CNA Europe Moves Manchester, UK Office

CNA Insurance Co. Ltd.'s European branch, CNA Europe, said it's moved its Manchester office to the heart of the city’s financial district.The new office, located at 1 New York St., is designed to accommodate CNA Europe’s expanding team and broker partners, the company said in a statement.CNA Europe has more than 20 dedicated underwriting and claims staff in Manchester. They specialize in marine, casualty, property and financial lines insurance. The team has grown steadily since CNA Europe expanded its long-standing marine business to other commercial lines in Manchester in 2000.CNA Europe's headquarters are in London, but it also has European offices in Belgium, France, Denmark, Germany, Ireland, Italy, Malta, Spain, Sweden and Switzerland, Juliet Tilley, a spokeswoman for the company, said.She said CNA Europe "is looking to expand their European presence."In November, A.M. Best Co. assigned a debt rating of “bbb” to the CNA's $350 million 7.35% senior unsecured notes due 2019 to be issued by CNA Financial Corp. (BestWire, Nov. 10, 2009).CNA Financial intends to use the net proceeds of the senior unsecured notes issuance to redeem $250 million of the $1.25 billion of cumulative senior perpetual preferred stock it issued to its parent, Loews Corp., in November 2008. CNA Financial plans to use the remaining proceeds for general corporate purposes (BestWire, Nov. 10, 2009).CNA Insurance Cos., based in Chicago, have a Best's Financial Strength Rating of A (Excellent).The stock of CNA (NYSE: CNA) was trading at $22.86 a share on the morning of Dec. 14, up 0.31% from the previous close.(By Meg Green, senior associate editor, BestWeek: [email protected])