AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a+' (Excellent) of the property/casualty (P/C) subsidiaries of
Concurrently, AM Best has affirmed the Long-Term ICR of 'bbb+' (Good) and all existing Long-Term Issue Credit Ratings (Long-Term IR) of CNAF. Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) of the members of
In addition, AM Best has also extended CNAF's Long-Term IR of 'bbb+' (Good) with a stable outlook to the company's recently issued
The ratings of CNA, which is considered the lead rating unit in the CNAF enterprise, reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM). The ratings also acknowledge the historical financial support provided by CNA's diversified 91.7%-shareholder ultimate parent,
The ratings of CNA Insurance Companies - whose lead member is
Partially offsetting these positive rating factors are the intermittent adverse impacts of CNA's discontinued long-term care program that serves as a drag on CNA's overall profitability and exposes its surplus and risk-adjusted capitalization to potential volatility. Additional factors affecting the group's credit profile is its moderate underwriting exposure to catastrophe losses, associated with its commercial property product lines (and notwithstanding the group's overall emphasis on commercial and specialty casualty lines), and reserve uncertainties generally affecting litigation-sensitive casualty lines - which comprise the majority of CNA's in-force business, cyber-related and other underwriting exposures.
The ratings of
The FSR of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) have been affirmed with a stable outlook for the following P/C members of the CNA Insurance Companies:
The
and for the following members of the
The following Long-Term IRs have been affirmed with stable outlooks:
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
'bbb+' (Good) on
The following indicative Long-Term IRs on securities available under the shelf registration have been affirmed with stable outlooks:
'bbb+' (Good) on senior unsecured debt
'bbb' (Good) on senior subordinated debt
'bbb-' (Good) on junior subordinated debt
'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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