US insurer CNA has put its life insurance and reinsurance operations up for sale in a move to focus ...US insurer CNA has put its life insurance and reinsurance operations
up for sale in a move to focus on commercial insurance. The operations
have a book value of $2.5bn, said CNA.
Last year, CNA sold its personal motor and homeowners insurance business
to Allstate. It aims to sell the life operations by the end of the
Meanwhile, rating agency Moody's has downgraded its ratings of the
insurer's parent, CNA Financial, and of its subsidiaries, because of poor
earnings in 1999 and poor prospects in the current year. Moody's said that
CNA had addressed the rating agency's concern that reserves needed
strengthening, but said prices were still low for many products.
In 1999, CNA Financial made a $145m net operating loss, compared with a
$152m loss the year before. The 1999 loss included $363m after tax in loss
and reserve strengthening, as well as a $33m post-tax loss for workers'
CNA Re made a $75m net operating loss in the last quarter of 1999,
compared with a $2m loss a year before. For the whole year, CNA Re made a
$13m loss, compared with a $68m profit the previous year. In 1999, CNA
Re's after-tax catastrophe losses totalled $122m, a deterioration on the
$50m loss in 1998.
The reinsurer's net written property casualty premiums grew in the last
quarter of 1999 to $214m, compared with $99m in the same quarter of
The total for the year was $1.3bn. The fourth quarter property casualty
combined ratio rose from 122% in 1998 to 151% in 1999.
We believe in the potential of youths to shape their own futures. #Allianz, together with @sos_children & @VolVision, runs a digital mentoring program to help youths across the globe learn relevant career & life skills for a brighter future. @UNDESA #YouthDay #YouthDay2019 https://t.co/tImjJecywn— Allianz (@Allianz) 12 August 2019
- Blog: Unrated insurers - the risks for UK brokers
- ECB data breach demonstrates how using third-party providers can lead to cyber risks
- FSCS to compensate 14,000 Alpha policyholders as deal collapses
- Insurers throw support behind calls to ban use of hands free devices while driving
- Analysis: Protecting businesses against political risks
- QBE International posts loss following £51m Ogden hit
- Barton steps down as CEO of Wrisk