US commercial property and casualty insurance provider CNA Financial has completed the sale of SUR Insurance Agency (SUR) and The Bond Exchange (TBE) to California Contractors Insurance Services (CCIS).
Further details of the transaction have not been disclosed.
Commenting on the deal, CNA Surety president John Welch said, "The Bond Exchange has been a successful operation of CNA for many years, and their unique approach, reputation, and success in the surety marketplace compliments CCIS’s excellent reputation"
Under terms of the deal, CNA wholly owned subsidiary and seller of SUR Insurance Agency -Western Surety will hold certain of the business lines that earlier originated from SUR.
Following the transition of the business to its insurance agency and wholly owned subsidiary CNA Solutions, the company will continue to provide CNA Solutions as an alternative for placing business for agents and brokers.
Sacramento-based California Contractors has been helping licensed contractors with their bond and insurance requirements since 1968.
CNA delivers insurance products such as standard commercial lines, specialty lines, surety, marine and other property and casualty coverages.