Munich American Re (MARC), the U.S. subsidiary of Munich Re, announced plans to acquire by retrocession the reinsurance life business of Chicago based CNA Financial Corp., CNA Life Re and Agora Re.com for an undisclosed price.
CNA Life Re writes around $200 million in annual premiums in the life and health sector; the transaction will double the amount of life reinsurance MARC has in force, substantially increasing its U.S. market share.
David M Holland, MARC’s president and CEO stated: “We view the acquisition of CNA Life Re as an excellent strategic fit with our current US life operations, and in keeping with our desire to be one of the leaders in this market.”
The CNA Life Re office in Chicago will be retained under the direction of its current President and COO Jeffrey S. Katz.
The announcement comes shortly after CNA withdrew its efforts to find a buyer for its entire life insurance operation, and two months after United National Group canceled its agreement to be acquired by Munich Re following approval delays in Pennsylvania due to controversy over Munich Re’s refusal to join the International Commission on Holocaust Era Insurance Claims.
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