CNA Financial (CNA) Stock News

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) for CNA Insurance Companies, part of CNA Financial Corporation (CNA), alongside a Long-Term Issuer Credit Rating (ICR) of 'a+' (Excellent). The ratings reflect CNA's very strong balance sheet strength, favorable operating performance, and robust business profile. Despite the strength, the discontinued long-term care program negatively impacts profitability. Western Surety Group also received stable ratings, reflecting strong capitalization and consistent operating performance.

CNA has appointed Susan Stone as Executive Vice President and General Counsel, effective June 28, 2021. She will lead the Law Department and manage all legal matters, including compliance and litigation. Stone brings over 30 years of legal experience, previously serving as General Counsel at Marsh LLC. Her role aims to ensure profitable and ethical business growth. The firm, with over 120 years of experience in the insurance sector, provides a variety of commercial property and casualty insurance products in the U.S., Canada, and Europe.

CNA Financial Corporation (NYSE: CNA) reported a strong Q1 2021, achieving net income of $312 million ($1.14 per share), rebounding from a net loss of $61 million in Q1 2020. Core income rose to $263 million ($0.96 per share) from $108 million ($0.40 per share) year-over-year. The Property & Casualty segment showed a core income of $263 million, driven by increased net investment income and improved underwriting results, despite higher catastrophe losses. The company also declared a quarterly dividend of $0.38 per share.

CNA Financial Corporation is set to report its first quarter 2021 results before market opening on May 3, 2021. Investors can access the news release, earnings presentation, and financial supplement on www.cna.com. A conference call will be held at 8 a.m. CT with Dino E. Robusto, the Chairman & CEO. Interested participants can join via phone or view a live webcast on the Investor Relations section of their website. CNA, a major U.S. commercial property and casualty insurance provider, offers diverse insurance products for businesses across North America and Europe.

AM Best confirmed that the Credit Ratings of CNA Financial Corporation (CNA) remain unchanged following a cybersecurity attack that disrupted certain systems, including corporate email. The ratings outlook is stable. AM Best notes that CNA is actively managing the situation, implementing workarounds to maintain critical operations. Although the cyberattack's impact hasn't materially affected CNA's credit profile, AM Best will closely monitor developments for any potential changes regarding the company's enterprise risk management and reputation in the market.

CNA has appointed Steve Marohn as Senior Vice President of Small Business, responsible for profitability and strategic direction in the sector. Marohn, who joined CNA in 2013, previously led the San Francisco branch and has a wealth of experience in the industry, including a role at AIG. His appointment is expected to enhance CNA's Small Business growth and client solutions through his established agent and broker relationships. The company, a major player in commercial property and casualty insurance, boasts over $45 billion in invested assets.

CNA Financial Corporation reported a strong fourth quarter 2020 with net income of $387 million, up from $273 million a year earlier. Core income reached $335 million, exceeding last year's $265 million. The property and casualty (P&C) combined ratio improved to 93.5% from 95.6%. Gross written premiums increased by 15% and net written premiums by 12%. However, the full-year net income dropped to $690 million from $1 billion. Book value per share rose to $46.82, and dividends were declared at $0.38 per share with a special dividend of $0.75.

CNA Financial Corporation (NYSE: CNA) will report its fourth quarter 2020 results on February 8, 2021, before market opening. The announcement, along with an earnings presentation and financial supplement, will be available on www.cna.com. A conference call for investors and analysts is set for 8 a.m. CT, hosted by Dino E. Robusto, Chairman & CEO. Interested participants can join the Q&A session by calling (800) 289-0571 or +1 (720) 543-0206 for international calls. An online replay will be accessible post-call.

CNA Financial Corporation (NYSE: CNA) has announced a deal for its subsidiary Continental Casualty Company to transfer approximately $690 million in excess workers' compensation liabilities to Cavello Bay Reinsurance Limited, effective January 1, 2020. This retroactive agreement has an aggregate limit of $1 billion and is expected to close in Q1 2021, pending regulatory approval. CNA anticipates recognizing an after-tax loss of around $12 million from this transaction. CEO Dino Robusto confirmed this move as part of CNA's strategy to enhance its focus on core business operations.