Net written premiums up at CNA Financial

CNA Financial Corp. released Monday its financial results for the three months ending March 31, recording net written premiums of $1.776 billion, up 10% year-over-year from $1.608 billion in the first quarter of 2012.

The Chicago-based commercial insurance firm attributed the rise “primarily” to “increased rates across both CNA Specialty and CNA Commercial.”

CNA’s specialty category includes professional and management liability, surety and other property and casualty coverages while the commercial category provides P&C through independent agents and brokers to small, middle-market and large businesses.

“Property & Casualty Operations’ net operating income was $257 million for the first quarter of 2013 as compared with $271 million in the prior year quarter,” CNA Financial stated in a press release. “Improved non-catastrophe current accident year underwriting results were more than offset by lower net investment income, higher catastrophe losses and decreased favorable net prior year development.” All figures are in U.S. dollars. 

Broken down by business segment, net written premiums in the first quarter were $803 million in specialty and $918 million in commercial while Hardy Underwriting Bermuda Ltd. recorded net written premiums of $55 million. CNA completed the acquisition of Hardy, a specialized Lloyd’s underwriter, last July.

CNA reported its loss ratio in the third quarter of 2013 was 67.5, down from 68.6 in the first quarter of 2012. Net income was $250 million in both the first quarters of 2012 and 2013.

In Canada, CNA has offices in Toronto, Vancouver, Calgary, Winnipeg and Montreal. In addition to underwriting, CNA also provides services such as claims management and risk control consulting.