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CNA to Sell Life and Group Insurance Business

CNA Financial Corp said it would sell its life and group insurance business, on the same day that parent Loews Corp reported a bigger quarterly loss, hurt by impairment charges.

By Reuters | Updated on February 10, 2014

(Reuters) – CNA Financial Corp said it would sell its life and group insurance business, on the same day that parent Loews Corp reported a bigger quarterly loss, hurt by impairment charges.

CNA said it was selling the business, Continental Assurance Co, to a subsidiary of Wilton Re Holdings Ltd, and was expecting to book an after-tax charge of about $220 million in the first quarter of 2014.

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