CHICAGO--(BUSINESS WIRE)--
Today, CNA Financial Corporation (NYSE: CNA) announced that it has
agreed to the sale of its 50% ownership interest in First Insurance
Company of Hawaii, Ltd., the largest property & casualty insurance
company headquartered in Hawaii, to Tokio Marine & Nichido Fire
Insurance Co., Ltd., the sole other shareholder in the Hawaiian
subsidiary.
“This sale is another step in streamlining our operations and focusing
on our core strategies,” said Tom Motamed, chairman and chief executive
officer, CNA. “We believe it is an excellent transaction for both
parties, and we are grateful for our many years of partnership with
Tokio Marine.”
The sale, which is subject to regulatory approval, is not expected to
have a material impact on GAAP book value, but will increase statutory
surplus.
Serving businesses and professionals since 1897, CNA is the country’s
seventh largest commercial insurance writer and the 13th
largest property and casualty company. CNA’s insurance products include
standard commercial lines, specialty lines, surety, marine and other
property and casualty coverages. CNA's services include risk management,
information services, underwriting, risk control and claims
administration. For more information, please visit CNA at www.cna.com.
CNA is a registered trademark of CNA Financial Corporation.
Follow CNA on: Facebook
| Twitter
FORWARD-LOOKING STATEMENT
This press release may include statements which relate to anticipated
future events (forward-looking statements) rather than actual present
conditions or historical events. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and generally include words such as “believes”, “expects”,
“intends”, “anticipates”, “estimates”, and similar expressions.
Forward-looking statements, by their nature, are subject to a variety of
inherent risks and uncertainties that could cause actual results to
differ materially from the results projected. Many of these risks and
uncertainties cannot be controlled by CNA. For a detailed description of
these risks and uncertainties please refer to CNA’s filings with the
Securities and Exchange Commission, available at www.cna.com.
Any forward-looking statements made in this press release are made by
CNA as of the date of this press release. Further, CNA does not have any
obligation to update or revise any forward-looking statement contained
in this press release, even if CNA’s expectations or any related events,
conditions or circumstances change.
Source: CNA Financial Corporation
Contact:
MEDIA CONTACT:
CNA Financial Corporation
Katrina Parker,
312-822-5167