CNA Financial Corporation History



Address:
CNA Plaza
333 South Wabash Avenue
Chicago, Illinois 60685
U.S.A.

Telephone: (312) 822-5000
Fax: (312) 822-6419

Website:
Public Company, 86.9 Percent Owned by Loews Corporation
Incorporated: 1967
Employees: 18,600
Total Assets: $62.5 billion (2000)
Stock Exchanges: New York Midwest Pacific
Ticker Symbol: CNA
NAIC: 524126 Direct Property and Casualty Insurance Carriers; 524113 Direct Life Insurance Carriers; 524114 Direct Health and Medical Insurance Carriers; 524130 Reinsurance Carriers

Company Perspectives:

We are committed to remaining focused on our core businesses of insurance and insurance services. We are committed to remaining financially strong and stable, so that we will be here to keep our promises to you, no matter how many years in the future those promises must be kept. Key Dates:

Key Dates:

1897:
Continental Assurance Company of North America is founded to offer accident and health coverage.
1900:
Continental Assurance is renamed Continental Casualty Company.
1911:
Continental Assurance Company is formed to sell life insurance.
1956:
Continental Casualty acquires 67 percent of National Fire Insurance Company, creating Continental-National Group.
1963:
American Casualty Company is acquired, creating the Continental-National American Group.
1967:
The group is reorganized under a new holding company, CNA Financial Corporation; a diversification drive is soon undertaken.
1974:
Loews Corporation acquires 83 percent of CNA's stock; company begins selling off non-insurance operations.
1975:
CNA ranks as the 17th largest insurer in the United States.
1989:
CNA ranks as the eighth largest insurer in the United States.
1995:
CNA acquires the Continental Corporation.
1999:
Company sells the bulk of its personal lines to Allstate.

Company History:

Further Reading:

  • Bary, Andrew, 'A New Leaf?: Loews' Neglected Stock Could Jump If Tobacco Unit Is Spun Off,' Barron's, November 30, 1998, pp. 23--24.
    CNA: A Century of Commitment, 1897-1997, Chicago: CNA Financial, 1997.
  • Fritz, Michael, 'Way to Grow: Insurance Vet Has CNA All Chook Up,' Crain's Chicago Business, September 15, 1997, p. 17.
  • Greenwald, Judy, 'CNA Reviews Units in Search for Edge,' Crain's Chicago Business, July 27, 1998, p. 20.
  • 'How Loews' Lean Management Fattened the Profits at CNA,' Business Week, November 1, 1976.
  • Johnsson, Julie, 'CNA's Rookie Chief Braces for Risky Ride,' Crain's Chicago Business, March 1, 1999, p. 3.
  • ------, 'Risk-Averse CNA Takes a Chance with a New Strategy: Insurance Rate Hikes Could Anger Customers, Agents,' Crain's Chicago Business, September 6, 1999, p. 4.
  • Lohse, Deborah, 'CNA Financial Considers Selling Two Insurance Units,' Wall Street Journal, March 9, 2000, p. B17.
  • Merrion, Paul, 'CNA Buyout Puts New CEO on Map,' Crain's Chicago Business, December 12, 1994, p. 4.
  • Miller, Theresa, 'Staying the Course,' Best's Review, February 1999, pp. 47--49.
  • Scism, Leslie, and Steven Lipin, 'CNA Agrees to Acquisition of Continental,' Wall Street Journal, December 7, 1994, p. A3.
  • 'The Second Fifty,' Chicago: The Continental Companies, 1947.
  • Steinmetz, Greg, and Marilyn Chase, 'Fibreboard Sets Asbestos Accord with Insurers: CNA, Chubb Agree to Pay an Estimated $3 Billion to Cover All Claims,' Wall Street Journal, August 31, 1993, p. A3.

Source: International Directory of Company Histories, Vol. 38. St. James Press, 2001.