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CNA Financial Q1 net income up

US-based commercial insurer CNA Financial has reported a net income of $250m, or $0.93 earnings per share, for the first quarter of 2012, compared to $220m, or $0.82 earnings per share, for the same period in 2011.

For the first quarter of 2012, catastrophe losses were $18m after-tax as compared to $36m after-tax for the same period last year.

Net operating income increased to $226m for the first quarter of 2012, compared to $213m for the same period a year ago.

Property and casualty net written premiums increased to $1.6bn, compared to $1.56bn for the same period in the previous year.

CNA Financial chairman and CEO Thomas Motamed said that the company is encouraged by the continuation of favorable rate trends and premium growth across both of its P&C segments.

"As previously announced, we have reached an agreement to acquire Hardy Underwriting Bermuda, a specialized Lloyd’s underwriter, at a cost of approximately $227m, payable in cash," Motamed said.