Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

S&P Lowers CNA Ratings

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU On-Line News Service, Oct. 10, 9:16 a.m. – Standard & Poor’s, New York, today lowered its ratings on CNA Financial Corp., the members of the Continental Casualty Intercompany Pool, Continental Assurance Co., Valley Forge Life Insurance Co., CNA Insurance Co. (Europe) Ltd., and Maritime Ins. Co. Ltd.

The ratings on Continental Corp. and the members of Continental Insurance Intercompany Pool (CIC) are unaffected by today’s action because of CIC’s above-average capitalization and the implicit support from its ultimate parent, CNA, Standard & Poor’s says. However, these ratings will remain on CreditWatch with negative implications until Standard & Poor’s is able to review the company’s potential exposure to losses related to the World Trade Center disaster and its impact to the company’s capital adequacy.

Standard & Poor’s lowered select CNA ratings because of CNA’s ongoing restructuring efforts to improve the financial and competitive position of the franchise, which will continue to be challenged by internal and external issues, Standard & Poor’s says. As a result, it might take some time before the organization is able to realize its true profit potential.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.