Swiss Re to Acquire CNA Financial's Book of Life Insurance Policies in Admin Re Transaction.Business Editors
NEW YORK--(BUSINESS WIRE)--Feb. 5, 2004
Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. , the world's largest life and health reinsurer re·in·sure
tr.v. re·in·sured, re·in·sur·ing, re·in·sures
To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , today announced an agreement to acquire Chicago-based CNA (Certified NetWare Administrator) See Novell certification. Financial's individual life insurance business for approximately $690 million in cash. The in-force business acquired, which will be put into run-off as the deal closes, will include term, universal and permanent life insurance policies and individual annuity products. Additionally, Swiss Re will acquire CNA's Nashville, Tenn., life insurance servicing and administration facility. The transaction is subject to certain customary closing conditions and regulatory approvals. Excluded from the transaction will be CNA's long-term care long-term care (LTC),
n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and structured settlement business.
The agreement represents one more in a series of Swiss Re's Admin Re(SM) transactions, in which closed blocks of in-force life and health insurance are acquired and Swiss Re administers the underlying policies. Under the agreement, Swiss Re Life & Health America Inc. will assume responsibility to administer approximately one million insurance policies in force with total assets of approximately $3.0 billion and annualized annualized
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. premiums of $440 million.
"The acquisition of CNA's life insurance business is an attractive opportunity to further expand our Admin Re(SM) business," said Weldon Wilson, chief executive officer of Swiss Re Life & Health America. "We believe that Admin Re(SM) transactions continue to provide excellent opportunities for both Swiss Re and our clients."
Notes to editors
Swiss Re is a leading reinsurer and the world's largest life and health reinsurer. The company is global, operating from 70 offices in 30 countries. Since its foundation in 1863, Swiss Re has been in the 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. business. Swiss Re has three business groups: Property & Casualty, Life & Health and Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. . Swiss Re offers a wide range of traditional reinsurance products and related services, which are complemented by insurance-based corporate finance solutions and supplementary services. Swiss Re is rated "AA" by Standard & Poor's, "Aa1" by Moody's and "A+" by A.M. Best.
CNA is the country's fourth largest commercial insurance writer and the 11th largest property and casualty company. CNA's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA services include risk management, information services See Information Systems. , underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com. CNA is a registered service mark, trade name and domain 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.
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