NU Online News Service, Sept. 1, 3:15 p.m. EDT
CNA Financial Corp. said it has completed transferring its legacy asbestos and environmental pollution liabilities to Berkshire Hathaway's National Indemnity Company (NICO).
CNA said it expects to record an after-tax loss of about $370 million in its third-quarter financial statement.
Under the terms of the agreement, CNA's Continental Casualty Company and several other insurance subsidiaries gave NICO about $1.6 billion of asbestos and environmental (A&E) pollution liabilities under a retroactive reinsurance agreement with a total limit of $4 billion effective Jan. 1, 2010.
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