CNA makes announcement.CHICAGO--(AutomotiveWire)--Jan. 23, 1997--Continental Casualty Company (CNA (Certified NetWare Administrator) See Novell certification. ), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CNA Financial Corporation (NYSE NYSE See: New York Stock Exchange :CNA), has entered into a letter of intent with Quantum Industrial Partners (QIP QIP Quantum Information Processing QIP Quality Improvement Program QIP Quality Improvement Plan QIP Quality Imaging Products QIP Quality Insights of Pennsylvania QIP Quality Improvement Process QIP Quality Improvement Paradigm QIP Quantum Industrial Partners LDC ) and The Chatterjee Group (TCG (Trusted Computing Group, Beaverton, OR, www.trustedcomputinggroup.org) The successor to the Trusted Computer Platform Alliance (TCPA), announced in 2003 by founding members AMD, HP, IBM, Intel and Microsoft. ) under the terms of which CNA and QIP will have equal ownership in RVI RVI Radio Vlaanderen Internationaal (public broadcaster of the Flemish Community in Belgium) RVI Remote Visual Inspection RVI Renault Vehicules Industriels RVI Residual Value Insurance RVI Reverse Interrupt Guaranty Co., Ltd. and its subsidiaries (RVIG RVIG Rice Varietal Improvement Group ). TCG will continue to supervise QIP's investment in RVIG. RVIG is the largest monoline residual value insurance company in the world. Based in Bermuda, the company serves clients in the United States and around the world. The result of this transaction will be an increase of RVIG's shareholders' equity to over $100 million from the present level of $75 million. Closing is expected to occur in the first quarter of 1997. "RVIG is a good partner because its specialty underwriters have extensive experience and an in-depth understanding of leasing and asset valuation," said Thomas F. Taylor, president of CNA Financial Insurance. "That, combined with CNA's financial strength and size, will provide a stable platform from which to launch growth in this relatively untapped segment of the commercial insurance market. CNA has reinsured RVIG on a number of transactions since 1995. Our investment is a logical extension of our existing relationship." Howard A. Chickering, president of RVIG, hailed the potential partnership with CNA as a "breakthrough into areas of cross-marketing. Working through CNA contacts and relationships could help us become a major force in providing asset managers and risk managers with insurance products that allow them to secure their substantial investments in the residual values of automobiles, commercial equipment and real estate." Dr. Purnendu Chatterjee, chairman of TCG and RVIG, added that "an association with CNA will help QIP realize the full potential of this investment more rapidly and could lead to other opportunities. RVIG looks forward to working along side an innovative insurance organization like CNA." CONTACT: CNA, Chicago Roger Morris, 312/822-4195 |
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