CNA: $1.8 Billion Net Loss As Reserve Charges Soar
NU Online News Service, Nov. 12, 4
The adjustment was made, CNA said, to cover $978 million for core claims reserves and $517 million for asbestos, environmental pollution and tort reserves. CNA also boosted its bad-debt reserves for insurance and reinsurance receivables by $332 million.
The Chicago-based insurer's $1.76 billion third-quarter net loss contrasted with a net profit of $54 million for the period one year ago. Meanwhile, CNA's parent company Loews Corp. posted a net loss of $1.38 billion, compared with net profit of $239.1 million reported last year.
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