CNA Financial Corporation
Encyclopedia
CNA Financial Corporation is a financial corporation based in Chicago
, Illinois
, United States
, and noted for its 600 feet (182.9 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 89% owned by a holding company, Loews Corporation
. This holding company also has interests in offshore oil and gas drilling rigs, natural gas transmission pipelines, tobacco, and in hotel operations.
The National Fire Insurance Company was acquired in 1956, and in the 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.
Two current beneficiaries of the CNA Foundation are the USO
of Illinois and Boys & Girls Clubs of Chicago.
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 witheld documents and information in an effort to avoid making the payments.
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, and noted for its 600 feet (182.9 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 89% owned by a holding company, Loews Corporation
Loews Corporation
Loews Corporation is a holding company run by the Tisch Family whose subsidiaries are engaged in the following lines of business:*property and casualty insurance...
. This holding company also has interests in offshore oil and gas drilling rigs, natural gas transmission pipelines, tobacco, and in hotel operations.
History
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 the 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
The Hartford
The Hartford Financial Services Group, Inc. , usually known as The Hartford, is a Fortune 500 company and one of America’s largest investment and insurance companies...
, based in Hartford, Connecticut
Hartford, Connecticut
Hartford is the capital of the U.S. state of Connecticut. The seat of Hartford County until Connecticut disbanded county government in 1960, it is the second most populous city on New England's largest river, the Connecticut River. As of the 2010 Census, Hartford's population was 124,775, making...
. 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.
CNA Foundation
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
Two current beneficiaries of the CNA Foundation are the USO
United Service Organizations
The United Service Organizations Inc. is a private, nonprofit organization that provides morale and recreational services to members of the U.S. military, with programs in 160 centers worldwide. Since 1941, it has worked in partnership with the Department of Defense , and has provided support and...
of Illinois and Boys & Girls Clubs of Chicago.
Criminal investigation
In May 2011, a United States Department of LaborUnited States Department of Labor
The United States Department of Labor is a Cabinet department of the United States government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, re-employment services, and some economic statistics. Many U.S. states also have such departments. The...
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 witheld documents and information in an effort to avoid making the payments.
External links
- CNA Financial Corporation — official site
- CNA Foundation Guidelines — includes grant and financing guidelines
- Insurance Newsnet: CNA Financial Corporation at Keefe, Bruyette & Woods Insurance Conference
- U.S. Securities and Exchange Commission: CNA Financial Corporation's EDGAR filings