Chicago-based CNA Surety Corp. announced that the company tentatively has agreed to sell all of its financial interest in U.K.-based DeMontfort Group Ltd. to HCC Insurance Holdings Inc.
The agreement covers CNA Surety’s 34-percent ownership in the common shares and certain preferred shares and indebtedness of the DeMontfort Group. Terms were not disclosed. The transaction is subject to execution of a definitive agreement and receipt of U.K. regulatory approvals. CEO John Welch said “refinements” in the company’s “international strategy” led to the move.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Experian Launches Insurance Marketplace App on ChatGPT 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
AI Claim Assistant Now Taking Auto Damage Claims Calls at Travelers 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
