CNA Retains Life, Long Term Care and Retirement Services Businesses.Business Editors CHICAGO--(BUSINESS WIRE)--August 3, 2000 CNA (Certified NetWare Administrator) See Novell certification. , the nation's second largest commercial insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. , said today that the process of exploring a sale of its life insurance businesses, announced on March 8, has been completed. CNA will retain the individual life, long term care and retirement services businesses. It will continue to explore the separate sale of its viatical settlements viatical settlement Arrangement by which a terminally ill patient's life-insurance policy is sold to provide funds while the insured (viator) is living. The buyer (funder), usually an investment company, pays the patient a lump sum of 50–80% of the policy's face and life reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. businesses. Bernard L. Hengesbaugh, Chairman and Chief Executive Officer of CNA, the insurance unit of CNA Financial CNA Financial Corporation (NYSE: CNA) is a financial corporation based in Chicago, Illinois, United States, and noted for its 600 foot tall red headquarters building there. Its principal subsidiary, Continental Casualty Company (CCC) was founded in 1897. Corporation (NYSE NYSE See: New York Stock Exchange :CNA), said, "Having completed a comprehensive evaluation, we maintained our basic business discipline and decided not to sell these businesses for less than they are worth to CNA. We believe that it is in the best interests of CNA shareholders to retain these businesses. "We are formulating a plan to operate CNA Life on a stand-alone basis so that it may continue to provide superior value to customers and achieve its full business potential. I look forward to CNA Life continuing its record of achievement through ongoing support from CNA. "At the same time, we are committed to moving aggressively forward with our stated strategy to focus CNA on providing insurance products and services for enterprises." CNA is a leading insurance organization offering a broad range of insurance products and insurance-related services. Since 1897, CNA has built a foundation of financial strength, stability and commitment to customers and business partners. Visit CNA at www.cna.com. CNA is a registered service mark, trade name and domain name of CNA Financial Corporation. |
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