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Chubb Corp. announced that it has completed the sale of its ownership interest in Associated Aviation Underwriters, Inc. (AAU) to British Aviation Insurance Group Ltd. (BÌìÃÀÍøÕ¾´«Ã½´«Ã½). Chubb’s partner in the aviation and satellite carrier, CNA Financial also sold its interest to BÌìÃÀÍøÕ¾´«Ã½´«Ã½.

Total consideration for the sale, which Chubb and CNA will share, was $140 million -$110 million base price, $20 million for a non-competition agreement, and a $10 million dividend.

The announcement also indicated that, “As part of the sale, and to provide continuity in the transition to the new owners, Chubb and CNA each have agreed to a 5% participation for two years in an aviation insurance pool managed by BÌìÃÀÍøÕ¾´«Ã½´«Ã½ on behalf of BÌìÃÀÍøÕ¾´«Ã½´«Ã½’s owners, CGNU plc and Royal & Sun Alliance Insurance Group plc, and other pool members. Previously, Chubb and CNA each had a 27.5 participation in the aviation pool managed by AAU.”

Topics Underwriting Aviation Chubb