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CNA Insurance Company
Based in Chicago, IL, CNA Insurance is a major company, providing insurance coverage to in excess of one million professionals and businesses in the US and abroad. Boasting a nine-billion-dollar business portfolio, CNA is the nation’s seventh-largest provider of commercial insurance.
The services and products developed by CNA Insurance are sold by a professional team of independent agents and brokers. Around ten thousand people work for the company globally in the Underwriting, Claims, Risk Consulting, Information Technology, Legal, Finance, Actuarial and Operations departments.
The main company, CNA Insurance, came into being in 1967. However, one of the companies that formed CNA, Continental Assurance Company of North America, was established in 1897 in Detroit. The original purpose of Continental Assurance Company was to offer employees of the railroad industry health and accident insurance. The company merged with the Metropolitan Accident Company in 1897, becoming the Continental Casualty Company (CCC). It moved its headquarters to Chicago in that same year. CCC is now CNA's main subsidiary.
In 1956 CCC acquired The National Fire Insurance Company, and the American Casualty Company in 1963. They then merged the initial letters of the original companies and came up with the acronym CNA. Back then the company was called the Continental National American Group, nowadays it’s simply known as CNA Insurance.
The main business of the company is to offer casualty and commercial property insurance to businesses and professionals. The company promotes its services and products mainly through independent brokers and agents.
The company is ninety percent owned by Loewsm a holding company. Loews also has holdings in offshore oil and gas drilling rigs, natural gas transmission pipelines, tobacco, and in hotel operations.
The life insurance arm of the CNA insurance companies, CNA Life, recently introduced college graduates to a new take on an old idea in term life insurance - coverage that grows with you.
Valley Forge Life Insurance Company, one of the CNA insurance companies, offers a no-cost rider that allows the policy owner to raise his or her coverage at certain life events through its 400 series term product. Matrimony, buying a new home, or the birth or adoption of a child are some of the events included. This rider, the guaranteed insurability option or GIO, which is available in most states, allows the policy owner to boost coverage up to twice the original face amount to a maximum of $500,000.