CNA Financial Announces 3rd Quarter 2008 Results And Capital Actions

                               

Chicago,IL (CompNewsNetwork) - CNA Financial Corporation (NYSE: CNA) today announced third quarter 2008 results and certain capital actions, which included the following items:

  • Net operating income of $83 million, or $0.31 per diluted share.
  • Net loss of $331 million, or ($1.23) per diluted share.
  • Property & Casualty combined ratio of 91.3% before the 15.7 point impact related to
    catastrophes.
  • Book value per common share of $28.75 at September 30, 2008, as compared to $37.36
    at December 31, 2007.
  • CNA will issue $1.25 billion of non-voting cumulative senior preferred stock which will be
    purchased by Loews Corporation.
  • CNA has suspended its quarterly common stock dividend.

CNA also announced today that Thomas F. Motamed will join CNA as Chairman and Chief Executive Officer on January 1, 2009, succeeding Stephen W. Lilienthal, who will retire on that date. Under a previously announced succession plan, Mr. Lilienthal would have retired on June 8, 2009, when Mr. Motamed was able to join CNA under the terms of his non-compete agreement with The Chubb Corporation (Chubb). A subsequent agreement has been reached with Chubb, allowing the transition date to be accelerated. Mr. Lilienthal had agreed to remain at CNA until June 8, but because of the new transition date, he is able to retire when his contract expires at year-end.

"We wish to recognize and thank Steve for his tremendous contributions. Under his leadership, CNA emerged as a stronger, more focused company and built a solid foundation for future success," said James S. Tisch, a member of the CNA board of directors. "We are also very pleased that Tom will be able to join CNA sooner rather than later, which will help him to hit the ground running and lead CNA forward in 2009."

About the Company
CNA is the country's seventh largest commercial insurance writer and the 13th largest property and casualty company. CNA's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com.

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