"This sale is another step in streamlining our operations and focusing on our core strategies," said Tom Motamed, CNA chairman and CEO. "We believe it is an excellent transaction for both parties, and we are grateful for our many years of partnership with Tokio Marine."
The sale, which is subject to regulatory approval, is not expected to have a material impact on GAAP book value, but will increase statutory surplus.
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The two companies, units of Japan-based Tokio Marine Holdings Inc., said the decision will affect 12,556 policies with premiums of $11.3 million.
