Standard & Poor's and Fitch Rating service removed ratings on 13 insurance companies of Chicago-based CNA Financial Corp. after the carrier merged the companies with other subsidiaries.
New York-based S&P and Fitch in Chicago said Monday that the ratings were removed after CNA made the integration move on Dec. 31. Both rating services rated the companies at “A-minus.”
The rating services said CNA made the move as part of the carrier's initiative to streamline its legal structure by reducing the number of legal entities and states of domicile in the insurance group.
Of the 13 companies, CNA Casualty of California was merged into Continental Casualty Co. The remaining 12 were merged either directly or indirectly into Continental Insurance Co.
The 12 companies are: Boston Old Colony Insurance Co.; Buckeye Union Insurance Co.; Commercial Insurance Co. of Newark, N.J.; Continental Reinsurance Corp.; Fidelity & Casualty Co. of New York; Firemen's Insurance Co. of Newark, N.J.; Glens Falls Insurance Co.; Kansas City Fire & Marine Insurance Co.; Mayflower Insurance Co. Ltd.; National Ben Franklin Insurance Co. of Ill.; Niagara Fire Insurance Co.; Pacific Insurance Co.
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