Insurance · Deep dive

CNA Financial Corporation

The 90%-Loews-owned Chicago commercial P&C insurer whose Q2 2026 P&C combined ratio deteriorated 240bps to 96.5% while net-written-premium growth halved to 4%, layered on a legacy long-term-care runoff block and a Tisch-family holding-company structure that keeps dividending CNA cash up to Loews rather than reinvesting in the specialty franchise that Chubb and W.R. Berkley are compounding.

at risk

Q2 2026 P&C combined ratio deteriorated 240bps to 96.5% while net-written-premium growth halved to 4% Y/Y, layered on a legacy long-term-care runoff block and a Loews controlling-shareholder structure that continues to dividend up CNA cash rather than reinvest in the specialty franchise that competitors like Chubb and W.R. Berkley are compounding.

My take ★★ Very interesting ★ Interesting − Maybe ✗ Not interesting

Snapshot

CNA Financial is a Chicago-headquartered US commercial P&C insurer, 90% owned by Loews Corporation (NYSE: L) — the Tisch family holding company that rescued CNA from near-insolvency in December 1974 by paying roughly $206M for an ~83% stake in a company with $4.5B of assets (FundingUniverse; Encyclopedia.com). CNA wrote ~$13.0B of gross written premium and ~$10.7B of net written premium in 2025 (10-K FY 2025), split roughly 54% Commercial, 33% Specialty and 13% International. Q2 2026 delivered the headline problem: the P&C combined ratio deteriorated 240 basis points to 96.5% from 94.1% in Q2 2025 (PR Newswire, 5 August 2026), while net-written-premium growth cooled to 4% Y/Y — roughly half the 8-9% pace CNA was compounding a year earlier. That soft-cycle deceleration comes on top of a Q1 2026 print in which the headline combined ratio was 102.2% (a 3.6-point cat load plus 4.1 points of unfavourable prior-period development, per Insurance Business, 5 May 2026). Underneath sits a decades-old long-term-care runoff block, administered since January 2022 by LTCG, that continues to consume management attention and reserve-review capacity. Doug Worman took over as President & CEO on 1 January 2025 from Dino Robusto; Benjamin Tisch took over Loews from Jim Tisch the same day. AM Best affirmed the P/C subsidiaries at A (Excellent) with a positive outlook revision on 5 December 2024. On 12 March 2026 CNA paid a $2.00-per-share special dividend on top of a $0.48 regular — roughly $670M of that cash flowed straight up to Loews.

Founding story

CNA’s operating history is really the history of the Continental Casualty Company, incorporated in Indiana in 1897 and operated out of Chicago as an accident insurer for railroad workers and other blue-collar risks — the exact market Aetna and Travelers were fighting over at the turn of the century. Continental Assurance (life) was added in 1911. Both companies grew steadily through the 20th century until, in 1967, management rolled them into a new holding-company structure with the name CNA — from Continental National American — to circumvent state insurance-regulator restrictions on diversification (Encyclopedia.com; FundingUniverse).

That diversification is the crisis that put CNA in Loews’ hands. Through the late 1960s and early 1970s CNA pushed into non-insurance ventures — real estate, mutual funds, a mortgage business — that lost money faster than the insurance operation could earn. By late 1974 CNA was near-insolvent. Loews Corporation, the Tisch brothers’ hotel-and-conglomerate vehicle, bought roughly 83% of CNA for about $206M in cash. The Tisches installed new management; chairman Robert Reneker resigned; Laurence Tisch stepped in as chairman, and the non-insurance ventures were unwound. The 1975 reorganisation into CNA Financial Corporation as the public parent is effectively year zero of the modern company.

For the 50 years since, the Loews holding-company mechanics have defined CNA’s capital allocation. Loews now owns ~90% of the common stock. The controlling stake has never been sold and has never been used as acquisition currency; instead, CNA is the reliable dividend engine of Loews — cash flows up, Loews recycles it into buybacks, opportunistic investments in Boardwalk Pipeline, Loews Hotels and periodic Loews share repurchases. Simply Wall St / GuruFocus (2026) peg Loews’ sum-of-the-parts discount at roughly 20%, which is the market’s way of pricing in exactly the risk that the CNA cash keeps being recycled up the stack rather than reinvested in the specialty franchise.

How it works

At the operating level CNA is straightforward. It underwrites commercial P&C insurance in three named segments — Specialty, Commercial and International — and it services a long-term-care runoff block plus a small structured-settlement block inside a fourth segment called Life & Group. The principal underwriting subsidiary remains Continental Casualty Company. Distribution is entirely through independent brokers and agents; there is no direct-to-consumer channel and no meaningful captive agency network.

Business is written in Chicago (Specialty and Commercial) and in London, Toronto and continental Europe (International, through CNA Hardy). Underwriting authority sits with segment presidents and named-line underwriting leaders reporting to the Chief Underwriting Officer. Claims are handled by employed adjusters. Since January 2022, LTCG (Long Term Care Group) has been the third-party administrator for the LTC book (BusinessWire, 19 January 2022) — meaning CNA is no longer running the day-to-day claims operation for LTC but continues to carry the reserves.

The unit economics are pure commercial P&C. Every underwritten policy is priced against loss picks, expense ratio and target return; the combined ratio is the arithmetic of loss ratio (paid losses + LAE + reserves for IBNR) plus expense ratio (commissions + operating expenses) divided by earned premium. A combined ratio below 100% is an underwriting profit. Investment income on the ~$40B+ investment portfolio — mostly investment-grade corporate bonds, treasuries and municipal debt — sits on top and is what makes an insurer at breakeven underwriting profitable overall. CNA’s Q2 2026 core EPS of $1.19 came almost entirely from investment income (Reinsurance News, August 2026); underwriting income narrowed meaningfully year-over-year.

Product and business overview

Specialty (~33% of 2025 NWP). Professional liability, management liability, cyber, healthcare professional liability, surety (Western Surety), warranty and alternative risk. Historically the highest-margin segment; combined ratios “below 95% and stable premium” through 2025 (10-K FY 2025). This is the segment Chubb, W.R. Berkley, Berkshire Hathaway Specialty, Kinsale and Skyward attack most directly.

Commercial (~54% of 2025 NWP). Small-business through middle-market P&C — commercial multi-peril, commercial auto, workers’ compensation, general liability, property, umbrella and excess casualty. Grown at a 13% CAGR since 2021 with the 2025 combined ratio at 90.5% (fact sheet, 2026). The direct competition is Travelers, The Hartford, Liberty Mutual, Zurich North America — the entire US middle-market bench. CNA’s Small Business platform (bundled BOP-style products) is where NEXT, Coterie and Newfront chip.

International (~13% of 2025 NWP). UK, continental European and Canadian commercial P&C written through CNA Hardy (Lloyd’s syndicate 382, plus company market) and CNA Canada. Underwriting gains for 22 consecutive quarters, combined ratio near 91% (fact sheet, 2026). This is the segment most exposed to FX — Q1 2026 NWP growth was 1% headline but 7% ex-FX (Insurance Business, 5 May 2026).

Life & Group (LTC + structured settlements runoff). No new sales; block is in runoff. Individual and group long-term-care policies written primarily in the 1980s and 1990s, plus structured-settlement obligations not funded by annuities. Administration outsourced to LTCG since 2022. This is the block that ate CNA’s 2020 discount-rate assumption change: Q3 2020 8-K filings disclosed the normative risk-free-rate assumption was cut 100 bps to 2.75% with the grade-up period extended from 6 to 10 years, driving a $59M after-tax active-life reserve premium-deficiency charge (Q3 2020 8-K). The LTC drag is not on the P&C combined-ratio print, but it is on the balance sheet, and every reserve review is a potential negative surprise.

Business model and pricing

CNA earns commercial P&C premium, pays commissions to brokers, holds investment income on float, and pays claims. The three drivers of shareholder value are: (1) net-written-premium growth, i.e., rate plus new business net of retention; (2) underlying combined ratio (ex-cats, ex-prior-period development), which is the truest measure of current-accident-year underwriting; and (3) investment income yield on the portfolio.

Commercial pricing is filed state-by-state for admitted lines and freely negotiated for E&S. Broker commissions run in the low-teens on Commercial and slightly higher on Specialty. The published headline metric for CNA is total pretax underwriting income plus investment income; the diagnostic metric investors watch is the underlying combined ratio, which was 94.5% in Q1 2026 (from 92.1% Q1 2025) and 91.4% in Q2 2026 (from 91.6%), i.e., stable ex-cats and PPD but with the reported CR heavily influenced by prior-period development and cat load (10-Q Q2 2026 exhibit 99.1).

Dividends are the tell. CNA has raised its regular dividend annually and periodically pays large special dividends. On 12 March 2026 CNA paid a $2.00 special plus $0.48 regular (PR Newswire; Simply Wall St). Loews receives 90% of that cash. Over the last five years the special-dividend cadence has meaningfully outrun reinvestment in the franchise — the specific Tisch capital-allocation loop.

Traction over time

Two things jump off the tape. First, Q1 2026 was structurally weak — the 102.2% headline combined ratio is not just cat noise; the 4.1 points of unfavourable prior-period development plus a 1.3-point rise in the underlying loss ratio (“driven by continued pricing pressure,” Insurance Business, 5 May 2026) signal soft-cycle strain across the Commercial book. Second, Q2 2026 growth halved to 4% just as Kinsale grew NWP 5.6% in Q2 with a 75.5% combined ratio, W.R. Berkley kept compounding, and Chubb kept taking premium in the biggest specialty accounts. New business growth of +11% to a record $718M in Q2 2026 is real, but retention softened and rate ex-workers-comp was described on the earnings call as “moderating.”

Market analysis

The US commercial P&C market ran ~$470B of direct premium in 2024 and is roughly flat-to-up-single-digits in 2025-2026 as the multi-year hard cycle in property, liability and cyber softens. Commercial auto and commercial casualty (particularly excess casualty and management liability) are the two lines where loss-cost trends are outrunning rate — the exact lines where CNA has meaningful exposure. Specialty P&C, particularly E&S, is the growth pocket: E&S direct written premium has compounded ~15-20% annually since 2020 and continues to grow, with Kinsale, Skyward, RLI and W.R. Berkley taking disproportionate share.

The structural pressures on an admitted middle-market carrier like CNA are unambiguous. Rate is decelerating in most lines. Loss trend on casualty (nuclear verdicts, PFAS, opioid tail, third-party litigation funding) keeps outrunning long-tail reserve picks — hence Q1 2026’s $106M of unfavourable prior-period development. E&S continues to peel off the hardest and highest-margin risks. Cyber, once a specialty growth line, has re-softened and been reshaped by the Coalition / At-Bay / Cowbell continuous-underwriting stack. And on the LTC block, low interest rates permanently reset the reserve base in 2020; the block does not go away, it merely runs off over decades.

Competitive intel

Chubb is the specialty threat that matters most. Global capacity, tighter combined ratios, and the largest professional-lines placements that used to be CNA’s. Travelers is the direct comparator on Commercial — bigger, more disciplined, and the reference book for US middle-market. The Hartford has invested heavily in digital small-commercial, which is directly where CNA’s Commercial small-business subsegment lives. W.R. Berkley is the underwriter’s underwriter — 50+ decentralised operating units running the specialty niche playbook better than a corporate-stack carrier can. Berkshire Hathaway Specialty takes the largest accounts on financial-strength rating headroom. AIG P&C attacks CNA in professional and management liability. Liberty Mutual and Zurich North America overlap the middle-market Commercial book. RLI, Everest, American Financial Group (Great American) each run tighter combined ratios in the specialty niches CNA wants. Kinsale (KNSL) printed a 75.5% Q2 2026 combined ratio — a level a corporate-stack carrier structurally cannot match. Skyward Specialty (SKWD) is running an ~89.5% CR at a 20.3% ROE (Yahoo Finance, 2026) — exactly the numbers a modern CNA Specialty segment would need to hit. On the SMB flank, Coalition, At-Bay, Cowbell attack cyber, and Coterie, NEXT, Newfront, Vouch (post-Hiscox), Layr attack small-commercial with API-first, direct-to-broker distribution.

History and evolution

• 1897 — Continental Casualty Company incorporated in Indiana; Chicago operations begin.
• 1911 — Continental Assurance (life) added.
• 1967 — CNA holding-company structure created for the Continental group.
• December 1974 — Loews Corporation buys ~83% of near-insolvent CNA for ~$206M against $4.5B of assets; Robert Reneker resigns; Laurence Tisch installed as chairman.
• 1975 — CNA Financial Corporation formally the public parent.
• 1995 — CNA acquires Continental Corporation (New York Continental Insurance Companies) for ~$1.1B, roughly doubling P&C premium.
• 2000s — Non-core disposals; LTC and structured-settlements move into a Life & Group runoff segment.
• 2008-2011 — Subprime commercial-mortgage and structured-investment write-downs on the investment portfolio bruise book value but do not require a Loews capital injection at the size CNA’s peers needed.
• 2016 — Dino E. Robusto named Chairman & CEO.
• Q3 2020 — LTC discount-rate assumption cut 100 bps to 2.75% normative risk-free rate; grade-up period extended from 6 to 10 years; $59M after-tax active-life reserve premium-deficiency charge (Q3 2020 8-K).
• March 2021 — Phoenix CryptoLocker ransomware attack; CNA reportedly paid ~$40M ransom after negotiating from $60M (Bleeping Computer; Malwarebytes; MSSP Alert). 15,000 systems affected; 75,349 individuals notified.
• January 2022 — LTCG named third-party administrator for CNA’s LTC block (BusinessWire, 19 January 2022).
• 6 June 2024 — CNA announces Doug Worman will succeed Dino Robusto as CEO effective 1 January 2025.
• 5 December 2024 — AM Best revises outlook to positive from stable; affirms FSR A (Excellent), Long-Term ICR “a+” on P/C subs and Western Surety; CNAF Long-Term ICR “bbb+” (BusinessWire).
• 1 January 2025 — Doug Worman becomes CEO of CNA. Benjamin J. Tisch becomes CEO of Loews. Jim Tisch transitions to Loews chairman.
• 31 December 2025 — Robusto steps off CNA board.
• 1 January 2026 — Robusto joins Loews Corp board (Loews DEF 14A, 2026).
• 5 May 2026 — Q1 2026 print: P&C CR 102.2%, underlying CR 94.5%, NWP +1% headline / +7% ex-FX; $97M cat, $106M unfavourable PPD (Insurance Business).
• 12 March 2026 — CNA pays $2.00 special + $0.48 regular dividend; roughly $670M cash flows up to Loews.
• 5 August 2026 — Q2 2026 print: P&C CR 96.5% (+240bps vs 94.1% Q2 2025); NWP $2.965B +4%; new business $718M +11% (record); core EPS $1.19; underlying CR 91.4% roughly flat (PR Newswire; Reinsurance News; The Motley Fool).

What people say

The case for. CNA is a scaled, well-rated commercial P&C franchise with a specialty book still writing sub-95 combined ratios (10-K FY 2025), an International segment on 22 straight quarters of underwriting gains, a Commercial segment compounding at 13% NWP CAGR since 2021 and a 90.5% 2025 CR (fact sheet, 2026). AM Best revised the outlook to positive on 5 December 2024 (BusinessWire) — the first positive rating signal in years. Glassdoor shows a 3.9/5 rating across 1,304 reviews, 69% recommend, and specific praise for Underwriter (4.0/5, 63 reviews), Senior Financial Analyst and Underwriting Consultant roles. The dividend record is real: $2.00 special plus $0.48 regular paid 12 March 2026, on top of prior-year specials. And Loews is a disciplined long-term controlling shareholder — Simply Wall St and GuruFocus note book-value-per-share compounding above 8% annually across cycles.

The complaints. The reported P&C combined ratio has deteriorated for two straight quarters — 102.2% in Q1 2026 and 96.5% in Q2 2026, versus 98.4% and 94.1% a year earlier (PR Newswire; Insurance Business). Underlying loss ratio rose 1.3 points in Q1 2026 on “continued pricing pressure” and Q2 NWP growth halved to 4% while Kinsale grew premium at a mid-single-digit rate on a 75.5% CR. The long-term-care runoff block continues to consume reserve-review capacity and remains a permanent asymmetric risk — the 2020 discount-rate action cost $59M after-tax and future rate moves are one-directional risk. The March 2021 Phoenix CryptoLocker attack and $40M ransom payment (Bleeping Computer; MSSP Alert) is a real reputational scar in a company that sells cyber insurance. Broker feedback captured on ExpertInsuranceReviews and BBB is mixed; a 1-star BBB review reads: “The customer service I’ve received is past horrible. My claims specialist doesn’t respond to emails or calls.” The Loews structure means public shareholders are minority passengers; CNA cash flows preferentially to a Tisch-controlled parent that trades at a ~20% sum-of-parts discount. Analyst tone through 2026 has been cautious — Simply Wall St flagged “underwriting volatility concerns” after Q1 2026, and StockStory / TradingView called out reserve-strengthening as the story in the Q1 print.

Outlook: well positioned or at risk?

At-risk. CNA is not fragile — ~$13B GWP, AM Best A / positive, disciplined loss picks under a new-CEO underwriter, and a 90% controlling shareholder that will not let the balance sheet break — but three separate pressures are all pointing the same direction in 2026 and the P&C print already shows it.

First, cycle. Rate is decelerating in most commercial lines while casualty loss trend keeps running above pick — the exact scissor that produced Q1 2026’s $106M of unfavourable prior-period development and Q2 2026’s 240bps combined-ratio deterioration to 96.5%. In a market where Kinsale prints 75.5% and W.R. Berkley keeps compounding through cycles, an admitted middle-market carrier taking 91.4% underlying CR is not distinctive underwriting — it is average, and average earns average multiples.

Second, capital allocation. The 12 March 2026 $2.00 special dividend on top of $0.48 regular means roughly $670M of cash flowed up to Loews at exactly the moment when the specialty franchise needs reinvestment. Chubb and W.R. Berkley are compounding book value inside the business; CNA compounds it inside Loews. Public CNA holders own 10% of a franchise whose cash flows structurally leak.

Third, legacy blocks. The LTC runoff is not going away. Every reserve review is a potential negative surprise; every rate move is one-directional risk. LTCG runs the administration, but the reserves sit on CNA’s balance sheet. The March 2021 ransomware attack proved the operational-risk tail is real inside a company that sells cyber insurance.

What flips the call: two consecutive quarters of P&C CR inside 94% with underlying CR inside 91%; NWP growth back to mid-single-digits ex-workers-comp with rate holding in casualty; an LTC block sale or reinsurance transfer that removes the reserve overhang (the CNO / Wilton Re 2018 template exists — Wilton Re took Bankers Life’s legacy LTC book; a repeat for CNA would be transformative); AM Best upgrade to A+ within 24 months; and Loews shifting the special-dividend cadence toward buybacks of CNA public float (or a full take-private) rather than up-streaming cash. Absent that, this is a well-capitalised commercial-P&C franchise settling into an at-risk multiple with the E&S disruptors and the specialty compounders taking share on both flanks.

How to attack it

Build a specialty commercial MGA on modern paper — professional liability, management liability, cyber, healthcare E&O — that lives on top of an E&S carrier and quotes broker submissions in minutes rather than days. The wedge: CNA’s Specialty segment operates through a legacy corporate-stack technology and underwriting workflow that Kinsale, Skyward, Coalition and At-Bay have already left behind on unit-economic grounds. Kinsale’s 75.5% Q2 2026 combined ratio and Skyward’s 89.5% CR at 20.3% ROE (Yahoo Finance, 2026) are structural, not tactical — the expense ratio delta comes from an underwriter-in-the-loop tech stack, a leaner corporate overhead and a lower cost of distribution through direct broker APIs. A specialty MGA launching in 2026-2027 can pick its lines (management liability, cyber, misc E&O, small-account professional) exactly where CNA’s underlying loss ratio has been softening, price 10-15 points of expense ratio out of the quote, and offer bindable digital submissions to the same wholesale brokers CNA relies on.

Second angle: a middle-market casualty MGA that ceding-carrier-fronts through an A-rated paper, aimed specifically at the accounts under $50M premium where CNA’s Commercial segment sits. Loss trend on excess casualty and commercial auto is where CNA’s Q1 2026 $106M PPD came from — a new entrant with cleaner casualty picks and modern litigation-analytics tooling can select and price against CNA’s book.

The specific weaknesses to exploit: (1) the LTC runoff block is a permanent asymmetric balance-sheet risk that ties management attention and reserve capital; (2) Loews’ 90% ownership and the ~20% Loews sum-of-parts discount mean every dollar of CNA free cash flow is optimised for Loews’ capital-allocation loop, not CNA reinvestment; (3) legacy technology stack — the March 2021 Phoenix CryptoLocker breach demonstrated the operational-risk tail inside a company selling cyber insurance; (4) reported combined-ratio deterioration in Q1 and Q2 2026 while E&S peers compound; (5) NWP growth halved Y/Y in Q2 2026 (from 8-9% to 4%) — the direct signature of an admitted carrier losing rate leverage at cycle turn; (6) 4.1 points of unfavourable prior-period development in Q1 2026 tells you the casualty pick is not conservative enough; (7) Loews-controlled governance structure blocks any strategic response requiring long-cycle reinvestment; (8) no meaningful E&S carrier of scale inside the group to migrate hardening risk into; (9) captive-agent and broker channel dependency in a market where insurtech MGAs increasingly bypass the wholesale layer with direct broker APIs.

Adjacent-segment play

The same core capability — underwriter-led specialty and middle-market P&C on an A-rated balance sheet — is exactly what Ryan Specialty, Amwins, CRC and Truist Insurance Holdings have already packaged as a wholesale-plus-MGA distribution model. The direct adjacent play: a Lloyd’s / Bermuda-domiciled specialty carrier aimed at the middle-market accounts CNA International writes, but on E&S paper with faster underwriting cycle times. CNA Hardy has 22 straight quarters of underwriting gain and combined ratios near 91%, but it is a Lloyd’s syndicate operating on Lloyd’s economics — a modern equivalent can front similar risks through a Bermuda balance sheet with lower expense loads and faster capacity flex.

Second, an LTC risk-transfer vehicle — a purpose-built long-duration reinsurance carrier that specialises in taking legacy LTC blocks off primary insurers. Wilton Re did exactly this for CNO Financial’s Bankers Life block in 2018; the primary market still has ~$100B of legacy LTC reserves sitting on balance sheets of CNA, Genworth, Unum, Prudential and dozens of state mutuals. A modern PE-backed vehicle capitalised at $2-4B could take CNA’s block itself.

Third, an SMB commercial-P&C API carrier aimed at the small-business tail of CNA’s Commercial segment. Coterie, NEXT and Newfront each demonstrate a wedge on the sub-$25K-premium accounts; a well-funded competitor can package the Cyber + BOP + Workers’ Comp bundle CNA sells its smallest agents and undercut on quote-to-bind time and expense ratio.

Fourth, a Tisch-family-style holding-company play in reverse — a diversified specialty-insurance holding company (Kinsale-plus-MGA-portfolio-plus-reinsurance) that reinvests underwriting cash inside the specialty franchise rather than upstreaming to a conglomerate parent. That is exactly the pitch a modern activist could make against Loews: unlock the CNA franchise by ending the cash-upstream loop.

Sources and further reading

• CNA Financial announces Q2 2026 net income of $1.18 per share and core income of $1.19 per share — PR Newswire, 5 August 2026.
• CNA Financial’s Q2’26 profit rises as investment income offsets underwriting pressure — Reinsurance News, August 2026.
• CNA (CNA) Q2 2026 Earnings Call Transcript — The Motley Fool, 10 August 2026.
• CNA’s Q1 earnings hit by casualty reserve action and weaker underwriting — Insurance Business, 5 May 2026.
• CNA Financial announces first quarter 2026 net income of $0.78 per share — CNA Financial IR, May 2026.
• CNA Financial Corporation Announces Executive Leadership Transition — CNA press release, June 2024.
• CNA’s Worman to Take CEO Reins From Robusto in 2025 — Insurance Journal, 6 June 2024.
• AM Best Revises Outlooks to Positive for CNA Financial Corporation and Its Subsidiaries — BusinessWire, 5 December 2024.
• CNA Financial Corporation 10-K FY2025 — SEC / CNA, February 2026.
• CNA legal filings lift the curtain on a Phoenix CryptoLocker ransomware attack — Malwarebytes, July 2021.
• Insurance giant CNA reports data breach after ransomware attack — Bleeping Computer, 2021.
• Insurer CNA Paid Hackers $40M for Ransomware Decryption — MSSP Alert, 2021.
• LTCG Announces New Contract with CNA to Administer its Long Term Care Insurance Business — BusinessWire, 19 January 2022.
• Loews Corporation’s Quiet Empire: Hidden Value Beneath the Holding Company Discount — Yahoo Finance / GuruFocus, 2026.
• Is CNA’s Richer Dividend Strategy Reframing Loews’ Income Story? — Simply Wall St, April 2026.
• CNA Financial (NYSE:CNA) Stock Analysis — Simply Wall St, 2026.
• History of CNA Financial Corporation — FundingUniverse.
• CNA Financial Corp | Encyclopedia.com — Encyclopedia.com.
• CNA Insurance Review & Complaints: Commercial Insurance (2026) — ExpertInsuranceReviews.com, 2026.
• Working at CNA — Glassdoor — Glassdoor (1,304 reviews, 3.9/5), 2026.
• Kinsale (KNSL) Q1 2026 Earnings Transcript — The Motley Fool, April 2026.
• Skyward Specialty (SKWD) Combined Ratio Near 89% Reinforces Bullish Margin Narrative — Simply Wall St, 2026.