Reinsurance News
CNA
CNA sees net income increase to $367m in Q4 2023
5th February 2024
Chicago-based insurer CNA Financial Corporation has published its financial results for the fourth quarter of 2023 reporting a net income of $367 million, a 54% increase compared to the $239 million in the prior year quarter. Net investment gains for the quarter were $5 million compared to net investment losses of ... Read the full article
CNA appoints Franzetti as Chief Administrative Officer
19th June 2023
CNA, a commercial property and casualty insurer, has announced the appointment of Dan Franzetti to the newly created position of Chief Administrative Officer. In his new role, Franzetti will have oversight for a broad set of enterprise strategic functions including the global claims and legal organisations, compliance, government relations and a ... Read the full article
CNA Financial sees P&C core income rise to $1.2bn in full-year results
6th February 2023
CNA Financial Corporation has reported that full-year net income totalled $894 million, compared with $1.2 billion from 2021. Core income for the full year also totalled $1.0 billion, compared to last years $1.1 billion. The firms property & casualty (P&C) core income for the full year was $1.2 billion, compared to 2021’s ... Read the full article
CNA names Goldman SVP, Financial Lines & Healthcare
7th December 2022
CNA, a provider of commercial property and casualty insurance, has appointed Steve Goldman as Senior Vice President, Financial Lines and Healthcare. Goldman brings to CNA more than two decades of underwriting and risk management experience, serving in various leadership positions at AIG, ACE and Chubb. Earlier Monday, Chubb named Michael Mollica ... Read the full article
Top 20 U.S. cyber insurers all saw premium growth in 2021
6th October 2022
Of the approximately $4.8 billion of U.S. cyber insurance premiums underwritten in 2021 by the property & casualty (P&C) industry, more than 81% came from the top 20 cyber insurers in the U.S. marketplace, led by global insurer Chubb. Based on research data from rating agency AM Best, ... Read the full article
CNA’s 2021 P&C combined ratio the lowest for five years
7th February 2022
CNA Financial Corporation has reported a rise in net income for both the fourth quarter and full year 2021, as the company's property and casualty (P&C) segment produced its strongest combined ratio for five years. Net income jumped significantly in the final quarter of 2021 to $266 million from $38 million ... Read the full article
CNA Exec VP & CFO Al Miralles resigns, search for successor underway
13th August 2021
Chicago-based insurer CNA has announced the resignation of Executive Vice President and Chief Financial Officer Al Miralles and says the process of identifying a suitable successor is underway Miralles notified CNA of his intention to leave the insurance industry and transition to a career in the technology sector. The insurer tapped Larry ... Read the full article
CNA paid $40mn ransom to resolve March cyber attack
21st May 2021
US insurer CNA is reported to have paid a $40 million ransom last March as the company attempted to regain control over its network and meet the demands of a highly organised cybercrime syndicate. The hackers had been successful in infecting CNA’s network with a type of malware known as ransomware, ... Read the full article
CNA adds Susan Stone as EVP, General Counsel
18th May 2021
Chicago-based insurer CNA has announced the appointment of Susan Stone as Executive Vice President and General Counsel, effective on June 28. Stone will lead the company's law department and serve as the principal counsel for CNA on all legal matters, including legal consultation across domestic and international business operations, compliance, regulatory ... Read the full article
CNA reports record core income as catastrophe losses fade
8th February 2021
CNA Financial has reported net income of $387 million for the fourth-quarter of 2020 and record core income of $335 million for the period, aided in part by an improved property & casualty (P&C) performance as catastrophe losses fell. Net income climbed $114 million from Q4 2019, while core income increased ... Read the full article
Enstar completes $690mn workers’ comp reinsurance transaction with CNA
8th February 2021
A wholly owned subsidiary of legacy acquirer, Enstar Group Limited, has completed a reinsurance transaction with Continental Casualty Company (CNA). Enstar's subsidiary has finalised a transaction to reinsure a legacy portfolio of excess workers' compensation business. Under the terms of the deal, CNA has ceded net insurance reserves to the subsidiary of ... Read the full article
Enstar, CNA agree $690mn workers’ comp reinsurance transaction
31st December 2020
Legacy acquirer Enstar has signed an agreement with Continental Casualty Company, via one of its subsidiaries, to reinsure a legacy portfolio of excess workers’ compensation business. The transaction will see Enstar’s Cavello Bay Reinsurance assume net insurance reserves of approximately $690 million, relating to 2007 and prior year business. The closing of ... Read the full article
CNA posts $61mn Q1 net loss
4th May 2020
US commercial property and casualty insurer CNA has announced a first quarter 2020 net loss of $61 million, driven by market volatility created by COVID-19. CNA also revealed net investment losses of $169 million and a decrease in net investment income to $279 million, reflecting stable earnings from fixed income and ... Read the full article
CNA adds Al Miralles as EVP, CFO
28th February 2020
US commercial property and casualty insurer CNA has appointed Al Miralles as executive vice president and Chief Financial Officer. Miralles succeeds James Anderson, who announced his resignation from the company to pursue other opportunities. "I want to thank James for his contributions to CNA and his efforts in helping to build shareholder ... Read the full article
CNA chief actuary Haefner to retire, Chubb veteran Hopper to succeed
20th February 2020
Larry Haefner, the executive vice president and chief actuary at US commercial property and casualty insurer CNA, is set to retire at the end of 2020, with Robert Hopper to succeed him in the role. Haefner's decision to retire brings to a close a notable 40-year insurance career. "I want to thank ... Read the full article