A.M. Best Upgrades Rating for CNA's First of Hawaii Group.CHICAGO--(BUSINESS WIRE)--Nov. 17, 1997--A.M. Best today upgraded its rating for CNA's (NYSE NYSE See: New York Stock Exchange :CNA (Certified NetWare Administrator) See Novell certification. ) First of Hawaii Insurance Group from A- to A (Excellent). A.M. Best attributed the ratings upgrade to the group's "improved earnings trends, reduced catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). exposures, stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. premium production and conservative balance sheet." The A (Excellent) rating applies to First Insurance Co. of Hawaii, Ltd. (FICOH) and its two fully reinsured subsidiaries, First Fire & Casualty Insurance of Hawaii and FIrst Indemnity Insurance indemnity insurance Managed care A type of health insurance in which a Pt can choose the hospital and provider, and the insurer reimburses the Pt or provider for a set percentage of the cost, minus deductibles and co-payments of Hawaii. FICOH is a multiline insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. with $342 million in assets, $122 million in surplus and 1997 premiums of $100 million. It has been in business in Hawaii since 1911. FICOH is 60 percent owned by CNA and 40 percent owned by Tokio Marine and Fire. "First Insurance is very pleased with the upgrade in our rating to A (Excellent)," said Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Uyeda, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , First Insurance Co. of Hawaii, Ltd. "Our financial condition has never been stronger. The rating reflects our commitment to adding value for our customers through exceptional service, competitive products and pricing, strong agency relationships, and the development of a learning organization." In its analysis, A.M. Best noted FICOH's " ... strengths are derived from its strong local market presence and proactive, autonomous operating strategy, which enable the group to respond quickly to changing regulatory and market conditions." A.M. Best also noted that FICOH maintains the support and commitment of its financially strong majority parent, CNA, which has provided significant capital support as well as enabling management to make strategic decisions related to the marketplace. "This financial and operating flexibility has allowed management to successfully reposition its book of business by utilizing its strong name recognition, well-established agency relationships, and local market expertise to generate substantially improved operating results and emerge as a dominant force in the Hawaiian market," A.M. Best noted. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. CNA is one of the world's premier insurance organizations. With 1996 revenues of $17.0 billion, CNA ranks among the top 10 U.S. insurance groups. Headquartered in Chicago, CNA is a leading multiline insurer, serving individuals and businesses with a broad range of insurance products and insurance-related services. CNA products and services are marketed through multiple distribution channels, including independent agents, brokers, general agents and direct sales. In 1997, CNA observes its centennial year, celebrating a century of financial strength, stability and commitment to customers and business partners. CNA is the registered service mark and trade name of CNA Financial CNA Financial Corporation (NYSE: CNA) is a financial corporation based in Chicago, Illinois, United States, and noted for its 600 foot tall red headquarters building there. Its principal subsidiary, Continental Casualty Company (CCC) was founded in 1897. Corporation. CONTACT: CNA Media Contact: Clark Walter, 312/822-1454 Analysts: Deborah Kamp, 312/822-7752 |
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