HARTFORD, Conn.--The Hartford Financial Services Group, Inc. today announced it has completed the purchase of CNA Financial Corporation's group life and accident, and short-term and long-term disability businesses for approximately $500 million in cash. The transaction closed on December 31, 2003.
This acquisition solidifies The Hartford's position as a leading provider of group benefits through its subsidiary, Hartford Life and Accident Insurance Company.
CNA's group operations reported revenues of $900 million for the nine months ended September 30, 2003, for its group benefits businesses, excluding long term care and specialty medical.
The Hartford is one of the nation's largest insurance and financial services companies. As of December 31, 2002, The Hartford had revenues of $16.4 billion. The company is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance.
Source: The Hartford Financial Services Group
