Business Unit Will Be Operated By Cananwill, Inc.
ACE INA today announced the sale of the premium financing business of its subsidiary, INAC, to Cananwill, Inc., a subsidiary of Aon Corporation. The sale was effective October 16, 2000. INAC was acquired by ACE INA as part of the purchase of the global property and casualty operations of CIGNA Corporation in July 1999.
Bob Omahne, President, ACE Financial Solutions said: "Premium financing is not a core business of ACE INA so we have decided to sell that part of INAC in keeping with our ongoing commitment to stay focused on our disciplined underwriting and profitable business." Under terms of the agreement, ACE INA is only including renewals and its interest in the future business in this transaction.
ACE INA is the combined U.S.-based and international operating division of the ACE Group of Companies. The ACE Group is headed by ACE Limited (NYSE: ACL). ACE INA provides insurance and reinsurance products and services through operating subsidiaries for a diverse group of clients around the world. Additional information can be found at www.ace-ina.com .