

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