CNA Financial Corp. Chairman and CEO Dino Robusto will remain in his position a few extra years, thanks to a contract extension that will run through 2024.

The Chicao-based commercial property/casualty insurer announced the news on Aug. 10.

Robusto, a long-time Chubb veteran, joined CNA in December 2016, replacing Thomas Motamed after he retired.

CNA credits Robusto with improving the insurer’s underwriting culture, in part by developing “deep industry and product line specialization in each unit.” The insurer also said Robusto has been valuable due to his ability to “attract, develop and retain top talent” within the company, along with his “highly collaborative and expert leadership team.”

CNA said that the company, under Robusto’s leadership, has improved its underlying P/C combined ratio performance each year, adding that the insurer has seen accelerated growth in terms of activity with broker and agent partners.

In prepared remarks, Robusto said he was product of the progress CNA has made both in the U.S. and internationally.

CNA may be making progress, but the current climate has produced some formidable challenges. The insurer saw its 2020 second quarter net income sliced almost in half, due to sizable catastrophe losses stemming from COVID-19, civil unrest and weather-related events. CNA booked $151 million in net income for the second quarter, compared to $278 million over the same period in 2019.

Source: CNA