CNA
Company Ratings:
CNA is composed of 5 main companies; Continental Casualty Company, Continental Insurance Company, Continental Assurance Company, Valley Forge Life, and CNA Group Life Assurance Company. The ratings for for some of these companies are as follows:
Continental Assurance Company
A from A.M. Best
A2 from Moody's
A from Standard & Poor's
AA- from Fitch
Valley Forge Life
A from A.M. Best
A2 from Moody's
A- from Standard & Poor's
A from Fitch
CNA Group Life Assurance Company
A from A.M. Best
A+ from Fitch
Find out what these ratings mean.
Company Web Page
www.cna.com
CNA Financial Corporation (CNAF) is an insurance holding company whose primary subsidiaries consist of property and casualty and life and group insurance companies. Insurance products include property and casualty coverages; life, accident and health insurance; retirement products and annuities, and property and casualty reinsurance. The company's services include risk management, information services, healthcare claims management and claims administration. CNAF conducts its operations through five operating segments: Standard Lines, Specialty Lines, CNA Re, Group Operations and Life Operations.
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Company History:
In 1897, eight prominent businessmen from Detroit, MI created the Continental Assurance Company of North America. The company occupied a modest two-room office in the Wayne County and Home Savings Bank in Detroit. Focusing on Michigan´s railroad industry, the company provided workers with accident and health insurance for a premium of $1 per month. The company also provided insurance coverage against fire, lightning, explosion and tornadoes. Early policies covered vessels, freight and plate glass.
Despite its rapid growth, Continental faced intense competition from other young casualty insurance companies in 1900. To meet these challenges, Continental merged with the Metropolitan Accident Company, another small but prosperous insurer that had built its business insuring manufacturing and industrial workers.
The two companies merged, move to a new home in Chicago, IL, and adopted the name Continental Casualty Company (CCC) of Chicago. The combined companies vaulted into position as the fifth largest accident insurer in the United States.
In 1956, Continental purchased 66.8 percent of the total outstanding stock of National Fire Insurance Company of Hartford, CT, then one of the best known names in the insurance industry. This marked the birth of the Continental-National Group (CN Group), consisting of Continental Casualty Company, Continental Assurance Company, and National Fire Insurance Company of Hartford. The new company was the third largest multiple lines insurer in the United States, with combined net premium of $415 million. In 1963, the Continental-National Group acquired the American Casualty Company (ACC) of Reading, PA, the third largest fire and casualty stock company in the United States, with a combined premium volume of $546.8 million.
The purchase of ACC put the "A" in CNA, creating a new company called Continental-National-American Group. The name was eventually shortened to the familiar CNA.
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*Some content is taken directly from the CNA homepage and from Yahoo! Finance.