CNA Financial Corp. in Chicago said that the previously announced sale of its individual life insurance business to Swiss Re Life and Health America Inc., which had been expected to close Wednesday, is now expected to be completed April 30, subject to customary closing conditions and regulatory approvals.
Neither party anticipates a problem in closing on April 30, CNA said Tuesday. The later closing will help to ensure a smooth transition from CNA to Swiss Re, the company said.
CNA said on Feb. 5 that it had agreed to sell the life business to Swiss Re for about $690 million. The deal includes term, universal, and permanent life insurance policies and individual annuity products. CNA's individual long-term-care and structured settlement businesses were excluded from the sale. An insurance servicing and administration building in Nashville is to be part of the sale, however.
