CHICAGO (AP) — Insurer CNA Financial Corp. plans to sell a wholly owned life insurance subsidiary to Wilton Re Holdings Ltd. for about $615 million as it continues to focus more on its property and casualty business.

The Chicago company said Monday that the subsidiary it plans to sell consists mainly of structured settlement and group annuities. It also will enter into a reinsurance agreement with Wilton Re regarding some runoff structured settlement annuities.