CNA Financial
 | |
 Headquarters at 151 North Franklin | |
| Company type | Public |
|---|---|
| NYSE: CNA Russell 1000 Component | |
| Industry | Insurance |
| Founded | 1897 (as Continental Assurance Company of North America) Detroit, Michigan, U.S. 1967 (parent company) |
| Headquarters | 151 North Franklin Chicago, Illinois, U.S. |
Key people | Dino Robusto, Chairman and CEO |
| Revenue |  US$ 9.366 billion (2016)[1] |
| US$ 1.137 billion (2016)[1] | |
| US$ 859 million (2016)[1] | |
| Total assets | US$ 55.233 billion (2016)[1] |
| Total equity | US$ 11.969 billion (2016)[1] |
| Owner | Loews Corporation (90%) |
Number of employees | 6,700 (2016)[1] |
| Website | www.cna.com |
CNA Financial Corporation is a financial corporation based in Chicago, Illinois, United States. Its principal subsidiary, Continental Casualty Company (CCC), was founded in 1897.[2] CNA, the current parent company, was incorporated in 1967.
CNA is the seventh largest commercial insurer in the United States as of 2018.[3] CNA provides property and casualty insurance products and services for businesses and professionals in the U.S., Canada, Europe and Asia.
CNA itself is 90% owned by a holding company, Loews Corporation.[4] This holding company also has interests in offshore oil and gas drilling rigs, natural gas transmission pipelines, oil and gas exploration, hotel operations and package manufacturing.
History
[edit]Continental Assurance Company of North America was founded in Detroit in 1897.[2] 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.[citation needed] It acquired National Fire Insurance Company of Hartford in 1956, and the American Casualty Company in 1963. 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.
In 1915, CCC offered the first workers' compensation insurance. In the 1920s, CCC was the first to create a co-insurance clause on homeowners' policies. In the 1950s, CCC offered the industry's first comprehensive group dental insurance. In the 1960s, CNA introduced long-term care to the industry.
CNA has insured many historical events. Over the years, CNA covered the Indianapolis 500, the World Boxing Association, the Peking Opera, the Blue Angels, and various actors and movie projects. In the 1960s, CNA covered the Beatles concert in the event of inclement weather at Shea Stadium. In the 1970s, CNA covered U.S. astronauts in their Apollo 16 and Apollo 17 voyages to the moon with a commercial special risks package.
In 1974, Loews Corporation purchased 56% of CNA stock. In 1995, CNA completed a $1.1 billion merger with The Continental Corporation. The merger was the first significant merger of two property and casualty companies in more than 25 years.
In 1999, CNA sold its personal insurance division to Allstate.[5][6] That personal insurance company is now Encompass Insurance Company, a subsidiary of Allstate.[7] In 2002, CNA exited the life, group and reinsurance business.
On January 1, 2004, CNA sold its Group Benefits division to The Hartford, based in Hartford, Connecticut.[8] 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 2010, the company enters into an agreement with National Indemnity Co. (NICO), a subsidiary of Berkshire Hathaway, under which all of CNA's legacy asbestos and environmental liabilities are transferred to NICO. (Source: Insurance Journal)
In 2011, CNA introduced the Customer Segment strategy, focusing on key customer segments — construction, financial institutions, healthcare, manufacturing, professional services, real estate (2014), technology and small business — and specialized monoline insurance products. CNA expands its digital presence in 2013 and its international footprint beginning in 2014.
In 2012, CNA entered the London market by buying "Hardys Underwriting" and re-branding it to CNA Hardy[9]
From 1972 until 2018, CNA's headquarters was located at the CNA Center. In 2015, CNA made plans to move out of the CNA Center with plans to construct 151 North Franklin as its new headquarters.[10] CNA relocated to 151 North Franklin in June 2018.[11]
In February 2020, CNA announced the appointment of Al Miralles as the executive vice-president and chief financial officer. He succeeds James Anderson, who announced his resignation.[12]
In March 2021, CNA was the target of a ransomware cyberattack. CNA paid more than $40 million in late March to regain control of its network after the ransomware attack. The Chicago-based company paid the hackers about two weeks after a trove of company data was stolen, and CNA officials were locked out of their network.[13] In 2022, it was reported to be the largest disclosed ransomware payment at that time.[14]
References
[edit]- ^ a b c d e f "CNA Financial Corporation (CNA) Income Statement". Yahoo! Finance. Retrieved June 16, 2022.
- ^ a b "CNA Financial, Form 10-K, Annual Report" (PDF). U.S. Securities and Exchange Commission. February 22, 2011. Retrieved March 27, 2013.
- ^ "Rankings: Top 10 Writers Of Commercial Lines Insurance By Direct Premiums Written, 2021". Insurance Information Institute. Retrieved June 16, 2022.
- ^ "CNA Financial, Form 10-K, Annual Report" (PDF). U.S. Securities and Exchange Commission. February 21, 2013. Retrieved March 27, 2013.
- ^ "CNA Financial, Form 8-K, Current Report". U.S. Securities and Exchange Commission. June 10, 1999. Retrieved Mar 27, 2013.
- ^ "Allstate to Buy CNA's Personal Insurance Unit". Los Angeles Times. Bloomberg News. June 10, 1999. p. C5. Retrieved June 16, 2022.
- ^ "Encompass Insurance Co". Bloomberg Businessweek. Archived from the original on January 18, 2013. Retrieved June 16, 2022.
- ^ "CNA Financial, Form 8-K, Current Report". U.S. Securities and Exchange Commission. January 5, 2004. Retrieved March 27, 2013.
- ^ Kenealy, Bill. "CNA to access Lloyd's of London with Hardy Underwriting buy". Business Insurance. Retrieved 2021-11-03.
- ^ Ori, Ryan (December 16, 2015). "CNA selling 'Big Red,' moving HQ to new office tower". Crain's Chicago Business. Retrieved January 6, 2019.
- ^ "Interior Design/Tenant Improvement: CNA Corporate Headquarters Relocation". Engineering News-Record. November 20, 2018. Retrieved January 6, 2019.
- ^ Adriano, Lyle. "CNA names new EVP, chief financial officer". Insurance Business. Retrieved 2020-02-28.
- ^ Mehrotra, Kartikay; Turton, William (May 21, 2021). "CNA Financial Paid $40 Million in Ransom After March Cyberattack". Bloomberg Businessweek. Retrieved May 22, 2021.
- ^ Nir Kshetri; Jeffrey Voas (March 2022). "Ransomware: Pay to Play?". Computer. 55 (3): 11–13. doi:10.1109/MC.2021.3126529. ISSN 0018-9162. Wikidata Q112073068.
