CNA Financial Corporation has entered into a definitive agreement to sell Caronia Corporation, a third-party claims administrator focused on medical professional liability, to Octagon Risk Services, Inc., a subsidiary of Security Capital Corporation. Octagon Risk Services, Inc., is a third party-claims administrator specializing in medical professional liability and clinical risk management services.
The business sold includes third-party claims and risk management services to hospitals and healthcare systems, physician and paraprofessional groups, nursing homes, rehabilitation centers and clinics nationwide.
The transaction is expected to be completed at or before the end of the first quarter or early in the second quarter of this year, subject to certain customary closing conditions. The company said that the transaction is not expected to materially impact CNA’s net operating income or net income.
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