Updated
The most significant concentration CNA Financial discloses is National Indemnity Company (NICO), classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: CNA Financial’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'substantially all of our legacy A&EP liabilities were ceded to National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., subject to an aggregate limit of $4 billion'”
“10-K Item 1: 'the State of Illinois Department of Insurance (which is our global group-wide supervisor)'”
The insurer's disclosed concentration profile is dominated by two high-share exposures, one on the liability side and one on the regulatory side, both structural in character for a major commercial property and casualty carrier. The most material counterparty relationship is the legacy asbestos and environmental pollution reinsurance arrangement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., which covers substantially all of the company's legacy A&EP liabilities subject to an aggregate limit of $4 billion. This is a high-share dependency: the financial adequacy of that protection depends on NICO's claims-paying ability and the aggregate ceiling remaining unbreached. A scenario in which ceded losses approach or exceed the cap would expose the company to reserve strengthening it had treated as transferred. The regulatory concentration is structural and unavoidable: the Illinois Department of Insurance serves as the company's global group-wide supervisor, making that single regulator the gatekeeper for enterprise-wide solvency assessments, intercompany transactions, and dividend approvals across the group's domestic and international subsidiaries. Changes in Illinois regulatory posture, capital standards, or enforcement priorities therefore carry enterprise-wide reach rather than being confined to a single line of business. Together the two exposures — one contractual, one jurisdictional — define the key dependency anchors that investors should monitor alongside the core underwriting metrics.
For the engine’s reasoning on CNA’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNA● | CNA Financial Corporation | 2 | 0 | 0 | 2 |
| AIZ | Assurant, Inc. | 1 | 2 | 0 | 3 |
| ALL | Allstate Corporation (The) | 1 | 0 | 0 | 1 |
| HCI | HCI Group, Inc. | 0 | 2 | 0 | 2 |
| CB | Chubb Limited | 0 | 1 | 0 | 1 |
| AFG | American Financial Group, Inc. | 0 | 0 | 2 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.