Commercial insurance provider, CNA Financial Corporation, has completed the sale of Caronia Corporation, a third-party claims administrator focused on medical professional liability, to Octagon Risk Services.
Octagon is a third party-claims administrator specializing in medical professional liability and clinical risk management services. Octagon is a subsidiary of Security Capital Corporation.
The business sold includes third-party claims and risk management services to hospitals and healthcare systems, physician and paraprofessional groups, nursing homes, rehabilitation centers and clinics nationwide. The transaction is not expected to materially impact CNA’s net operating income or net income.
CNA is the US’ seventh largest commercial insurance writer and the 14th largest property and casualty company. CNA’s insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. In addition CNA offers services in risk management, information services, underwriting, risk control and claims administration.