Two senior managers at CNA Risk Services (CRS) have signed a letter of intent to purchase the indirect subsidiary from its parent company CNA Financial Corporation (CNA).

CRS is a Bermuda-based captive management company. Its buyers, Thomas McMahon and Michael Larkin, expect to complete the transaction on or before year-end, subject to certain customary closing conditions and regulatory approvals.

CNA will retain CRS to manage its Bermuda domiciled insurance companies.

Mr. McMahon and Mr. Larkin are Irish chartered accountants who have resided in Bermuda for more than sixteen years and have long standing experience in the insurance industry.

Since 1981, CRS has managed captives in Bermuda.

Its clients include single parent captives, controlled foreign corporations, non-controlled foreign corporations, group captives and segregated account companies.