||This article includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations. (October 2008)|
|Traded as||NYSE: CNA|
|Founded||1967 (parent company),
1897 (principal operating company)
Chicago, Illinois, U.S.
|Key people||Thomas F. Motamed, Chairman and CEO|
|Revenue||US$ 9.547 billion (2012)|
|Operating income||US$ 628 million (2012)|
|Net income||US$ 628 million (2012)|
|Total assets||US$ 58.522 billion (2012)|
|Total equity||US$ 12.314 billion (2012)|
|Employees||7,500 (Dec 2012)|
CNA Financial Corporation is a financial corporation based in Chicago, Illinois, United States, and noted for its 600-foot (180 m) tall red headquarters building, CNA Center. Its principal subsidiary, Continental Casualty Company (CCC) was founded in 1897. CNA (the parent company) was incorporated in 1967. The primary business focus of CNA is to provide commercial property and casualty insurance to businesses and professionals. CNA markets its products and services primarily through independent agents and brokers.
CNA itself is 90% owned by a holding company, Loews Corporation. This holding company also has interests in offshore oil and gas drilling rigs, natural gas transmission pipelines, oil and gas exploration, and in hotel operations.
Continental Assurance Company of North America was founded in Detroit in 1897. The purpose of the company was to provide accident and health insurance to railroad industry employees. This company then merged with the Metropolitan Accident Company, changed its name to the Continental Casualty Company, and moved to Chicago.
The National Fire Insurance Company was acquired in 1956, and in 1963 the American Casualty Company was acquired. The first letters of each of the original companies were merged to form the acronym CNA. It was then referred to as the Continental National American Group, now it simply goes by CNA.
On January 1, 2004, CNA sold its Group Benefits division to The Hartford, based in Hartford, Connecticut. The Hartford merged its new purchase with its own Group Benefits Division. With the sale of this division came the end of CNA's long history as a multi-line insurer.
In May 2011, a United States Department of Labor administrative law judge referred the company for criminal investigation after a probe found that the firm had failed to pay life insurance benefits to the families of nine Iraqi translators killed while working for the American government. The Labor investigation reportedly found that the company had withheld documents and information in an effort to avoid making the payments.
The CNA Foundation contributes millions of dollars to community development via funding programs and civic involvement. The primary focuses are:
- Meeting the educational needs of children
- Assisting children and young adults in developing vocational and occupational skills
- Providing targeted support for economically disadvantaged children
CNA Center gallery
CNA’s building is often illuminated to reflect civic happenings or to acknowledge a meaningful calendar landmark. Wording: "Go Cubs Go".
Breast Cancer Awareness Month, October 2005
On February 13, 2003, the company restated its financial data for the past three years, cutting shareholders' equity by $254 million, to comply with federal accounting requirements concerning its life settlement contracts. On March 19, 2003, the company announced a revision to its previously reported fourth quarter 2002 results to reflect an additional $32 million of after-tax impairment losses on equity securities. On May 3, 2005, CNA said it would restate financial results for prior years to correct its accounting for several reinsurance contracts, mainly with a former affiliate, and its equity accounting with this affiliate. For 2004, this would reduce stockholders' equity as of Dec. 31, 2004, by $29 million, or 0.3 percent.  On February 16, 2006, CNA restated its annual financial statements from 2001 to 2004 as well as interim statements through the third quarter of 2005 to correct accounting for businesses reported as discontinued operations. On March 8, 2006, the company would make their third results restatements in less than a year, to correct errors in reporting cash flow.
- "CNA Financial, Form 10-K, Annual Report, Filing Date Feb 21, 2013". secdatabase.com. Retrieved Mar 27, 2013.
- "CNA Financial, Form 10-K, Annual Report, Filing Date Feb 22, 2011". secdatabase.com. Retrieved Mar 27, 2013.
- "CNA Financial, Form 8-K, Current Report, Filing Date Jun 10, 1999". secdatabase.com. Retrieved Mar 27, 2013.
- Bloomberg News, Allstate to Buy CNA's Personal Insurance Unit, published in the Los Angeles Times (June 10, 1999). Retrieved on August 18, 2012.
- Company Overview of Encompass Insurance, from Bloomberg Businessweek. Retrieved on August 19, 2012.
- "CNA Financial, Form 8-K, Current Report, Filing Date Jan 5, 2004". secdatabase.com. Retrieved Mar 27, 2013.
- Miller, T. Christian, "Insurer Faces Criminal Inquiry In Iraq Case", Los Angeles Times, 24 May 2011, p. 7.
- "CNA FINANCIAL POSTS PROFITS, RESTATES FINANCIAL DATA".
- "CNA Financial Announces Revision to 4th Quarter and Year-End 2002 Results".
- "UPDATE 1-CNA posts 1st-qtr profit, to restate some results.".
- "UPDATE 1-CNA Financial posts 4th-qtr loss, to restate".
- "UPDATE 3-Loews, CNA unit to restate for 3rd time in a year".
|Wikimedia Commons has media related to CNA Center.|
- Official website
- CNA Financial SEC Filings
- CNA Foundation Guidelines — includes grant and financing guidelines
- Insurance Newsnet: CNA Financial Corporation at Keefe, Bruyette & Woods Insurance Conference