CNA Canada appoints Malin Balasooriya to lead National Accounts Casualty

The AIG and Berkshire Hathaway veteran takes on the newly renamed portfolio as CNA sharpens its focus on complex casualty risk

In the role, Balasooriya will lead the continued development of CNA Canada's National Accounts Casualty portfolio, with a focus on profitable growth, deepening broker relationships and sharpening the insurer's position in complex casualty risk. He will work closely with CNA's global leadership teams to align on strategy, underwriting appetite and client outcomes. Balasooriya brings more than 15 years of experience in large, complex casualty underwriting and leadership roles across AIG, RSA, Berkshire Hathaway and Northbridge, most recently serving as chief executive officer of Cobalt Specialty.

CNA said he has a track record of transforming complex portfolios while improving underwriting profitability and building relationships with national broker partners. The hire comes as Canada's commercial liability market enters 2026 from what Aon describes as a position of relative strength, with ample capacity and both domestic and international insurers actively deploying limits into the country, translating into more favorable pricing and greater flexibility for many organizations. Canada's commercial liability market ended 2025 with a net insurance service ratio of 81%, and underwriters continue tracking a widening set of emerging exposures, including social inflation, litigation trends, ESG-related scrutiny and cyber risk.

At the same time, Canada-specific litigation trends are drawing closer attention from insurers. The Insurance Bureau of Canada commissioned a report from Dentons LLP that found Canadian law firms are increasingly using third-party litigation funding to pursue claims, a largely unregulated and rarely disclosed practice that IBC has flagged as an emerging cost driver for the domestic commercial liability market, distinct from the well-documented US nuclear verdict trend. Cross-border exposure remains a related pressure point for Canadian casualty underwriters with US operations.

US jurisdictional risk, driven by social inflation and litigation funding, continues to sustain elevated severity expectations, and Canadian companies with substantial US exposure often find fewer excess liability insurers willing to participate, or face higher pricing and lower limits where capacity is available. US nuclear verdicts, jury awards exceeding $10 million, rose 52% in 2024 to 135 cases with total awards exceeding $31 billion, a trend that continues to shape how Canadian carriers structure programs with cross-border exposure. Catherine Roe, president and chief agent, CNA Canada, said Balasooriya's appointment is an important step forward as the company accelerates its focus on specialization and disciplined growth in National Accounts Casualty.

"He brings a strong combination of technical expertise, market credibility, and a proven ability to drive underwriting performance," Roe said, adding that his leadership would strengthen CNA's ability to deliver tailored solutions and value to brokers and clients. Roe added that with Balasooriya's leadership, CNA Canada is well positioned to strengthen its market presence and advance its vision for a high-performing, client-focused complex casualty portfolio.