CNA · 10-K filed 10 Feb 2026 · year to 31 Dec 2025

CNA Financial

21 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Long-term care claims administrator

depends onnamed as a risk

Additionally, we rely on certain third-party claims administrators, including the administrator of our long-term care claims, to handle policyholder services and perform significant claim administration and claim adjudication functions.Risk factors (Item 1A)

Partners and platforms

National Indemnity Company (NICO)

depends on · aggregate limit of $4 billionnamed as a risk

On August 31, 2010, we completed a retroactive reinsurance transaction under which 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 (Loss Portfolio Transfer).Risk factors (Item 1A)

Also named by L

Independent agents and brokers

depends onnamed as a risk

Any change in our relationships with our distribution network agents, brokers or managing general underwriters, including as a result of consolidation or their increased promotion and distribution of our competitors' or their own products, could adversely affect our ability to sell our products.Risk factors (Item 1A)

Lloyd's of London

operates in

We also have property and casualty underwriting operations in Canada, the United Kingdom (U.K.) and Continental Europe, as well as access to business placed at Lloyd's of London through Syndicate 382.Business (Item 1)

Also named by AJG, BRO, CB, CINF, HIG, L, MKL, VRSK and 1 more

Other companies

Long-term care insurance

insures or lends to · $13.4 billionnamed as a risk

The carrying value of the LFPB was $13.4 billion and $13.2 billion as of December 31, 2025 and 2024.Market risk (Item 7A)

Also named by L, PRU

Loews Corporation

approximately 92%named as a risk

Loews beneficially owned approximately 92% of our outstanding shares of common stock as of December 31, 2025, and is in a position to control actions that require the consent of stockholders, including the election of directors, amendment of our Restated Certificate of Incorporation and any merger or sale of substantially all of our assets.Risk factors (Item 1A)

A.M. Best

named as a risk

Our insurance company subsidiaries, as well as our public debt, are rated by rating agencies, including, A.M. Best Company (A.M. Best), Moody's Investors Service, Inc. (Moody's), Standard & Poor's (S&P) and Fitch Ratings, Inc. (Fitch).Risk factors (Item 1A)

Also named by CINF, KNSL, PGR, PRI, UHAL/B, WRB, WTM

Hazards

Asbestos and environmental pollution (A&EP) claims

insures or lends to · $3.9 billionnamed as a risk

The cumulative amount ceded under the Loss Portfolio Transfer as of December 31, 2025 was $3.9 billion.Risk factors (Item 1A)

Mass tort claims (glyphosate, lead paint, PFAS, opioids)

insures or lends tonamed as a risk

We face potential exposure to various types of existing, new and emerging mass tort claims, including those related to exposure to potentially harmful products or substances, such as glyphosate, lead paint, per- and polyfluoroalkyl substances (PFAS) and opioids, sexual abuse and molestation claims, claims arising from changes that expand the right to sue, remove limitations on recovery, extend the statutes of limitations or otherwise repeal or weaken tort reforms, such as those related to abuse reviver statutes; and claims related to new and emerging theories of liability, such as those related to global warming and climate change.Risk factors (Item 1A)

Also named by WRB

Natural catastrophes (hurricanes, earthquakes, windstorms)

insures or lends tonamed as a risk

The extent of our losses from catastrophes is a function of the total amount of our insured exposures in the affected areas, the frequency and severity of the events themselves, the level of our reinsurance coverage, reinsurance reinstatement premiums and state residual market assessments, if any.Risk factors (Item 1A)

Also named by WRB

Catastrophic cyber events

insures or lends tonamed as a risk

Exposure to cyber risk is increasing systematically due to greater digital dependence, which increases the potential for, and the potential losses due to, a catastrophic cyber event.Risk factors (Item 1A)

Commodities and inputs

S&P 500

exposed to its price · $(135)named as a risk

Equity price risk was measured assuming an instantaneous 10% and 25% decline in the S&P 500 from its level as of December 31, 2025 and 2024, with all other variables held constant.Market risk (Item 7A)

Also named by CB, JXN, ORI, PRU

Regulators

Illinois Department of Insurance

subject to

These include but are not limited to, the State of Illinois Department of Insurance (which is our global group-wide supervisor), the U.K. Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA), the Office of Superintendent of Financial Institutions (OSFI) in Canada, the Luxembourg insurance regulator Commissariat aux Assurances (CAA) and the Bermuda Monetary Authority (BMA).Business (Item 1)

Also named by L, MKL, RLI

Council of Lloyd's

subject to

Hardy, a specialized Lloyd's of London (Lloyd's) underwriter, is also supervised by the Council of Lloyd's, which is the franchisor for all Lloyd's operations.Business (Item 1)

Also named by HIG

Laws and programs

U.S. tariffs

exposed to its pricenamed as a risk

Further, broader economic and geopolitical conditions, including the imposition of significant tariffs by the U.S., as well as any related retaliatory tariffs, may result in considerable increases in certain costs that would increase loss costs.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA)

depends onnamed as a risk

Our principal reinsurance protection against these large-scale terrorist attacks is the coverage currently provided through the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA) through December 31, 2027.Risk factors (Item 1A)

Also named by HIG, L, WRB

Abuse reviver statutes

subject tonamed as a risk

For example, we have recorded, and may continue to record, increases in our mass tort reserves, driven substantially by abuse reviver statutes that have resulted in increased claims.Risk factors (Item 1A)

Also named by L

Solvency II

subject to

Capital adequacy and risk management regulations, referred to as Solvency II, apply to our European Union (E.U.) operations and are enacted by the European Commission.Business (Item 1)

Also named by AIG, CB, CINF, HIG, L, MET, MKL, WRB

NAIC Group Capital Calculation (GCC)

subject to

The GCC was adopted by the NAIC along with model legislative language and attendant regulations, which have been adopted in a number of U.S. states where IAIGs are domiciled, including Illinois.Business (Item 1)

Also named by AIG, KNSL

Solvency UK

subject to

Our operations in the U.K. have been subject to the same regulations but are transitioning to a tailored version of Solvency II, known as Solvency UK, developed by the PRA.Business (Item 1)

IAIS ComFrame

subject to

The IAIS has adopted a Common Framework (ComFrame) for the supervision of Internationally Active Insurance Groups (IAIGs), which is focused on the group-wide supervision of IAIGs, such as CNA.Business (Item 1)