Chicago-based insurer CNA has appointed Keith Davies as chief executive officer for its property and casualty operations in Europe.

These include CNA Insurance Company (Europe), Maritime Insurance Company and Global Resource Managers.

Davies, who began his career as a lawyer, has worked in the insurance industry for nearly a decade and has held a variety of senior management positions in France and the UK. He joined CNA in 1998.

CNA offers a broad range of insurance products and insurance-related services in the property/casualty, life, group and reinsurance markets.

Meanwhile, ratings agency Moody's has lowered its debt ratings of CNA Financial Corporation, the group's parent company.

Moody's lowered the company's long-term debt and preferred stock ratings to Baa2 from Baa1.

It also lowered the same ratings for CNA subsidiary The Continental Corporation to Baa3 from Baa2, as well as the insurance financial strength ratings of members of the Continental Casualty Company intercompany reinsurance pool (to A3 from A2).

The agency said the moves reflected a more cautious view of CNA's reserves in 2001, and continued concern that ultimate claim costs on business written in previous years could exceed current estimates.

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