CCNACNA Financial Corporation

CNA Financial insures corporate risks and is controlled by a family holding company.

The base is property and casualty insurance for businesses: complex risks priced by expertise rather than a rate table. The key metric is the combined ratio, the share of premium consumed by claims and expenses; a figure below one hundred means underwriting is profitable in its own right.

The second pillar is income from investing reserves, which noticeably improves results when rates are high. The legacy of the past is a book of long-term care policies sold long ago at rates that proved too low and requiring regular reserve adequacy reviews. The controlling shareholder holds a majority, and the stock's liquidity is modest. The dividend is high, including special payments.