Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Investments – (Continued) Valuation and Impairment of Investments The following table details the carrying value of CNA’s general account investment portfolios:
## Table 0 ##
CNA’s general account investment portfolio consists primarily of publicly traded government bonds, assetbacked securities, short-term investments, municipal bonds and corporate bonds.
A significant judgment in the valuation of investments is the determination of when an other-than-temporary impairment has occurred.
CNA analyzes securities on at least a quarterly basis.
Part of this analysis is to monitor the length of time and severity of the decline below book value for those securities in an unrealized loss position.
Information on CNA’s impairment process and impairments recorded in 2005, 2004 and 2003 is set forth in Note 2 of the Notes to Consolidated Financial Statements included under Item 8.
Investments in the general account had a total net unrealized gain of $787.0 million at December 31, 2005 compared with $1,197.0 million at December 31, 2004.
The unrealized position at December 31, 2005 was comprised of a net unrealized gain of $618.0 million for fixed maturities, a net unrealized gain of $170.0 million for equity securities, and a net unrealized loss of $1.0 million for short-term securities.
The unrealized position at December 31, 2004 was comprised of a net unrealized gain of $1,061.0 million for fixed maturities and a net
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations – CNA Financial – (Continued) professional liability.
Corporate catastrophe reinsurance is also purchased for property and workers compensation exposure.
Most reinsurance contracts are purchased on an excess of loss basis.
CNA also utilizes facultative reinsurance in certain lines.
In addition, CNA assumes reinsurance as members of various reinsurance pools and associations.
The following table summarizes the amounts receivable from reinsurers at December 31, 2005 and 2004.
## Table 1 ##
CNA attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining substantial amounts of collateral.
The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances.
Such collateral was approximately $4,277.0 million and $6,231.0 million at December 31, 2005 and 2004.
In addition, CNA may enter into reinsurance agreements with reinsurers that are not rated.
During 2005, CNA sustained catastrophe losses related to Hurricanes Katrina, Rita and Wilma.
CNA ceded $429.0 million of these losses to its corporate catastrophe programs.
This reinsurance protection cost CNA premiums of approximately $64.0 million, which included reinstatement premiums of approximately $27.0 million.
The cost of CNA’s 2006 corporate catastrophe reinsurance programs will be approximately $82.0 million before the impacts of any reinstatement premiums.
The terms of CNA’s 2006 programs are different than those of its 2005 programs.
The Corporate Property Catastrophe treaty provides coverage for the accumulation of losses between $200.0 million and $700.0 million arising out of a single catastrophe occurrence in the United States, its territories and possessions, and Canada.
CNA’s co-participation is 25.0% of the first $125.0 million layer and 10.0% in all remaining layers.
CNA’s Marine treaty provides $65.0 million of protection above a $20.0 million retention on the accumulation of losses arising out of a single catastrophe occurrence.
In addition to these reinsurance treaties, CNA’s exposure to aggregation of certain catastrophe events is further mitigated by an Aggregate Property Catastrophe treaty.
The Aggregate Property Catastrophe treaty covers 95% of $150.0 million of losses above a retention of $125.0 million from named earthquake or wind storm catastrophes in the United States, its territories and possessions, and Canada, which exceed $35.0 million.
For any single event, the maximum that can be applied to CNA’s retention or recovered under the treaty is $75.0 million.
CNA’s overall ceded reinsurance program includes certain finite property and casualty contracts that are entered into and accounted for on a funds withheld basis.
Under the funds withheld basis, CNA records the cash remitted to the reinsurer for the reinsurer’s margin, or cost of the reinsurance contract, as ceded premiums.
The remainder of the premiums ceded under the reinsurance contract not remitted in cash is recorded as funds withheld liabilities.
CNA is required to increase the funds withheld balance at stated interest crediting rates applied to the funds withheld balance or as otherwise specified under the terms of the contract.
The funds withheld liability is reduced by any cumulative claim payments made by CNA in excess of its retention under the reinsurance contract.
If the funds withheld liability is exhausted, interest crediting will cease and additional claim payments are recoverable from the reinsurer.
The significant commuted contracts resulted in an unfavorable impact of $236.4 million after tax and minority interest in 2005, a favorable impact of $16.4 million after tax and minority interest in 2004 and an unfavorable impact of $64.0 million after tax and minority interest in 2003.
During 2005, CNA commuted several of these contracts and as a result, there will be no further interest crediting on these contracts in future periods.
The interest
LOEWS HOTELS HOLDING CORPORATION The subsidiaries of Loews Hotels Holding Corporation (“Loews Hotels”), our wholly owned subsidiary, presently operate the following 18 hotels.
Loews Hotels accounted for 2.0%, 2.9% and 2.7% of our consolidated total revenue for the years ended December 31, 2009, 2008 and 2007.
## Table 2 ##
(a) These management contracts are subject to termination rights.
(b) A Loews Hotels subsidiary is a 20% owner of the hotel, which is being operated by Loews Hotels pursuant to a management contract.
(c) A Loews Hotels subsidiary is a 50% owner of these hotels located at the Universal Orlando theme park, through a joint venture with Universal Studios and the Rank Group.
The hotels are on land leased by the joint venture and are operated by Loews Hotels pursuant to a management contract.
Sources of Liquidity Shelf Registrations On December 3, 2003, The Hartford’s shelf registration statement (Registration No.333-108067) for the potential offering and sale of debt and equity securities in an aggregate amount of up to $3.0 billion was declared effective by the Securities and Exchange Commission.
The Registration Statement allows for the following types of securities to be offered: (i) debt securities, preferred stock, common stock, depositary shares, warrants, stock purchase contracts, stock purchase units and junior subordinated deferrable interest debentures of the Company, and (ii) preferred securities of any of one or more capital trusts organized by The Hartford (“The Hartford Trusts”).
The Company may enter into guarantees with respect to the preferred securities of any of The Hartford Trusts.
In January 2004, the Company issued approximately 6.7 million shares of common stock pursuant to an underwritten offering at a price to the public of $63.25 per share and received net proceeds of $411.
On March 9, 2004, the Company issued $200 of 4.75% senior notes due March 1, 2014.
As of December 31, 2004, the Company had $2.4 billion remaining on its shelf.
On May 15, 2001, HLI filed with the SEC a shelf registration statement (Registration No.333-60944) for the potential offering and sale of up to $1.0 billion in debt and preferred securities.
The registration statement was declared effective on May 29, 2001.
As of December 31, 2004, HLI had $1.0 billion remaining on its shelf.
Commercial Paper and Revolving Credit Facilities The table below details the Company’s short-term debt programs and the applicable balances outstanding.
## Table 3 ##
Revolving Credit Facility
Under the two revolving credit agreements, the Company must maintain a minimum level of consolidated statutory surplus and risk based capital ratios.
In addition, the Company must not exceed a maximum ratio of debt to capitalization.
Quarterly, the Company certifies compliance with each financial covenant for its banks.
At December 31, 2004 and 2003, the Company was in compliance with all such covenants.
Off-Balance Sheet Arrangements and Aggregate Contractual Obligations The Company does not have any off-balance sheet arrangements that are reasonably likely to have a material effect on the financial condition, results of operations, liquidity, or capital resources of the Company, except for unfunded commitments to purchase investments in limited partnerships and mortgage loans totaling $629 and a guarantee of the residual value of leased furniture and fixtures for $20, both as disclosed in Note 12 of Notes to Consolidated Financial Statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 1.
Basis of Presentation and Accounting Policies (continued) SOP 03-1 was effective for financial statements for fiscal years beginning after December 15, 2003.

<table><tr><td>December 31</td><td colspan="2">2005</td><td colspan="2">2004</td></tr><tr><td>(In millions of dollars)</td><td></td><td></td><td></td><td></td></tr><tr><td>General account investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturity securities available-for-sale:</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury securities and obligations of</td><td></td><td></td><td></td><td></td></tr><tr><td>government agencies</td><td>$1,469.0</td><td>3.7%</td><td>$4,346.0</td><td>11.1%</td></tr><tr><td>Asset-backed securities</td><td>12,859.0</td><td>32.4</td><td>7,788.0</td><td>19.9</td></tr><tr><td>States, municipalities and political subdivisions-</td><td></td><td></td><td></td><td></td></tr><tr><td>tax-exempt</td><td>9,209.0</td><td>23.2</td><td>8,857.0</td><td>22.6</td></tr><tr><td>Corporate securities</td><td>6,165.0</td><td>15.5</td><td>6,513.0</td><td>16.6</td></tr><tr><td>Other debt securities</td><td>3,044.0</td><td>7.7</td><td>3,053.0</td><td>7.8</td></tr><tr><td>Redeemable preferred stock</td><td>216.0</td><td>0.5</td><td>146.0</td><td>0.3</td></tr><tr><td>Options embedded in convertible debt securities</td><td>1.0</td><td></td><td>234.0</td><td>0.6</td></tr><tr><td>Total fixed maturity securities available-for-sale</td><td>32,963.0</td><td>83.0</td><td>30,937.0</td><td>78.9</td></tr><tr><td>Fixed maturity securities trading:</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury securities and obligations of</td><td></td><td></td><td></td><td></td></tr><tr><td>government agencies</td><td>4.0</td><td></td><td>27.0</td><td>0.1</td></tr><tr><td>Asset-backed securities</td><td>87.0</td><td>0.2</td><td>125.0</td><td>0.3</td></tr><tr><td>Corporate securities</td><td>154.0</td><td>0.4</td><td>199.0</td><td>0.5</td></tr><tr><td>Other debt securities</td><td>26.0</td><td>0.1</td><td>35.0</td><td>0.1</td></tr><tr><td>Redeemable preferred stock</td><td></td><td></td><td>4.0</td><td></td></tr><tr><td>Total fixed maturity securities trading</td><td>271.0</td><td>0.7</td><td>390.0</td><td>1.0</td></tr><tr><td>Equity securities available-for-sale:</td><td></td><td></td><td></td><td></td></tr><tr><td>Common stock</td><td>289.0</td><td>0.7</td><td>260.0</td><td>0.7</td></tr><tr><td>Non-redeemable preferred stock</td><td>343.0</td><td>0.9</td><td>150.0</td><td>0.3</td></tr><tr><td>Total equity securities available-for-sale</td><td>632.0</td><td>1.6</td><td>410.0</td><td>1.0</td></tr><tr><td>Equity securities trading</td><td>49.0</td><td>0.1</td><td>46.0</td><td>0.1</td></tr><tr><td>Short-term investments available-for-sale</td><td>3,870.0</td><td>9.8</td><td>5,404.0</td><td>13.8</td></tr><tr><td>Short-term investments trading</td><td>368.0</td><td>0.9</td><td>459.0</td><td>1.2</td></tr><tr><td>Limited partnerships</td><td>1,509.0</td><td>3.8</td><td>1,549.0</td><td>3.9</td></tr><tr><td>Other investments</td><td>33.0</td><td>0.1</td><td>36.0</td><td>0.1</td></tr><tr><td>Total general account investments</td><td>$39,695.0</td><td>100.0%</td><td>$39,231.0</td><td>100.0%</td></tr></table>
<table><tr><td>December 31,</td><td>2005</td><td>2004</td></tr><tr><td>(In millions)</td><td></td><td></td></tr><tr><td>Reinsurance receivables related to insurance reserves:</td><td></td><td></td></tr><tr><td>Ceded claim and claim adjustment expense</td><td>$10,605.2</td><td>$13,878.4</td></tr><tr><td>Ceded future policy benefits</td><td>1,192.9</td><td>1,259.6</td></tr><tr><td>Ceded policyholders’ funds</td><td>56.3</td><td>64.8</td></tr><tr><td>Billed reinsurance receivables</td><td>582.3</td><td>685.2</td></tr><tr><td>Reinsurance receivables</td><td>12,436.7</td><td>15,888.0</td></tr><tr><td>Allowance for uncollectible reinsurance</td><td>-519.3</td><td>-546.3</td></tr><tr><td>Reinsurance receivables, net of allowance for uncollectible reinsurance</td><td>$11,917.4</td><td>$15,341.7</td></tr></table>
<table><tr><td>Name and Location</td><td>Number of Rooms</td><td>Owned, Leased or Managed</td></tr><tr><td>Loews Annapolis Hotel Annapolis, Maryland</td><td>220</td><td>Owned</td></tr><tr><td>Loews Coronado Bay San Diego, California</td><td>440</td><td>Land lease expiring 2034</td></tr><tr><td>Loews Denver Hotel Denver, Colorado</td><td>185</td><td>Owned</td></tr><tr><td>The Don CeSar, a Loews Hotel St. Pete Beach, Florida</td><td>347</td><td>Management contract (a)(b)</td></tr><tr><td>Hard Rock Hotel, at Universal Orlando Orlando, Florida</td><td>650</td><td>Management contract (c)</td></tr><tr><td>Loews Lake Las Vegas Henderson, Nevada</td><td>493</td><td>Management contract (a)</td></tr><tr><td>Loews Le Concorde Hotel Quebec City, Canada</td><td>405</td><td>Land lease expiring 2069</td></tr><tr><td>The Madison, a Loews Hotel Washington, D.C.</td><td>353</td><td>Management contract expiring 2021 (a)</td></tr><tr><td>Loews Miami Beach Hotel Miami Beach, Florida</td><td>790</td><td>Owned</td></tr><tr><td>Loews New Orleans Hotel New Orleans, Louisiana</td><td>285</td><td>Management contract expiring 2018 (a)</td></tr><tr><td>Loews Philadelphia Hotel Philadelphia, Pennsylvania</td><td>585</td><td>Owned</td></tr><tr><td>Loews Portofino Bay Hotel, at Universal Orlando Orlando, Florida</td><td>750</td><td>Management contract (c)</td></tr><tr><td>Loews Regency Hotel New York, New York</td><td>350</td><td>Land lease expiring 2013, with renewal option for 47 years</td></tr><tr><td>Loews Royal Pacific Resort at Universal Orlando Orlando, Florida</td><td>1,000</td><td>Management contract (c)</td></tr><tr><td>Loews Santa Monica Beach Hotel Santa Monica, California</td><td>340</td><td>Management contract expiring 2018, with renewal option for5 years (a)</td></tr><tr><td>Loews Vanderbilt Hotel Nashville, Tennessee</td><td>340</td><td>Owned</td></tr><tr><td>Loews Ventana Canyon Tucson, Arizona</td><td>400</td><td>Management contract expiring 2019 (a)</td></tr><tr><td>Loews Hotel Vogue Montreal, Canada</td><td>140</td><td>Owned</td></tr></table>
<table><tr><td></td><td></td><td></td><td></td><td colspan="2"> As of December 31,</td></tr><tr><td>Description</td><td> Effective Date</td><td> Expiration Date</td><td> Maximum Available</td><td> 2004</td><td> 2003</td></tr><tr><td>Commercial Paper</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The Hartford</td><td>11/10/86</td><td>N/A</td><td>$2,000</td><td>$372</td><td>$850</td></tr><tr><td>HLI</td><td>2/7/97</td><td>N/A</td><td>250</td><td>—</td><td>—</td></tr><tr><td>Total commercial paper</td><td></td><td></td><td>$2,250</td><td>$372</td><td>$850</td></tr><tr><td>Revolving Credit Facility</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5-year revolving credit facility</td><td>6/20/01</td><td>6/20/06</td><td>$1,000</td><td>$—</td><td>$—</td></tr><tr><td>3-year revolving credit facility</td><td>12/31/02</td><td>12/31/05</td><td>490</td><td>—</td><td>—</td></tr><tr><td>Total revolving credit facility</td><td></td><td></td><td>$1,490</td><td>$—</td><td>$—</td></tr><tr><td> Total Outstanding CommercialPaper and Revolving Credit Facilities</td><td></td><td></td><td>$3,740</td><td>$372</td><td>$850</td></tr></table>

Question: What is the growing rate of Total commercial paper in the year with the most The Hartford?
Answer: -0.56235