CNA Insurance and Chubb have abandoned their plans to jointly develop an online marketplace targeting small businesses, Insurance Networking has learned.The project, called Forsurance, was recently abandoned after executives from Chicago-based CNA and Warren, N.J.-based Chubb declined to sign on to financing for the project that was to have been provided by GS Ventures, according to several industry experts who are familiar with the proposed venture.
Marketing executives at CNA, Chubb and Goldman Sachs confirm that Forsurance has been abandoned but they decline to say why.
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