CNA Financial Corporation (NYSE: CNA) announced today the completion of the previously disclosed transfer of legacy asbestos and environmental pollution liabilities to National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. The transfer is consistent with the terms announced on July 15, 2010.
“We are pleased to have completed this important transaction with a company of the stature of National Indemnity,” said Thomas F. Motamed, chairman and chief executive officer, CNA. “Overall, the transaction fully meets our objectives – effectively eliminating asbestos and pollution reserve risk, and legacy reinsurer dispute and credit risk; enhancing our capital flexibility; and sharpening our
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