Continental Casualty Co., CNA Financial Corp.’s principal operating subsidiary, and several of its other insurance subsidiaries, will transfer its legacy asbestos and environmental pollution liabilities to National Indemnity Co. (NICO), following a reinsurance agreement.
Under the terms of the transaction, effective Jan. 1, 2010, the CNA companies will cede approximately $1.6 billion of net asbestos and environmental pollution liabilities to NICO, a subsidiary of Berkshire Hathaway Inc., under a retroactive reinsurance agreement with an aggregate limit of $4 billion. The aggregate reinsurance limit will also cover credit risk on existing third-party reinsurance related to these liabilities.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access