CNA Financial Corporation (NYSE:CNA) Q1 2024 Earnings Call Transcript

Unidentified Analyst: Got it. My second question is on the International operations, you mentioned expecting contributing to overall profitability. Just curious your strategy there, can you please add more color on that?

Dino Robusto: So on the International, we also, over the years, have described all of the underwriting actions that we have taken, in particular, relative to our syndicate to reduce the catastrophe exposure. It has been profitable for quite a few quarters now. As we’ve indicated, we had some pressure on growth in the first quarter for the reasons that I also indicated in my prepared remarks, being that of being prudent on management liability and a decision to remove from political violence. But going forward, we expect it to continue to contribute profitable growth to the organization. We feel very, very good about our International operations, in particular, when you consider that on some segments, the starting point is very good even before the hard market segments like middle market in the U.K. and Canada, we’re already very profitable.

We got additional cumulative rate. We added improved terms and conditions. So as you can tell, we are quite bullish on our International operation going forward.

Operator: And ladies and gentlemen, that will now conclude today’s question-and-answer session. I’d like to turn the floor back over to Dino Robusto for closing remarks.

Dino Robusto: Thanks very much. I do have some this time around. In closing, I’d like to give an update as to future earnings calls for CNA. In light of reduced analyst participation in recent years, in future quarters, we will simply post the transcript in place of hosting a live call. The transcript we post will continue to include the level of detail you are accustomed to hearing in our earnings call remarks. The transcript will also incorporate select Q&As that are intended to address timely and topical focus areas for CNA and our industry as well as answers to questions — and we will answer questions that are submitted to us in advance. We are, of course, committed to remaining as transparent as we have always been. And as always, if you ever need any further clarification, we encourage you to reach out to our Investor Relations team.

Finally, we look forward to attending industry investor conferences in the future as we have done in the past and we look forward to continuing the dialogue with the investor and analyst community. And thank you all for joining us today.

Operator: Ladies and gentlemen, with that we’ll conclude today’s conference call and presentation. We thank you for joining. You may now disconnect your lines.