Chicago-based commercial insurer CNA Financial Corp. announced it has completed the sale of Caronia Corp., a third-party claims administrator focused on medical professional liability, to Octagon Risk Services Inc., a subsidiary of Security Capital Corp. Octagon Risk Services is a medical liability TPA also specializing in clinical risk management services.
The business sold includes third-party claims and risk management services to hospitals and health-care systems, physician and paraprofessional groups, nursing homes, rehabilitation centers and clinics nationwide. The company said the transaction is not expected to materially impact its net operating income or net income.
CNA is the country’s seventh largest commercial insurance writer and the 14th largest property and casualty company.
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