CNA Financial’s international business, which includes its UK and European operations, posted strong third-quarter results, even as the US commercial insurer’s domestic margins came under pressure. The International segment’s combined ratio improved to 86.1% from 91.8%, helped by 10.1 points of favourable prior-year reserve development. Net written premiums rose 4%, or 6% excluding currency movements. Underlying performance was weaker. The underlying loss ratio rose 1.3 points across most lines and the expense ratio rose 1.6 points on higher acquisition costs, taking the underlying combined ratio to 94.1%. CNA said it is cutting rates in its International segment, as well as in US property and workers’ compensation.
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