as nyse cna industry insurance founded 1897 ; 119 years ago 1897 detroit michigan u.s. 1967 1967 parent company headquarters cna center chicago illinois u.s. key people thomas f. motamed chairman and ceo revenue us 9.547 billion 2012 1 operating income us 628 million 2012 1 net income us 628 million 2012 1 total assets us 58.522 billion 2012 1 total equity us 12.314 billion 2012 1 number of employees 7 500 dec 2012 1 parent loews corporation website www.cna.com cna financial corporation is a financial corporation based in chicago illinois united states and noted for its 600 foot 180 m tall red headquarters building cna center . its principal subsidiary continental casualty company ccc was founded in 1897 . 2 cna the parent company was incorporated in 1967 . cna itself is 90 % owned by a holding company loews corporation . 1 this holding company also has interests in offshore oil and gas drilling rigs natural gas transmission pipelines oil and gas exploration and in hotel operations . contents 1 history 2 cna center gallery 3 references 4 external links history edit continental assurance company of north america was founded in detroit in 1897 . 2 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 . citation needed the national fire insurance company was acquired in 1956 and in 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 . citation needed in 1968 cna bought the manhattan fund from gerald tsai for 27 million in stock . 3 in 1999 cna sold its personal insurance division to allstate . 4 5 that personal insurance company is now encompass insurance company a subsidiary of allstate . 6 on february 13 2003 the company restated its financial data for the past three years cutting shareholders equity by 254 million to comply with federal accounting requirements concerning its life settlement contracts . 7 on march 19 2003 the company announced a revision to its previously reported fourth quarter 2002 results to reflect an additional 32 million of after tax impairment losses on equity securities . 8 on may 3 2005 cna said it would restate financial results for prior years to correct its accounting for several reinsurance contracts mainly with a former affiliate and its equity accounting with this affiliate . for 2004 this would reduce stockholders equity as of dec. 31 2004 by 29 million or 0.3 percent . 9 on february 16 2006 cna restated its annual financial statements from 2001 to 2004 as well as interim statements through the third quarter of 2005 to correct accounting for businesses reported as discontinued operations . 10 on march 8 2006 the company would make their third results restatements in less than a year to correct errors in reporting cash flow . 11 on january 1 2004 cna sold its group benefits division to the hartford based in hartford connecticut . 12 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 . in 2009 cna hired thomas motamed who had retired from chubb corporation in 2009 as its new chairman and ceo . 13 from 2009 to 2014 motamed changed cna s focus from providing general property and casualty insurance into a focus on niches such as health care financial services and property coverage ; he cut jobs eliminating it staff and less profitable businesses like workers compensation coverage and paid berkshire hathaway to take over longterm liabilities for asbestos and other environmental claims . 14 due to these actions cna had 937.0 million in net income on revenue of 10.11 billion in 2013 its best performance since 2006 . 14 in may 2011 a united states department of labor administrative law judge referred the company for criminal investigation after a probe found that the firm had failed to pay life insurance benefits to the families of nine iraqi translators killed while working for the american government . the labor investigation reportedly found that the company had withheld documents and information in an effort to avoid making the payments . 15 in 2012 cna paid the city of chicago 13.7 million in tax credits that the company had received since 2006 . the tax credits were given based on cna s promise to retain at least 2 700 employees in chicago but the job cuts by cna had reduced the headcount to 2100 by the end of 2012 . 14 cna center gallery edit main article cna center cna s building with wording formed by office lights through windows go cubs go . breast cancer awareness month october 2005 december 2005 gift of a wrapped present design reflecting the winter holidays . references edit a b c d e f g cna financial form 10 k annual report filing date feb 21 2013 pdf . secdatabase.com . retrieved mar 27 2013 . a b cna financial form 10 k annual report filing date feb 22 2011 pdf . secdatabase.com . retrieved mar 27 2013 . jerry tsai s smart timing forbes cna financial form 8 k current report filing date jun 10 1999 . secdatabase.com . retrieved mar 27 2013 . bloomberg news allstate to buy cna s personal insurance unit published in the los angeles times june 10 1999 . retrieved on august 18 2012 . company overview of encompass insurance from bloomberg businessweek . retrieved on august 19 2012 . cna financial posts profits restates financial data . cna financial announces revision to 4th quarter and year end 2002 results . update 1 cna posts 1st qtr profit to restate some results . . update 1 cna financial posts 4th qtr loss to restate . update 3 loews cna unit to restate for 3rd time in a year . cna financial form 8 k current report filing date jan 5 2004 . secdatabase.com . retrieved mar 27 2013 . elisabeth boone for rough notes . april 9 2009 taking the helm in a perfect storm industry veteran tom motamed brings experience and vision to cna a b c steve daniels for crain s chicago business . march 24 2014 why jobs and revenue are going opposite directions at cna miller t. christian insurer faces criminal inquiry in iraq case los angeles times 24 may 2011 p. 7 . external links edit wikimedia commons has media related to cna center . cna financial sec filings cna foundation guidelines includes grant and financing guidelines cna at yahoo finance retrieved from https en.wikipedia.org w index.php title cna financial & oldid 743336384 categories companies listed on the new york stock exchangecompanies based in chicagocompanies established in 1897companies established in 1967insurance companies based in illinois1967 establishments in illinoishidden categories all articles with unsourced statementsarticles with unsourced statements from july 2014commons category with local link same as on wikidata navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version in other projects wikimedia commons languages add links this page was last modified on 9 october 2016 at 04 55 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view