Dateline: 21/08/2000
SCHAUMBURG, IL, August 21, 2000 -- Zurich Global Energysm, the energy unit of Zurich Financial Services Group, and All American Marine Slip (AAMS), a unit of MOAC, the ocean marine arm of CNA, announced today the transfer of a substantial part of AAMS’ offshore energy book of business to Zurich Global Energy.
The transfer is effective September 1, 2000, and the new business will be known as All American Marine Slip Energy underwritten by Zurich Global Energy. Zurich Global Energy is a leading provider of risk and financial management solutions for oil and gas, petrochemical, mining and power operations worldwide. This strategic move adds to Zurich Global Energy’s worldwide presence, and significantly increases the organization’s book of business in the U.S.
Zurich Global Energy, the newly expanded global business unit of the Zurich Financial Services Group, incorporates the former international operations of Zurich Global Energy with the U.S.-based activities of Zurich U.S. Energy. J. Peter Connors, President and CEO of Zurich Global Energy, explains "The acquisition of this energy business from AAMS is a natural for us. We have a long-term strategy to grow our business globally; the addition of U.S.-based accounts gives us greater exposure in the American market. And, we have the proven skills and financial strength to successfully manage this book of business long term."
MOAC, A CNA Maritime Division, is the largest insurer of ocean marine risks in the U.S. The transfer of this energy business by AAMS will allow the organization to focus on its core lines of business, including Bluewater, Coastwise and Inland Hull, Marine Liabilities and Cargo. According to Gerry Conway, Senior Vice President, AAMS, "MOAC is committed to providing superior service to our customers. This transfer will maintain the quality of service currently provided to these accounts, and enable us to focus on critical growth areas of our business."
MOAC is a division of CNA Maritime, the ocean marine arm of Chicago-based CNA, a leading insurance organization offering a broad range of insurance products and insurance-related services. Since 1897, CNA has built its business on a foundation of financial strength, stability and commitment to customers and business partners. Visit CNA at www.cna.com. CNA is a registered service mark, trade name and domain name of CNA Financial Corporation: (NYSE: CNA).
Zurich U.S. (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the multinational, middle market and small business sectors in the United States. Zurich U.S. is a member of the Zurich Financial Services Group, and is rated A+ (Superior) by A.M Best and AA+ (Excellent) by Standard & Poor’s.
Zurich Financial Services Group (www.zurich.com) is a global leader in the financial services industry, providing its customers with solutions in the area of financial protection and asset accumulation. The Group concentrates its activities in four core businesses: non-life and life insurance, reinsurance and asset management. Headquartered in Zurich, Switzerland, the Group’s worldwide presence builds on strong positions in its three key markets: United States, United Kingdom and Switzerland. It has offices in more than 60 countries reaching 35 million customers and employing 68,000 people.
###
Media contacts:
Elizabeth Woods
Zurich Global Energy
(212) 676-4864
elizabeth.woods@zurichna.com
Gillian Sterling
CNA
(732) 398-4332
gillian.sterling@cna.com