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Subsequent Event
9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
CNA Employee Retirement Plan Trust Settlement Transaction
In October of 2024, a subsidiary of CNAF, as a sponsor of the CNA Employee Retirement Plan Trust (the Plan), entered into a commitment agreement, with Metropolitan Life Insurance Company (the Insurer) under which the Plan purchased a nonparticipating single premium group annuity contract that transferred to the Insurer approximately $1,045 million of the Plan’s defined benefit pension obligations. The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the Transferred Participants), representing approximately 60% of the Plan’s obligations. Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions of the Company. As a result of the transaction, the Company will recognize a one-time, non-cash, pretax pension settlement charge of approximately $370 million ($290 million after-tax) in the fourth quarter of 2024. This charge is largely driven by the accelerated recognition of the Company’s actuarial pension loss from accumulated other comprehensive income into net income, which does not impact stockholder’s equity. This charge will not impact the Company’s fourth quarter or full year 2024 core income (loss) or cash flow.
Fourth Quarter 2024 Hurricane Milton Estimates
On October 9, 2024, Hurricane Milton made landfall in Florida. Pretax net catastrophe losses related to Hurricane Milton are currently estimated between approximately $25 million to $55 million, and are anticipated to be reflected in the Company's fourth quarter 2024 results.