Core Viewpoint - AM Best has upgraded the credit ratings of CNA Financial Corporation and its subsidiaries, reflecting strong financial performance and support from its parent company, Loews Corporation [1][4]. Group 1: Credit Ratings Upgrade - Financial Strength Rating (FSR) upgraded to A+ from A, and Long-Term Issuer Credit Ratings (Long-Term ICRs) upgraded to "aa-" from "a+" [2]. - CNAF's Long-Term Issue Credit Ratings (Long-Term IRs) also upgraded, with Long-Term ICR rising to "a-" from "bbb+" [2]. Group 2: Financial Performance and Support - CNA's ratings are based on a very strong balance sheet, strong operating performance, favorable business profile, and appropriate Enterprise Risk Management (ERM) [3]. - The supportive ownership by Loews Corporation and historical financial backing contribute positively to CNA's ratings [4]. Group 3: Operating Platform and Profitability - CNA's favorable operating platform includes considerable geographic and product scope, strong service capabilities, and diversified distribution [5]. - Successful underwriting and expense management initiatives have made commercial insurance a significant source of profitability [5]. Group 4: Risk Factors - The ratings consider the impact of discontinued long-term care business, which has affected overall profitability and risk-adjusted capitalization [6]. - Moderate underwriting exposures to catastrophe losses and reserve uncertainties in litigation-sensitive casualty lines could affect the credit profile [7]. Group 5: Western Surety Group (WSG) Ratings - WSG's strong financial profile reflects strong risk-adjusted capitalization, favorable loss reserves, and modest underwriting leverage [8]. - However, WSG's narrow product focus in a competitive surety market is a potential weakness that may pressure underwriting margins [9].