CNA Financial
A Chicago-based commercial property and casualty insurance company serving businesses and professionals.
Last updated August 22, 2026
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Overview
CNA Financial Corporation is a United States-based commercial insurance group headquartered in Chicago, Illinois. Its principal operating businesses provide property and casualty insurance, specialty coverage, professional liability products, surety bonds, risk-control services, and related insurance solutions for commercial customers and professional organizations. The company serves clients primarily in the United States, Canada, and European markets, with operations and underwriting capabilities that also support international business. The present-day parent company was incorporated in 1967, but CNA's operating heritage reaches back substantially further. Continental Casualty Company, one of its principal historical insurance entities, originated in 1897 as an insurer of railroad employees' accident and health risks. The Continental Insurance Company had roots dating to 1853. Through acquisitions and combinations involving companies such as National Fire Insurance Company of Hartford and American Casualty Company, the group developed the initials that became CNA, originally associated with Continental National American Group. CNA's history reflects the broad development of commercial insurance in the United States. Its legacy businesses participated in workers' compensation, homeowners' coinsurance, group dental coverage, long-term-care insurance, accident and health coverage, and later a wide range of commercial property and casualty lines. The company has also underwritten unusual or event-specific risks, including sporting events, entertainment productions, aviation activities, and special risks connected with major public events. These activities helped establish a reputation for underwriting complex exposures rather than focusing only on standardized personal insurance. During the late twentieth and early twenty-first centuries, CNA reshaped its portfolio. Loews Corporation acquired a controlling interest in CNA in 1974 and remains its controlling shareholder. CNA completed a major merger with The Continental Corporation in 1995, sold its personal insurance division to Allstate in 1999, and exited life, group, and reinsurance activities during the early 2000s. The sale of its Group Benefits division to The Hartford in 2004 marked the end of CNA's long period as a broad multiline insurer and reinforced its concentration on commercial property and casualty insurance. The company subsequently organized its commercial strategy around customer segments, including construction, financial institutions, healthcare, manufacturing, professional services, real estate, technology, and small business. This approach paired industry-specific underwriting expertise with specialized insurance products and risk-management services. CNA also expanded its digital capabilities and international presence, including its participation in the London specialty market through CNA Hardy. In 2018, the company moved its Chicago headquarters to 151 North Franklin. CNA remains a publicly traded insurer on the New York Stock Exchange under the symbol CNA. Its commercial focus, specialty capabilities, broker relationships, and connection with Loews distinguish it from consumer-oriented insurance groups. The company has also had to manage legacy liabilities, cyber risk, and the operational challenges of a digitally connected insurance enterprise. In 2021, CNA suffered a major ransomware attack that disrupted its network and resulted in a reported payment to regain access, making cyber resilience a significant issue associated with its recent corporate history.
History
CNA Financial's corporate identity was formed in 1967, although its major insurance subsidiaries have much older origins. The Continental Insurance Company traces its history to 1853. Continental Casualty Company began in Detroit in 1897 as Continental Assurance Company of North America, initially serving railroad employees with accident and health insurance. It later merged with Metropolitan Accident Company, adopted the Continental Casualty name, and moved to Chicago. The group expanded through acquisitions. It purchased National Fire Insurance Company of Hartford in 1956 and American Casualty Company in 1963. The initials of the principal predecessor names supplied the basis for CNA, which was initially associated with the name Continental National American Group before the shorter CNA identity became standard. Loews Corporation acquired 56 percent of CNA's stock in 1974, establishing the ownership relationship that remains central to CNA's corporate structure. CNA's operating history includes several developments in commercial and employee-related insurance. Continental Casualty offered workers' compensation insurance in 1915 and developed an early homeowners' coinsurance clause in the 1920s. In the 1950s, the group entered comprehensive group dental insurance, and in the 1960s it participated in the development of long-term-care insurance. CNA also underwrote unusual risks, including the Indianapolis 500, World Boxing Association activities, Peking Opera performances, the Blue Angels, actors, film projects, and other special events. It provided weather-related coverage for a Beatles concert at Shea Stadium in the 1960s and special-risk coverage connected with the Apollo 16 and Apollo 17 missions in the 1970s. In 1995, CNA completed a reported $1.1 billion merger with The Continental Corporation. The transaction was described as the first major combination of two property and casualty companies in more than two decades. CNA then narrowed its portfolio. It sold its personal insurance division to Allstate in 1999; that business later became associated with Allstate's Encompass operations. In 2002, CNA exited life, group, and reinsurance activities. It sold its Group Benefits division to The Hartford on January 1, 2004, ending its long-standing role as a multiline insurer and concentrating the company more firmly on commercial property and casualty insurance. The company addressed legacy asbestos and environmental liabilities through a 2010 agreement with National Indemnity Company, a Berkshire Hathaway subsidiary. Under that arrangement, specified legacy liabilities were transferred to National Indemnity. Beginning in 2011, CNA implemented a customer-segment strategy centered on industries such as construction, financial institutions, healthcare, manufacturing, professional services, real estate, technology, and small business. It expanded its digital presence from 2013 and developed its international footprint from 2014 onward. CNA entered the London specialty market in 2012 by acquiring Hardys Underwriting and rebranding it as CNA Hardy. The company occupied the CNA Center as its Chicago headquarters from 1972 until 2018, when it relocated to the newly developed 151 North Franklin. In 2020, Al Miralles was appointed executive vice president and chief financial officer. In March 2021, CNA became the victim of a ransomware attack that locked personnel out of parts of the network and followed the theft of company data. The reported ransom payment drew substantial attention because of its size. CNA continues to operate as a publicly traded commercial insurer, with Loews Corporation as its controlling shareholder and commercial property and casualty underwriting as its core business.
- 2021
Ransomware attack disrupts company systems
[1]A ransomware incident disrupted CNA's network and resulted in a reported payment to recover access.
- 2018
Headquarters moves to 151 North Franklin
[1]CNA relocated its Chicago headquarters from the CNA Center to 151 North Franklin.
- 2012
CNA enters the London specialty market
[1]CNA acquired Hardys Underwriting and rebranded it as CNA Hardy.
- 2010
Legacy asbestos and environmental liabilities transferred
[3]CNA entered an agreement with National Indemnity Company to transfer specified legacy asbestos and environmental liabilities.
- 2004
Group Benefits division sold to The Hartford
[1]The sale completed CNA's withdrawal from its historical multiline insurance model.
- 1999
Personal insurance division sold to Allstate
[1]CNA divested its personal insurance division, which became associated with Allstate's Encompass business.
- 1995
Merger with The Continental Corporation
[1]CNA completed a reported $1.1 billion merger with The Continental Corporation.
- 1974
Loews acquires a controlling interest
[1]Loews Corporation purchased 56 percent of CNA's stock, establishing control by the diversified holding company.
- 1967
CNA Financial Corporation is incorporated
[1]The current parent company was incorporated, formalizing the modern CNA corporate structure.
- 1963
Acquisition of American Casualty Company
[1]The acquisition added another major predecessor to the group that later became known as CNA.
Products and positioning
A specialty-oriented commercial insurer focused on industry expertise, complex risks, professional clients, and tailored property and casualty solutions.
Property insurance
Commercial property insurance
Coverage designed for businesses' buildings, equipment, inventory, and other physical assets. CNA's commercial property underwriting is typically organized around the customer's industry and risk profile, with related risk-control services intended to reduce losses from events such as fire, weather, equipment failure, and business interruption.
Casualty insurance
Commercial casualty insurance
Liability and casualty products for commercial organizations, addressing risks arising from operations, premises, products, employers, and other third-party claims. CNA combines general casualty underwriting with industry-specific expertise for sectors such as construction, manufacturing, healthcare, and professional services.
Employee-related insurance · 1915
Workers' compensation insurance
Insurance supporting employers' statutory obligations for workplace injuries and occupational illnesses. CNA's historical companies were early participants in workers' compensation insurance, and the line remains part of the broader commercial casualty offering.
Specialty liability insurance
Professional and management liability
Coverage for professional errors, omissions, directors and officers exposures, employment-related claims, and other management or professional liabilities. These products are particularly relevant to financial institutions, technology businesses, healthcare organizations, and professional-services firms.
Surety
Surety bonds
Guarantees supporting contractual, commercial, and regulatory obligations. CNA's surety business serves companies that need bonding capacity for construction projects, licenses, performance commitments, and other commercial requirements.
Specialty-market insurance · 2012
CNA Hardy specialty insurance
Specialty underwriting conducted through CNA's London-market platform. CNA Hardy supports complex and international risks through broker distribution and specialty-market expertise, complementing CNA's North American commercial insurance operations.
Controversies
2021
CNA ransomware attack and reported ransom payment
In March 2021, CNA experienced a ransomware cyberattack that disrupted network access and followed the theft of company data. Public reporting stated that CNA paid more than $40 million to regain control of its network. The incident attracted attention because the reported payment was among the largest publicly disclosed ransomware payments at the time.
Brand decisions
2021
Response to ransomware attackOtherBackground
A ransomware attack locked CNA personnel out of parts of the corporate network and involved the theft of company data.
Action taken
CNA reportedly paid more than $40 million to regain control of its network.
Aftermath
The incident became a prominent example of the operational and financial consequences of cyber extortion affecting a major insurer.
Reported ransom payment. More than $40 million (March 2021)
2012
Acquisition and rebranding of Hardys UnderwritingM&ABackground
CNA wanted to expand its presence in the London specialty insurance market.
Action taken
CNA acquired Hardys Underwriting and rebranded the platform as CNA Hardy.
Aftermath
The transaction strengthened CNA's international specialty underwriting presence.
2011
Customer-segment strategyStrategyBackground
CNA sought to differentiate its commercial business through industry-specific underwriting rather than a generalized product structure.
Action taken
The company organized strategic attention around construction, financial institutions, healthcare, manufacturing, professional services, real estate, technology, and small business.
Aftermath
The approach supported specialized insurance products, risk services, and a clearer commercial-market positioning.
2010
Transfer of legacy asbestos and environmental liabilitiesStrategyBackground
CNA sought to manage long-tail liabilities inherited from earlier insurance operations.
Action taken
The company agreed with National Indemnity Company, a Berkshire Hathaway subsidiary, to transfer specified legacy asbestos and environmental liabilities.
Aftermath
The arrangement reduced CNA's direct exposure to identified legacy liabilities while transferring the agreed risks to National Indemnity.
2004
Sale of Group Benefits divisionM&ABackground
CNA was completing its withdrawal from multiline insurance and employee-benefits activities.
Action taken
CNA sold its Group Benefits division to The Hartford.
Aftermath
The sale ended CNA's long history as a multiline insurer and reinforced its commercial property and casualty identity.
2002
Exit from life, group, and reinsurance activitiesStrategyBackground
CNA continued narrowing its business model after divesting personal insurance.
Action taken
The company exited the life, group, and reinsurance business.
Aftermath
The decision accelerated CNA's concentration on commercial property and casualty insurance.
1999
Divestiture of personal insurance operationsM&ABackground
CNA was reshaping its portfolio and moving away from consumer-oriented personal insurance.
Action taken
The company sold its personal insurance division to Allstate.
Aftermath
The business became associated with Allstate's Encompass insurance operations, while CNA became more commercially focused.
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