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NU Online News Service, July 15, 12:00 p.m. EDT

CNA Financial Corp. has entered into an agreement with Berkshire Hathaway Inc. to transfer its legacy asbestos and environmental pollution liabilities to Berkshire’s National Indemnity Company (NICO).

CNA’s Continental Casualty Company and several other insurance subsidiaries will give NICO about $1.6 billion of asbestos and environmental (A&E) pollution liabilities under a retroactive reinsurance agreement with a total limit of $4 billion effective Jan. 1, 2010, according to a company statement.

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