Wilton Re, a US life re/insurer, has completed the previously announced acquisition of Continental Assurance Company (CAC) from CNA Financial Corporation (CNA).
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 chief executive officer. “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.”
Wilton Re will transfer a majority of the operations for the business to its administrative services platform after a transition period.
AM Best recently upgraded the financial strength rating to “A” (Excellent) from “A-“ (Excellent) and the issuer credit rating to “a” from “a-“ of Continental Assurance Company.
According to AM Best, the rating upgrade reflects the financial strength and ability of Wilton Re to support CAC, if necessary. The transaction also adds further scale to Wilton Re’s liability profile and 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.
Wilton Re, Continental Assurance Company. CNA, North America, Bermuda