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Member, Beacon International Group, Ltd.
CHICAGO—A.M. Best Co. Inc. on Wednesday affirmed the A (excellent) financial strength rating of CNA Insurance Cos. and its property/casualty subsidiaries.
Best also affirmed the “a” issuer credit ratings of CNA Insurance and the property/casualty units.
All the ratings have a stable outlook, the Oldwick, N.J.-based rating agency said.
The ratings reflect CNA’s “substantially improved risk-adjusted capitalization, continued solid operating performance, adequate liquidity and good business position as a leading writer within the commercial lines segment of the U.S. property/casualty industry,” Best said in a statement.
“In addition, the ratings recognize CNA’s underwriting and other operating initiatives completed and currently under way to improve operating performance; vastly improved technological infrastructure, which has enhanced data collection and segment reporting tools; and continued focus on enterprise risk management,” Best said.
Best also noted that Chicago-based parent company CNA Financial Corp. transferred about $2.6 billion of its net legacy asbestos environmental liabilities to Berkshire Hathaway Inc.’s National Indemnity Co. in the third quarter of last year, recognizing an after-tax generally accepted accounting principles charge of $365 million as part of the transaction.
The rating agency said the positive factors were offset partially by several negative ones, including the “current highly competitive environment in its property/casualty markets, which will likely pressure underwriting margins over the near term.”
CHICAGO—CNA Financial Corp. said Monday that it has named John Beckman as chief underwriting officer of its commercial insurance operations.