CNA Financial provides cross-continental coverage. The company is an umbrella organization for a wide range of insurance providers, including Continental Casualty and Continental Insurance. It primarily provides commercial policies, such as workers' compensation, auto, and general liability. CNA also sells specialty insurance including professional liability (doctors, lawyers, and architects) and vehicle warranty service contracts. The firm offers commercial surety bonds (through CNA Surety), risk management, claims administration, and information services. Its products are sold by independent agents and brokers in the US and through partners abroad. Holding company Loews owns 90% of CNA, which was formed in 1897.
The company has pared back its operations to strictly commercial property/casualty policies over the years; it calls this group CNA Commercial. CNA Specialty includes its professional liability along with other insurance that it offers through brokers and managing general underwriters. Its Hardy division covers the marine and aviation short-term coverage and reinsurance.
Most of its non-core insurance products are in run-off, including a few remaining life, annuity, and pension products, as well as accident and health insurance.
CNA is headquartered in Chicago and has offices throughout the US and Canada and in Europe.
Sales and Marketing
In the US, independent agents and brokers market CNA products while partners handle the coverage abroad. It primarily targets companies in the healthcare, manufacturing, education, financial services, and construction industries.
CNA's revenue increased 6% in 2013, from $9.5 million to $10.1 million, as the company paid out fewer claims and did well with its investments. Net income also grew, by 49%, from $628 million to $937 million, on the strength of higher revenue and lower costs. Cash from operations held steady.
CNA is also focused on strengthening its core commercial operations through both enhanced customer retention efforts and new customer additions. It has divided its customers into two groups, with its business segment covering small accounts and its commercial segment serving midsized to large accounts.
In 2014 the company began efforts to sell its run-off and pension deposit business. It also sold Continental Assurance Company, a structured settlement and group annuity subsidiary.