CNA Financial Corporation announced that it has completed the sale of its Argentinean subsidiary, CNA Aseguradora de Riesgos del Trabajo (CNA ART S.A.), to QBE the Americas, the Australia-based insurer and reinsurer.
The sale price was $66.3 million, which CNA said was “approximately two times GAAP book value and regulatory surplus, but will result in a modest realized loss under generally accepted accounting principles in the United States of America (GAAP) because of historical unrealized currency translation losses. The transaction will result in a realized gain under statutory reporting and will increase both GAAP equity and statutory surplus.”
“This sale is consistent with CNA’s strategies which focus on profitable growth in U.S., Canadian and European markets,” explained Tom Motamed, CNA’s chairman and CEO. “It’s a good transaction for all parties that allows CNA ART and its employees to become part of a quality organization that is among Argentina’s leading workers’ compensation insurers.”
He added: “We are proud of the work CNA ART has accomplished and appreciate the work these employees have done to build a valuable franchise.”
Source: CNA Financial Corporation
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