, the insurance unit of

CNA Financial

(CNA) - Get Report

, said Wednesday that it was exploring options for selling its individual life insurance and life reinsurance businesses as part of an effort to focus on corporate insurance products and services.

Shares of CNA, the second-largest commercial insurer in the U.S., closed down 3/8, or 1.49%, at 24 3/4.

"This initiative is the latest in a series of steps we've taken recently to make CNA the underwriter of choice in the business market," said Bernard Hengesbaugh, CNA's chairman and CEO, in a statement.

Last year, CNA sold its personal auto and homeowners insurance business to


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CNA said it hired

Donaldson Lufkin & Jenrette Securities

to assist with the sale.