CNA has grown and continues to expand its capabilities in recent years. The insurer has remained committed to the middle market space and has grown newer offerings such as risk managed casualty, engineered property, and specialty lines, VPs at the company told Insurance Business.
“Middle market is CNA’s largest segment in Canada; we always look to ensure that we’re staying at the forefront of the market in that space,” said Terri Mason-Benjamin, vice president, marketing & distribution at CNA Canada. “That’s something that we’re looking at currently.”
Program business and the company’s newer financial institutions practice are also a target for investment in the coming months.
“We are establishing a robust framework around systems, tools, processes and governance to ensure long term sustainability in those segments,” Mason-Benjamin said.
The insurance company has seen what Mason-Benjamin termed “excellent growth” in recent years across all business units, including in its newer engineered property, risk managed casualty, and specialty offerings, and is investing heavily in them.
For example, as of December 2022, CNA’s engineered property division had swelled to north of $70 million in gross written premium after five years in operation, with CNA Canada now accounting for $596 million in gross written premium overall.
“Five years ago, when I joined the company, there wasn’t an established specialty group – that group is now over $100 million [in gross written premium], and engineered property is over $70 million [in premium],” said Louis Vatrt, vice president, engineered property at CNA Canada. “Expanding our business allows us to increase our product lines and improve brand recognition.”
“When we stick to our disciplined strategy, brokers know what to expect.”
The engineered property division, currently a team of 12, will look to add resources and tools as it aims to increase velocity and operate at marketplace speed. “Our current footprint in Canada overall includes skilled professionals with an excellent brand in the marketplace,” Vatrt said. “We’re very pleased.”
Mason-Benjamin and Vatrt also shared their insight on talent trends, and the importance of communication in an interview with Insurance Business at RIMS Canada 2023, which will be published on Wednesday.
