Under the terms of the transaction, Wilton Re subsidiary will reinsure all of the run-off structured settlement annuities reinsured by a Bermuda-based subsidiary of CNA.
According to the terms of the deal, which was originally inked in February 2014, the transaction was worth $615m.
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The sale of the life and group insurance subsidiary will enable CNA to focus on property and casualty insurance business.
Commenting on the deal, CNA chairman and CEO Thomas Motamed said: "This sale marks another important milestone for CNA, as we continue to simplify our operations and create a more focused P&C business capable of delivering consistent performance."
With the completion of the transaction, CNA has offloaded life & group non-core gross GAAP insurance reserves of $3.5bn, or 23%, representing the vast majority of its payout annuity business.
Morgan Stanley & Co served as the financial advisor and Hogan Lovells US will act as the legal counsel of CNA for this transaction.
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By GlobalDataCNA provides an array of insurance products and services such as standard commercial lines, specialty lines, surety, marine and other property and casualty coverages.
