CNA Finalizes Group Benefits Sale

Chicago-based commercial lines insurer CNA Financial Corp. has completed the previously announced sale of its group benefits business to Hartford Financial Services Group Inc. for about $500 million.

The business sold included group life and accident, and short- and long-term disability insurance. CNA’s group long-term care and specialty medical businesses were excluded from the sale. The transaction closed Dec. 31, 2003. As part of the sale, about 1,200 employees were transferred to The Hartford.