Wilton Re Completes Acquisition of Continental Assurance Company from CNA Financial Corporation
Wilton Re Completes Acquisition of Continental Assurance Company from CNA Financial Corporation
August 1, 2014
(Wilton, Connecticut) – Today, Wilton Re completed the previously announced acquisition of Continental Assurance Company (“CAC”) from CNA Financial Corporation (“CNA”). Wilton Re will transfer a majority of the operations for the business to its administrative services platform after a transition period. As part of the transaction, an affiliate will reinsure a block of run-off structured settlements from a Bermuda-based subsidiary of CNA. “Wilton Re is a leader in In Force Solutions to the life insurance industry” said Chris Stroup, Chairman and CEO. “We have significant capacity to provide companies with solutions for their largest and most complex issues and our administration platform provides high standards of service to policyholders and agents. We look forward to serving the policyholders of Continental Assurance Company.”
On August 1, 2014, A.M. Best also upgraded the financial strength rating to “A” (Excellent) from “A-“ (Excellent) and the issuer credit rating to “a” from “a-“ of Continental Assurance Company. The ratings have been removed from under review with developing implications and assigned a stable outlook. A.M. Best notes that the rating upgrade reflects the financial strength and ability of Wilton Re to support CAC, if necessary. The transaction adds further scale to Wilton Re’s liability profile and also contributes to the company’s focus on managing run-off blocks of business and is in line with Wilton Re’s core administrative reinsurance capabilities.
The full press release from A.M. Best can be accessed here.