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CNAF |
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CNAF intends to use the net proceeds of the senior notes issuance and the issuance of common stock in roughly equal proportion to repurchase the Series H cumulative preferred stock plus all unpaid dividends accrued through the date of redemption (approximately $994 million) and for other general corporate purposes. Best will continue to monitor the capitalization and reserve adequacy as the CNAF group manages the extended run off of its life/health segment, including its sizeable institutional markets and long-term care books of business. Broilliard added that the integration capabilities provided by the platform allows cost optimizations in terms of internal resources, maintenance and capability that allowed CNAF to extend the project throughout the organization, spanning 123 agencies. |
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