Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

Debt is composed of the following long-term obligations.

December 31
(In millions)	2025		2024
Long-term debt:
Senior notes of CNAF:
4.500%, face amount of $500, due March 1, 2026	$	—	$	500
3.450%, face amount of $500, due August 15, 2027	499		498
3.900%, face amount of $500, due May 1, 2029	498		498
2.050%, face amount of $500, due August 15, 2030	497		497
5.500%, face amount of $500, due June 15, 2033	492		491
5.125%, face amount of $500, due February 15, 2034	491		489
5.200%, face amount of $500, due August 15, 2035	494		—
Total debt	$	2,971	$	2,973

CCC is a member of the Federal Home Loan Bank of Chicago (FHLBC). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $5 million of FHLBC stock as of December 31, 2025 giving it immediate access to approximately $108 million of additional liquidity. As of December 31, 2025 and 2024, CCC had no outstanding borrowings from the FHLBC.

During 2023, the Company amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At the Company's election, the commitments under the agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. Under the agreement, the Company is required to pay a facility fee which would adjust in the event of a change in the Company's ratio of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the agreement. The agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined, at December 31, 2025, was $8.7 billion.  The calculation of minimum consolidated net worth excludes AOCI. As of December 31, 2025 and 2024, the Company had no outstanding borrowings under the credit agreement.

The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2025 and 2024.

The combined aggregate maturities for debt as of December 31, 2025 are presented in the following table.

(In millions)
2026	$	—
2027	500
2028	—
2029	500
2030	500
Thereafter	1,500
Less: discount	(29)
Total	$	2,971