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CNA Financial Corporation (NYSE: CNA) is a prominent insurance holding company that has been a steadfast player in the commercial property and casualty insurance sector since its inception in 1897. With over 125 years of experience, CNA offers a broad range of standard and specialized insurance products and services across the United States, Canada, and Europe.
The company operates through five key segments: Specialty, Commercial, International, Life & Group, and Corporate & Other. The core business focuses on the first three segments, delivering professional, financial, specialty property, and casualty products to small and medium-sized businesses. The Specialty and Commercial segments generate the majority of CNA's revenues, with offerings tailored to industries like construction, healthcare, financial institutions, manufacturing, professional services, real estate, small business, and technology.
CNA's recent financial performance underscores its robust standing. For instance, in the third quarter of 2023, the company reported a net income of $258 million, up significantly from a net loss in the prior year quarter. This improvement was driven by a substantial increase in net investment income, lower catastrophe losses, and record-high underlying underwriting income in its Property & Casualty segments. The core income for the same quarter was $289 million, a stark contrast to the previous year's $43 million.
Additionally, CNA declared a quarterly dividend of $0.42 per share, reflecting its strong financial health and commitment to shareholder value. The company also focuses on continuous improvement and innovation, as evidenced by its adoption of the FASB's updated accounting guidance for long-duration contracts, which aims to enhance transparency and accuracy in financial reporting.
In terms of customer service, CNA prides itself on providing world-class risk control and claims management services. This comprehensive approach ensures that clients can effectively manage risks and grow their businesses profitably. The company's expertise and legacy in the insurance industry make it a reliable partner for businesses seeking tailored insurance solutions.
For more information about CNA Financial Corporation, you can visit their official website at www.cna.com.
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.
CNA announced the passing of Marvin Zonis, a long-serving member of its Board of Directors, who contributed to the company since 1993. Zonis held key roles on the Finance, Audit, and Compensation Committees, influencing critical company decisions. He was also the principal of Marvin Zonis & Associates, an international consulting firm, and a Professor Emeritus at the University of Chicago, where he championed international student scholarships. The company expressed condolences to his family during this difficult time.
CNA Financial Corporation (NYSE: CNA) reported a strong third quarter 2020, achieving net income of $213 million or $0.79 per share, double that of the prior year. Core income rose to $193 million from $102 million. The Property & Casualty segment showed improved underwriting results, contributing $247 million in core income, despite higher catastrophe losses totaling $160 million. Life & Group experienced a core loss of ($35) million, largely due to a $59 million charge from reserve adjustments. A quarterly dividend of $0.37 per share was announced.
CNA Financial Corporation (NYSE: CNA) will announce its third quarter 2020 results on November 2, 2020, before market opening. The earnings release, presentation, and financial supplement will be accessible on www.cna.com. An investor conference call is scheduled for 8 a.m. CT, hosted by Dino E. Robusto, CEO. Participants can dial in at (800) 289-0571 or +1 (720) 543-0206 for international calls. Online replays will be available post-call. CNA specializes in property and casualty insurance and manages approximately $45 billion in invested assets.
CNA has appointed Santosh Bardwaj as Senior Vice President and Chief Data & Analytics Officer, effective September 14, 2020. Bardwaj will oversee the company's enterprise data and analytics functions, reporting to Michael Costonis, COO. He brings over 20 years of technology leadership experience, previously serving at Discover Financial Services and Capital One. His expertise will enhance CNA's analytics capabilities and leverage cloud-based technologies across the insurance value chain.
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