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CNA Posts Q4 Loss on Catastrophes, Lower Reserve Development

Superstorm Sandy, a decrease in favorable prior-year development and non-catastrophe losses and resulted in a net loss of $9 million for the 2012 fourth-quarter at CNA Financial Corp.

By Chad Hemenway | Updated on February 11, 2013

Superstorm Sandy, non-catastrophe losses and a decrease in favorable prior-year development resulted in a net loss of $9 million for the 2012 fourth-quarter at CNA Financial Corp.

The Chicago-based insurer says Sandy caused $190 million in losses, after tax and including reinstatement premiums, during the fourth quarter. The combined ratio in CNA’s property and casualty operation was 116.1 for the last quarter of 2012.

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