Fitch Withdraws Various Ratings of CNA's Merged Insurance Companies.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has withdrawn the 'A-' insurer financial strength (IFS) ratings of various insurance subsidiaries of CNA Financial Corporation (CNA (Certified NetWare Administrator) See Novell certification. ) due to the merger of these entities into other CNA companies effective Dec. 31, 2006. These mergers were completed as part of a multi-year initiative to streamline CNA's property-casualty legal entity structure. A list of these merged entities is shown below. The following ratings are withdrawn by Fitch: Boston Old Colony Insurance Company The Buckeye Union Insurance Company CNA Casualty of California Commercial Insurance Company of Newark, New Jersey Continental Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Corporation The Fidelity and Casualty Company of New York Firemen's Insurance Company of Newark, New Jersey The Glens Falls Insurance Company Kansas City Fire & Marine Insurance Company The Mayflower Mayflower, ship Mayflower, ship that in 1620 brought the Pilgrims from England to New England. She set out from Southampton in company with the Speedwell, Insurance Company, Ltd. National-Ben Franklin Insurance Company of Illinois Niagara Fire Insurance Company Pacific Insurance Company --Insurer financial strength at 'A-'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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