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NEW YORK--Standard & Poor's Corp. has withdrawn its A- financial strength and credit ratings for 13 subsidiaries of CNA Financial Corp. that have been consolidated into other CNA-owned companies.
Twelve of the 13 units were merged--either directly or indirectly--into Continental Insurance Co. One insurer, CNA Casualty of California, merged into Continental Casualty Co., New York-based Standard & Poor's said Monday in a statement. The ratings for Continental Insurance and Continental Casualty were not impacted, analyst John Iten said.
The mergers, which were effective Dec. 31, 2006, were a part of an ongoing initiative by Chicago-based CNA to simplify its legal structure by reducing the number of legal entities and states of domicile in its insurance group, S&P said.