Rating agency Standard & Poor's (S&P) has removed CNA Insurance Co (Europe) and CNA Insurance Co from CreditWatch and affirmed the A- counterparty credit and insurer financial strength ratings on the companies. The outlook is stable.
This follows the approval by a US regulator of a guarantee provided to the companies by Continental Casualty Co.
S&P spokesman Simon Marshall explained: "The provision of the guarantee by Continental Casualty means that, going forward, the ratings on the companies are driven by the financial strength of the guarantor, Continental Casualty, rather than by the stand-alone characteristics of the companies themselves."
Both companies were placed on CreditWatch in August 2001 when the parent company, CNA, was placed on CreditWatch.
