NEW YORK (Bloomberg) ? CNA Financial Corp. has settled accusations against five former executives who left to join rival Bermuda start-up Quanta Capital Holdings Ltd.

CNA claimed the executives stole trade secrets, breached confidentiality agreements and improperly encouraged seven other CNA employees to join Quanta, which will compete against CNA.

Quanta opened its headquarters in Cumberland House in Hamilton this week.

Quanta spokeswoman Amanda Mullin and CNA spokesman Charles Boesel declined to disclose terms of the settlement.

The accusations were against Thomas Taylor, John Van Decker, Anthony Codding, Cathy Cossu and John Lopes. Mr. Taylor quit his job in Quanta in September as part of an initial settlement. None of the other employees have left Quanta, Ms Mullin told Bloomberg News.

"We're satisfied with the outcome," Mr. Boesel said.

The company, which has over $500 million in capital, announced yesterday that Quanta Capital Holdings Ltd. had moved its corporate headquarters to Cumberland House in Victoria Street, Hamilton.

The company has about 230 staff worldwide of which about ten are based in Bermuda full time.

Quanta Holdings is a Bermuda specialty insurance and reinsurance holding company. It owns Quanta Reinsurance Ltd. which incorporated on 6 June, 2003 as a class 4 insurer.

Class four insurers, as the largest class of insurance company in Bermuda, must maintain minimum capital and surplus of $100 million.

The company had been running its Bermuda operations from temporary quarters at 44 Church Street, the office of IAS Park, which was said to be providing management services on the accounting and administrative side, to Quanta.

Quanta, which was the only reinsurer of its size to incorporate this year ? compared to the new wave of class four companies which set up in late 2001 and through 2002.

The company in September completed the private placement deal which brought in net proceeds of $505 million.