CNA Financial completes transfer of asbestos, pollution liabilities to Berkshire Hathaway unit

CNA Financial transfers environmental liabilities

CHICAGO — Commercial insurer CNA Financial Corp. said Tuesday that it has completed its transfer of $1.6 billion of asbestos and environmental pollution liabilities to a subsidiary of Warren Buffett’s Berkshire Hathaway Inc.

As a result, CNA said it expects to recognize an after-tax loss of approximately $370 million for the current quarter.

CNA Financial has said the deal eliminates “a significant source of uncertainty” for the Chicago company, which is primarily owned by Loews Corp., a conglomerate controlled by New York’s Tisch family.