CNA Financial Corp. announced that as of Dec. 31, 2002, its property and casualty insurance subsidiaries have about $600 million of reinsurance receivables due from Gerling-Konzern Allgemeine Versicherungs AG and its property and casualty insurance subsidiaries (collectively known as the Gerling Group).
Of this amount, all but about $170 million is supported by collateral in the form of letters of credit, trust agreements, funds withheld balances and other payable offsets. The uncollateralized amount is primarily due from the Gerling Group’s New York-domiciled insurance subsidiaries. CNA continues to bill reinsured losses and collect payments from the Gerling Group in the normal course.
Was this article valuable?
Here are more articles you may enjoy.
Bring It On: AI Strategy Sways Underwriter Choices of Employers 
Trump’s Latest Tariffs Hit With New Lawsuit by 25 States 
CBIZ Brokerage to Be Spun Off, Backed by Private Equity, After $5B Grant Thornton Deal 
Allstate Q2 Net Income Jumps 56% on Underwriting 
