announced the sale of part of the business.

The company is off-loading its premium financing business of its subsidiary, INAC, to Cananwill, Inc., a subsidiary of Aon Corporation and said the sale was effective October 16, 2000.

INAC was acquired by ACE as part of the purchase of the global property and casualty operations of the US giant CIGNA Corporation in July 1999. Bob Omahne, President, ACE Financial Solutions, said: "Premium financing is not a core business of ACE INA so we have decided to sell that part of INAC in keeping with our ongoing commitment to stay focused on our disciplined underwriting and profitable business.'' Under terms of the agreement, ACE INA is only including renewals and its interest in the future business in this transaction.

ACE INA is the combined US-based and international operating division of the ACE Group of Companies. ACE INA provides insurance and reinsurance products and services through operating subsidiaries for a diverse group of clients around the world.