CNA Financial sells Argentinean unit for $66.3M

Posted June 7, 2010 at 9:33 a.m.

Reuters | CNA Financial Corp said it sold its Argentinean subsidiary to the U.S.
unit of Australian insurer QBE Insurance Group for $66.3 million.

The sale of CNA Aseguradora de Riesgos del Trabajo will result in a
modest realized GAAP loss due to historical unrealized currency
translation losses, CNA Financial, majority-owned by Loews Corp, said in
a statement.

QBE Insurance, Australia’s top insurer by premium income, is an aggressive buyer. It bought U.S. crop insurer NAU Country Life Insurance Co for $565 million in April.

Shares of Chicago-based CNA were up about a percent at $25.25 Monday morning on the New York Stock Exchange.

Read more about the topics in this post:

Comments are closed.