Fitch Ratings upgraded the long-term issuer default rating of CNA Financial Corp. to A- from BBB+, with a stable outlook.
The insurer financial strength ratings of the company's property and casualty insurance subsidiaries were raised to A+ from A. Those subsidiaries are Continental Insurance Co., American Casualty Co. of Reading Pennsylvania, Continental Casualty Co. Inc., Columbia Casualty Co., Transportation Insurance Co., Valley Forge Insurance Co., National Fire Insurance Co. of Hartford, Continental Insurance Co. of New Jersey, Western Surety Co., Surety Bonding Co. of America and Universal Surety of America. The outlook is stable.
The ratings fit with the rating agency's favorable view of the company's financial performance, capital, debt servicing capabilities and financial flexibilities, which are counterbalanced by its exposure to runoff of long-term care business and a modestly elevated expense ratio, according to Fitch.
CNA Financial benefits from the financial flexibility and investment expertise of its majority owner, Loews Corp.