CNA Financial has agreed to sell its 50% ownership interest in First Insurance Company of Hawaii, a property & casualty insurance company, to Tokio Marine & Nichido Fire Insurance, the sole other shareholder in the Hawaiian subsidiary.
The sale, which is subject to regulatory approval, is not expected to have a material impact on GAAP book value, but will increase statutory surplus.
CNA chairman and CEO Tom Motamed this sale is another step in streamlining our operations and focusing on their core strategies. They believe it is an excellent transaction for both parties, and they are grateful for their many years of partnership with Tokio Marine.
Serving businesses and professionals since 1897, CNA is a commercial insurance writer and a property and casualty company.
CNA’s insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA’s services include risk management, information services, underwriting, risk control and claims administration.