AM Best Upgrades Credit Ratings of CNA Financial Corporation and Its Subsidiaries
CNA is considered the lead rating unit in the CNAF enterprise. CNA’s ratings reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). CNA has had consistently positive operating performance over the most recent five-year period underpinned by its commercial casualty underwriting and its overall investment metrics, which compare favorably with its commercial casualty peers. Additionally, the supportive ownership by CNAF is viewed positively by AM Best. The ratings also acknowledge the historical financial support provided by CNA’s diversified
The ratings of CNA—whose lead member is Continental Casualty Company—recognize the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), the group’s consistently profitable operating results and its position as a leading
Partially offsetting these positive factors are the intermittent adverse impacts of CNA’s discontinued long-term care block of business, which at times has served as a drag on CNA’s overall profitability and has exposed its surplus and risk-adjusted capitalization to potential volatility. Additional factors affecting the group’s credit profile are its moderate underwriting exposures to catastrophe losses associated with its commercial property product lines, reserve uncertainties, which generally affect litigation-sensitive casualty lines, as well as cyber-related and other underwriting exposures.
The ratings of WSG reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM.
Additionally, WSG’s ratings reflect its strongest risk-adjusted capitalization, as measured by BCAR, its consistently favorable loss reserve position and its modest level of underwriting leverage. WSG maintains a strong market position in contract and miscellaneous surety bond markets and has consistently reported profitable underwriting and operating performance. Partially offsetting these positive factors is WSG’s narrow product focus in a highly competitive surety market, which may put pressure on underwriting margins over the near term.
The FSR has been upgraded to A+ (Superior) from A (Excellent) and the Long-Term ICRs to “aa-” (Superior) from “a+” (Excellent), with the outlooks revised to stable from positive, for the following members of CNA Insurance Companies:
-
American Casualty Company of
Reading, Pennsylvania - Columbia Casualty Company
- Continental Casualty Company
-
The Continental Insurance Company of
New Jersey - The Continental Insurance Company
-
National Fire Insurance Company of
Hartford - North Rock Insurance Company Limited
- Transportation Insurance Company
- Valley Forge Insurance Company
The FSR has been upgraded to A+ (Superior) from A (Excellent) and the Long-Term ICRs to “aa-” (Superior) from “a+” (Excellent), with the outlooks revised to stable from positive, for the following members of Western Surety Group:
- Surety Bonding Company of America
- Universal Surety of America
- Western Surety Company
The following Long-Term IRs have been upgraded, with the outlooks revised to stable from positive:
CNA Financial Corporation —
-- to “a-” (Excellent) from “bbb+” (Good) on
-- to “a-” (Excellent) from “bbb+” (Good) on
-- to “a-” (Excellent) from “bbb+” (Good) on
-- to “a-” (Excellent) from “bbb+” (Good) on
-- to “a-” (Excellent) from “bbb+” (Good) on
-- to “a-” (Excellent) from “bbb+” (Good) on
The following Long-Term IR with a positive outlook has been withdrawn:
CNA Financial Corporation —
-- “bbb+” (Good) on
The following indicative Long-Term IRs on securities available under the shelf registration have been upgraded, with the outlooks revised to stable from positive:
CNA Financial Corporation —
-- to “a-” (Excellent) from “bbb+” (Good) on senior unsecured debt
-- to “bbb+” (Good) from “bbb” (Good) on senior subordinated debt
-- to “bbb” (Good) from “bbb-” (Good) on junior subordinated debt
-- to “bbb” (Good) from “bbb-” (Good) on preferred stock
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Elizabeth Blamble
Senior Financial Analyst
+1 908 882 1661
elizabeth.blamble@ambest.com
Alan Murray
Director
+1 908 882 2195
alan.murray@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source: AM Best
