CNA closes deal for purchase of 70 percent ownership of Omega ART in Argentina.BUENOS AIRES Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina--(BUSINESS WIRE)--June 27, 1997-- Chicago-based CNA (Certified NetWare Administrator) See Novell certification. and Argentina's Omega Cooperativa de Seguros closed today on a 70 percent ownership interest by CNA in Omega ART. This marks CNA's first business venture in Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. . Terms of the deal were not disclosed. Omega Aseguradora de Riesgo de Trabjo (ART), with approximately 60 million in annual premium, is one of the top worker's compensation carriers in Argentina and a subsidiary of Omega Cooperativa de Seguros. Omega Seguros is the leading property casualty 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. in Argentina with approximately six percent of the market, serving the needs of individuals and businesses with a wide range of commercial and personnel assurance products. Omega distributes its assurance products through a network of more than 2,500 brokers and agents. CNA is one of the world's premier insurance organizations. With 1996 revenues of $17.0 billion, CNA ranks among the top 10 U.S. insurance groups. Headquartered in Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , CNA is a leading multibusiness insurer, serving individuals and businesses with a broad range of insurance products and insurance-related services. CNA products and services are marketed through multiple distribution channels, including independent agents, brokers, general agents and direct sales. In 1997, CNA observes its centennial year, celebrating a century of financial strength, stability and commitment to customers and business partners. CNA is the registered service mark and trade name 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. CONTACT: CNA, Chicago Clark Walter, 312/822-1454 Roger Morris, 312/822-4195 |
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