Munich Am Re Closes CNA Life Re Acquisition

Munich American Reassurance Company, a wholly owned subsidiary of Germany’s Munich Re, has completed the previously announced purchase of CNA Financial Corporation’s life insurance business, CNA Life Re and Agora Re.com.

The acquisition doubles MARC’s business in the U.S., and reaffirms the company’s commitment to the U.S. Life reinsurance market. It plans to integrate CNA Re’s operations into its own.

Jeffrey S. Katz, CNA Re’s former President will become a Sr. V.P.”in charge of MARC’s newly established Chicago office.” He will also head AgoraRe, “an e-commerce marketplace for facultative life reinsurance and other transactions between direct life insurance companies and their reinsurers.”