CNA Financial
From Wikipedia, the free encyclopedia
| CNA Financial Corporation | |
|---|---|
 |
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| Type | Public (NYSE: CNA) |
| Founded | 1967 (parent company), 1897 (principal operating company) |
| Headquarters | Chicago |
| Key people | Stephen W. Lilienthal, Chairman and CEO |
| Industry | Insurance |
| Revenue | $9,862 million |
| Net income | $851 million (2007) |
| Employees | 10,100 |
| Website | http://www.cna.com |
CNA Financial Corporation (NYSE: CNA) is a financial corporation based in Chicago, Illinois, United States, and noted for its 600 foot tall red headquarters building there. Its principal subsidiary, Continental Casualty Company (CCC) was founded in 1897. CNA celebrated its centennial in 1997. CNA (the parent company) was incorporated in 1967.
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, 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.
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. This holding company also has interests in, offshore oil and gas drilling rigs, natural gas transmission pipelines, tobacco, and in hotel operations.
[edit] CNA Foundation
The CNA Foundation contributes millions of dollars to community development via funding programs and civic involvement. The primary directive focus is on:
- 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 of Illinois, and Boys & Girls Clubs of Chicago. Details on the grant application process can be found in the External links section below under "CNA Foundation Guidelines."
