CNA Financial Corp. purchased reinsurance for its financial institutions and management liability portfolio that became effective Dec. 1, The Insurance Insider reported, citing unnamed sources.

The quota share cover cedes about 40% of a book of business with expected subject premiums of under $100 million, the news outlet said. Thought to be included are directors and officers, or D&O, professional liability, employers' practices liability and fiduciary risks, according to the report.

The coverage includes reinsurance for new business, expanded coverage and increased limits for existing insureds, The Insurance Insider reported.