Copyright 2010 SNL Financial LCAll Rights Reserved SNL Insurance Daily
February 10, 2010 Wednesday
A.M. Best revises outlook, affirms ratings on CNA Financial
A.M. Best revised its outlook on CNA Financial and its subsidiaries to stable from negative while taking a number of ratings actions.
A.M. Best said Feb. 8 that it revised its outlook on CNA Financial Corp. and its subsidiaries to stable from negative while taking a number of ratings actions.
The rating agency said it affirmed the “bbb” issuer credit rating of CNA Financial, which reported its year-end results earlier Feb. 8.
The rating agency affirmed the A financial strength ratings and “a” issuer credit ratings of CNA Insurance Cos. and its members: American Casualty Co. of Reading Pennsylvania, Columbia Casualty Co., Continental Casualty Co., Continental Insurance Co. of New Jersey, Continental Insurance Co., National Fire Insurance Co. of Hartford, North Rock Insurance Co. Ltd., Transportation Insurance Co. and Valley Forge Insurance Co.
“CNA’s ratings reflect its substantially improved risk-adjusted capitalization, continued solid underwriting fundamentals, adequate liquidity and good business position as a leading writer within the commercial lines segment of the property/casualty industry,” A.M. Best said.
The rating agency also affirmed the A- financial strength rating and “a-” issuer credit rating of Continental Assurance Co., reflecting “an increase in the group’s statutory surplus and substantially improved risk-adjusted capitalization that is more supportive of its ratings,” the agency said.
Continental Assurance’s outlook was also revised to stable from negative.
Meanwhile, A.M. Best affirmed the A financial strength ratings and “a” issuer credit ratings of CNA Surety Corp. Group and its members Western Surety Co., Surety Bonding Co. of America and Universal Surety of America.
A.M. Best also affirmed the “bbb” issuer credit rating of CNA Surety Corp. with a stable outlook.
Additionally, the rating agency affirmed the A financial strength ratings and “a” issuer credit ratings of CNA’s part-owned First of Hawaii Group and its members with a stable outlook.
The members are First Fire and Casualty Insurance of Hawaii Inc., First Indemnity Insurance of Hawaii Inc., First Insurance Co. of Hawaii Ltd. and First Security Insurance of Hawaii Inc.
The ratings reflect the group’s strong risk-adjusted capitalization, strong overall earnings profile and sound localized market presence as a leading insurance provider in Hawaii.
CNA Financial is a unit of Loews Corp.
February 16, 2010