James Tisch | executive |
Jane Wang | executive |
[ The transcript was presubmitted by Loews Corporation. No live call was conducted for the second quarter earnings call. ] Good morning. Loews is off to a great start in the first half of 2023, with each of our consolidated subsidiaries performing very well. CNA had another strong quarter, its results reflecting the long and arduous re-underwriting process led by Dino Robusto over the past six years since he became CEO. In a quarter when industry catastrophe losses were more than double their historical average, CNA managed to record only 3.1 points of such losses, further evidence that the management team's steadfast focus on underwriting continues to produce stellar results. Growth at CNA was also robust in the second quarter, with net written premiums increasing 10% excluding currency fluctuations compared to the same period last year.