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A.M. Best Affirms Ratings Of CNA Financial Corporation And Its Subsidiaries

A.M. Best believes that CAC is well positioned at its current rating level for the foreseeable future. However, downward rating pressures may occur should CAC experience unfavorable earnings or capital trends. Additionally, downward rating actions on CAC may occur should CCC experience a material decline in its financial strength.

While the ratings for CNA are stable, future positive rating actions may result if it outperforms its projections. However, negative rating actions could result if its operating performance falls markedly short of A.M. Best’s expectations.

The FSR of A (Excellent) and ICRs of “a” have been affirmed for the following property/casualty members of the 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 following debt ratings have been affirmed:

CNA Financial Corporation—
--”bbb” on $550 million 5.85% senior unsecured notes, due 2014 (of which $549 million was outstanding as of September 30, 2012)
--”bbb” on $350 million 6.5% senior unsecured notes, due 2016
--”bbb” on $150 million 6.95% senior unsecured notes, due 2018
--”bbb” on $350 million 7.35% senior unsecured notes, due 2019
--”bbb” on $500 million 5.875% senior unsecured notes, due 2020
--”bbb” on $400 million 5.75% senior unsecured notes, due 2021

--”bbb” on $250 million 7.25% senior unsecured debentures, due 2023 (of which $243 million was outstanding as of September 30, 2012)

The following indicative debt ratings on securities available under the shelf registration have been affirmed:

CNA Financial Corporation—
-- “bbb” on senior unsecured debt
-- “bbb-” on senior subordinated debt
-- “bb+” on junior subordinated debt
-- “bb+” on preferred stock

CNA Financial Capital I, II and III—
-- “bb+” on preferred securities

The methodology used in determining these ratings is Best’s Credit Rating Methodology , which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Catastrophe Analysis in A.M. Best’s Ratings”; “Insurance Holding Company and Debt Ratings”; “The Treatment of Terrorism Risk in the Rating Evaluation”; “Understanding BCAR for Property/Casualty Insurers”; “Understanding BCAR for Life/Health Insurers”; “A.M. Best’s Liquidity Model of U.S. Life Insurers”; and “Rating Members of Insurance Groups.” Best’s Credit Rating Methodology can be found at

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit

Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Copyright Business Wire 2010
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