CNA Financial
| Industry | Financial services, Insurance |
|---|---|
| Founded | 1897 |
| Headquarters | Chicago , United States |
Area served | United States, Canada, Europe |
Key people | Al Miralles (executive vice-president and chief financial officer as of 2020) |
| Products | Property and casualty insurance |
| Owner | Loews Corporation (approximately 90%) |
CNA Financial Corporation operates as a financial services company headquartered in Chicago. Its main subsidiary, Continental Casualty Company (CCC), was established in 1897, while The Continental Insurance Company (CIC) traces its origins back to 1853. The parent entity, CNA, was officially formed in 1967.
By 2018, CNA had become the seventh-largest commercial insurer within the United States. The company provides property and casualty insurance solutions designed for businesses and professionals throughout the U.S., Canada, and Europe.
Ownership of CNA is predominantly held by the holding firm Loews Corporation, which controls approximately 90% of the company. Loews also maintains investments in sectors such as offshore oil and gas drilling platforms, natural gas pipeline transportation, oil and gas exploration, hospitality management, and packaging manufacturing.
History
The Continental Assurance Company of North America originated in Detroit in 1897 with a focus on accident and health insurance for railroad workers. Following a merger with the Metropolitan Accident Company, it was renamed Continental Casualty Company and relocated to Chicago. In subsequent years, CNA expanded through acquisitions including National Fire Insurance Company of Hartford in 1956 and American Casualty Company in 1963. The abbreviation CNA derives from the initial letters of these foundational companies and now serves as the corporate identity.
CNA has been an innovator in insurance offerings, introducing the first workers' compensation coverage in 1915, implementing the co-insurance clause for homeowners' policies during the 1920s, pioneering comprehensive group dental insurance in the 1950s, and developing long-term care insurance products in the 1960s.
The company has underwritten significant events such as the Indianapolis 500, World Boxing Association matches, performances by the Peking Opera, demonstrations by the Blue Angels, as well as various entertainment ventures. Notably, during the 1960s, CNA insured the Beatles’ concert at Shea Stadium and provided specialized risk coverage for U.S. astronauts on Apollo 16 and Apollo 17 missions in the 1970s.
In 1974, Loews Corporation acquired a majority stake of 56% in CNA stock. A landmark $1.1 billion merger with The Continental Corporation occurred in 1995, representing a major consolidation within the property and casualty insurance sector. CNA divested its personal insurance business to Allstate in 1999; this division now operates as Encompass Insurance Company. By 2002, CNA had exited life insurance, group benefits, and reinsurance markets.
On January 1, 2004, CNA completed the sale of its Group Benefits segment to The Hartford, thereby discontinuing its status as a multi-line insurer.
In 2010, legacy asbestos and environmental liabilities were transferred from CNA to National Indemnity Co., a subsidiary of Berkshire Hathaway.
The year 2011 saw CNA introduce a Customer Segment strategy focusing on industries such as construction, financial institutions, healthcare, manufacturing, professional services, real estate (added in 2014), technology, and small businesses with tailored monoline insurance products. The company further enhanced its digital capabilities starting in 2013 and expanded its international presence from 2014 onward.
CNA entered the London market in 2012 through acquiring Hardys Underwriting, which was subsequently rebranded as CNA Hardy.
From 1972 until 2018, CNA’s corporate headquarters were located at CNA Center. Plans announced in 2015 led to relocation to 151 North Franklin, with the move finalized by June 2018.
In February 2020, Al Miralles took over as executive vice-president and chief financial officer, succeeding James Anderson.
In March 2021, CNA experienced a ransomware cyberattack that forced it to pay over $40 million to regain control of its network—a payment reported in 2022 as the largest publicly disclosed ransom at that time.