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.
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