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Fitch Ratings has upgraded CNA Financial Corporation as follows: –Issuer Default Rating (IDR) to ‘BBB+’ from ‘BBB’; –Senior debt to ‘BBB’ from ‘BBB-‘. Fitch also upgraded the insurer financial strength (IFS) ratings of CNA’s P/C insurance subsidiaries to ‘A’ from ‘A-‘. The rating outlooks are stable. Fitch has also withdrawn the IFS rating of Continental Assurance Company, CNA’s remaining life insurance subsidiary that is primarily in run-off. “Fitch’s rating actions reflect CNA’s improved operating risk profile and Fitch’s heightened confidence in the company’s ability to sustain favorable operating performance and maintain its focus on underwriting discipline throughout the underwriting cycle,” said the bulletin. “The upgrade also reflects CNA’s established and sustainable position in the commercial lines property/casualty market, conservative investment portfolio and strong capitalization for its rating.”
A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa” of the key life/health insurance subsidiaries of Lincoln National Corporation. Best also affirmed the debt ratings on the group’s existing debt securities, and assigned a debt rating of “a” to Lincoln’s newly issued $375 million 6.30 percent senior unsecured notes due 2037. The outlook for all ratings is stable.
First Protective Insurance Company has earned a Financial Stability Rating® (FSR) of ‘A,’ Exceptional, from Demotech, Inc. “This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing,” said the announcement.
Fidelity Fire and Casualty Company has earned a Financial Stability Rating® (FSR) of ‘A’, Exceptional, from Demotech, Inc. The bulletin notes that “this level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing.”