First-Quarter Profits Down for CNA as Soft Market Makes Impact
Commercial insurer CNA Financial Corp, whose majority owner is Loews Corp, announced earlier today that its first-quarter profit fell 37 percent to $187 million on declining premiums and investment losses.
"There certainly is a measurable amount of pressure'' on insurance prices, according to CNA Chief Executive Officer Stephen Lilienthal.
CNA's sales of property and casualty policies declined 6.5 percent to $1.62 billion. The company is the seventh-largest business insurer in the U.S. Rates for commercial coverage industry-wide dropped 14 percent in the first three months of the year as insurers competed for business.
Published on April 28, 2008
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