NU Online News Service, June 7, 3:15 p.m. EDT
CNA Financial Corp. said it has completed the sale of its Argentina subsidiary, CNA Aseguradora de Riesgos del Trabajo (CNA ART S.A.), to QBE the Americas, an Australia-based insurer and reinsurer.
CNA said the transaction was for a total sale price of $66.3 million.
"This sale is consistent with CNA's strategies, which focus on profitable growth in U.S., Canadian and European markets," said Tom Motamed, chairman and chief executive officer of CNA. "It's a good transaction for all parties that allows CNA ART and its employees to become part of a quality organization that is among Argentina's leading workers' compensation insurers.
"We are proud of the work CNA ART has accomplished and appreciate the work these employees have done to build a valuable franchise," Mr. Motamed continued.
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