CNA Announces Sale of Surety Company & Agency to California Contractors Insurance Services
CHICAGO--(BUSINESS WIRE)-- CNA Financial Corporation (NYS: CNA) today announced that it has completed the sale of SUR Insurance Agency, Inc. (SUR) and The Bond Exchange (TBE) to California Contractors Insurance Services (CCIS) effective December 14, 2012.
"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," said John Welch, President - CNA Surety. "TBE remains a key producer for CNA, and we expect to continue our long-standing relationship for years to come."
Western Surety, a wholly owned subsidiary of CNA and seller of SUR Insurance Agency, will retain certain of the business lines that were previously sourced from SUR. This business will be seamlessly transitioned to CNA Solutions, an insurance agency and wholly owned subsidiary of CNA. CNA will continue to offer CNA Solutions as an alternative for placing business for agents and brokers who lack specific state licenses.
Based in Sacramento, California Contractors (www.ccisbonds.com) has been assisting licensed contractors with their bond and insurance requirements since 1968.
Serving businesses and professionals since 1897, CNA is the country's seventh largest commercial insurance writer and the 13th largest 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. For more information, please visit CNA at www.cna.com."CNA" is a service mark registered by CNA Financial Corporation with the United States Patent and Trademark Office. Certain CNA Financial Corporation subsidiaries use the "CNA" service mark in connection with insurance underwriting and claims activities.
CNA Financial Corporation
Jennifer Martinez, 312-822-5167
Sarah Pang, 312-822-6394
KEYWORDS: United States North America California Illinois
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