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
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