CNA invests in North American Crop Underwriters Inc.CHICAGO--(BUSINESS WIRE)--Sept. 20, 1996--CNA today announced the investment in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Crop Underwriters Inc. (NACU NACU (US) n abbr (= National Association of Colleges and Universities) → Fachhochschul- und Universitätsverband ) based in Henning, Minn. CNA (Certified NetWare Administrator) See Novell certification. has purchased a 40 percent interest in the voting common stock of NACU. NACU underwrites Multi-Peril Crop Insurance (MPCI MPCI Multiple Peril Crop Insurance MPCI Mouvement Patriotique de Côte D’ Ivoire (Patriotic Movement of the Ivory Coast) MPCI Mobile Protocol Capability Indicator MPCI Multi-Point Courtesy Inspection MPCI Mini Pci MPCI Managing Partners Confidence Index ), Crop Hail, Named Peril The designated contingency, risk, or hazard against which an insured seeks to protect himself or herself when purchasing a policy of insurance. Among the various types of perils for which insurance coverage is available are fire, theft, illness, and death. PERIL. , and Farm and is currently a non-exclusive program agent of CNA. In addition to underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and marketing crop insurance, NACU's responsibilities include processing applications, claims adjusting, as well as recruiting, hiring, training and directing a staff of highly specialized adjusters. Incorporated in 1989, NACU has 24 full-time employees and estimates 1996 production of $33.1 million. Lyle Marschand, executive vice president, Agriculture Strategic Business Unit at CNA said, "This investment is indicative of CNA's commitment and position as a long term player in the agricultural community. It will provide processing support for our 1997 MPCI business in addition to establishing a long-term relationship with NACU, a very well respected operation." Ray Murdock, president of NACU, said, "Beyond the shared interest in the agriculture industry, CNA brings significant financial and operating strength with this investment. NACU will now have the resources to expand its prosperous MPCI and (Crop) Hail operation into other states. In addition, CNA's investment in NACU removes some of the underwriting restrictions that have been placed on the company in the past. We see the investment as being a real success for both parties." NACU's expertise in crop insurance and their established distribution system will nourish nour·ish v. To provide with food or other substances necessary for sustaining life and growth. the continuing commitment from both parties to develop and market innovative risk management products to the agriculture community. For more information about CNA's Crop Insurance program call 800/999-1381 or contact NACU directly at 800/552-1573. CNA ranks among the top 10 U.S. insurance groups with 1995 revenues of $14.7 billion. Headquartered in Chicago, it is known for financial strength, leadership in insurance and risk management, and commitment to its customers and business partners. CNA is the largest writer of commercial insurance. CNA is the registered service mark and trade name of the 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. Corp. Loews Corp. owns 84 percent of the common stock of CNA Financial Corp. NOTE TO EDITORS: There is an "at" symbol before "cna.com" below. That symbol may not appear properly in some systems. CONTACT: CNA Dana O. Berkowitz, 312/822-6936 dana.berkowitz@cna.com |
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