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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) July 24, 1997
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CNA FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
DELAWARE 1-5823 36-6169860
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
CNA PLAZA, CHICAGO, ILLINOIS 60685
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (312) 822-5000
(Former Name or Former Address, if Changed Since Last Report)
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<PAGE>
ITEM 5. OTHER EVENTS
Exhibit No. Description
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99.01 On July 30, 1997, CNA Financial Corporation issued
a press release announcing that W. James MacGinnitie has
been named chief financial officer and senior vice president
of CNA. MacGinnitie replaces Peter E. Jokiel, who was
promoted to president of CNA Life in April of this year.
MacGinnitie comes to CNA from Ernst & Young LLP., where he
has been a partner and national director of actuarial
services since 1994. He will assume his new position on a
full time basis October 1. A copy of the press release is
attached hereto as Exhibit 99.01 and is incorporated herein
by reference.
99.02 On July 24, 1997, CNA Financial Corporation issued a press
release announcing that Carolyn L. Murphy, senior vice
president and head of CNA's Commercial Operations, announced
her retirement effective October 1, 1997. With Murphy's
retirement, Commercial Insurance and Risk Management will
then become separate operating departments of CNA, replacing
the current Commercial Operations structure.Peter P. Conway,
president of CNA Risk Management, and Michael S. McGavick,
president of CNA Commercial Insurance, will immediately
assume additional duties as senior vice presidents and
members of CNA's senior management team. A copy of the press
release is attached hereto as Exhibit 99.02 and is
incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CNA FINANCIAL CORPORATION
Date: August 4, 1997 By: S/PATRICIA L. KUBERA
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Patricia L. Kubera
Group Vice President and
Controller
Media contacts:
CNA Roger Morris
CNA Plaza (312) 822-4195
Chicago, Illinois 60685 Clark Walter
(312) 822-1454
Analysts:
Deborah Kamp
(312) 822-7752
CNA
For All The Commitments You Make (R)
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NEWS
FOR IMMEDIATE RELEASE
MACGINNITIE NAMED CHIEF FINANCIAL OFFICER AT CNA
(Chicago) 7/30/97 - W. James MacGinnitie has been named chief financial officer
and senior vice president of CNA.
MacGinnitie replaces Peter E. Jokiel, who was promoted to president of CNA Life
in April of this year.
MacGinnitie comes to CNA from Ernst & Young LLP., where he has been a partner
and national director of actuarial services since 1994. He plans to immediately
begin acquainting himself with CNA while completing client assignments at Ernst
& Young LLP and will assume his new position on a full time basis Oct. 1.
"Jim brings a wealth of talent and knowledge to CNA from his extensive
experience both working in the insurance industry and serving it as a
consultant," said Dennis Chookaszian, CNA's chairman and CEO. "His strong
reputation and impressive credentials as an actuarial expert combined with his
project management skills make him well-qualified to oversee our commitment to
continued financial strength and stability."
As chief financial officer, MacGinnitie will oversee CNA's Corporate Finance
Department of approximately 1,000 employees and the company's more than $42
billion in investments.
Prior to joining Ernst & Young LLP, MacGinnitie was a managing principal at
Tillinghast-Towers Perrin for 19 years. He founded and developed their
property/casualty actuarial and risk management practice.
MacGinnitie began his insurance career as an actuarial trainee at CNA in 1960
and worked for the company nearly 12 years in a variety of positions with
increasing responsibility.
From 1972 until 1973 he was with the actuarial consulting firm of Milliman &
Robertson. From 1973-75, he was professor of actuarial sciences at the
University of Michigan.
He received his bachelor's in mathematics from Northwestern University.
<PAGE>
MacGinnitie is a fellow of the Casualty Actuarial Society where he served as
president in 1979-80. He is also a fellow of the Society of Actuaries and served
as vice president from 1991 until 1993. He is a member of the American Academy
of Actuaries and served as president in 1988-89.
CNA is one of the world's premier insurance organizations. With 1996 revenues of
$17.0 billion, CNA ranks among the top 10 U.S. insurance groups.
Headquartered in Chicago, CNA is a leading multibusiness insurer, serving
individuals and businesses with a broad range of insurance products and
insurance-related services. CNA products and services are marketed through
multiple distribution channels, including independent agents, brokers, general
agents and direct sales.
In 1997, CNA observes its centennial year, celebrating a century of financial
strength, stability and commitment to customers and business partners.
CNA is the registered service mark and trade name of CNA Financial Corporation.
# # #
Media contacts:
CNA Roger Morris
CNA Plaza (312) 822-4195
Chicago, Illinois 60685 Clark Walter
(312) 822-1454
Analysts:
Deborah Kamp
(312) 822-7752
CNA
For All The Commitments You Make (R)
- --------------------------------------------------------------------------------
NEWS
FOR IMMEDIATE RELEASE
MURPHY ANNOUNCES RETIREMENT: MCGAVICK AND CONWAY PROMOTED AT CNA
(Chicago) 7/24/97 - Carolyn L. Murphy, senior vice president and head of CNA's
Commercial Operations, has announced her retirement, effective Oct. 1, 1997.
Murphy has been with CNA for 20 years and has served as president of the
Commercial Operations Department since May 1995, when it was created in
conjunction with the merger of CNA and The Continental Corporation. She
previously was senior vice president and chief operating officer of CNA's Field
Operations Department for 12 years.
Murphy helped grow the commercial insurance area into CNA's largest line of
business, with revenues of nearly $5.6 billion last year.
"Carolyn was instrumental in providing the leadership to build CNA's commercial
insurance business into what it is today - the largest and best in the country,"
said CNA Chairman and CEO Dennis Chookaszian. "Her understanding of the
importance of the partnership between the company and its distribution force
helped to build the High Performance Agency (HPA) program into the insurance
industry's premiere example of agency-company partnership."
Chookaszian said that the growth of CNA's Commercial Operations business has
resulted in the development of two distinct businesses - Commercial Insurance,
which serves companies with premiums up to $1 million a year for their combined
insurance needs, and Risk Management, which supplies risk transfer products and
support services to the top 9,500 U.S.-based enterprises. Commercial Insurance
had revenues of approximately $4.7 billion last year while Risk Management added
about $900 million in revenues (or $3.1 billion in premium equivalent).
With Murphy's retirement in October, Commercial Insurance and Risk Management
will then become separate operating departments of CNA, replacing the current
Commercial Operations structure.
Peter P. Conway, president of CNA Risk Management, and Michael S. McGavick,
president of CNA Commercial Insurance, will immediately assume additional duties
as senior vice presidents and members of CNA's senior management team.
<PAGE>
Michael W. Kooken, president of the newly formed CNA UniSource, a professional
employer organization (PEO), will report to McGavick.
"Carolyn has built a talented group of individuals and because people like Pete
Conway, Mike McGavick, and Mike Kooken are in place, we are very confident in
continuing the growth of our commercial and risk management businesses, " said
Chookaszian.
McGavick was named to his present position in January 1997. Previously, he
served as executive vice president and senior financial officer of the
Commercial Lines Group, Commercial Operations Department, from January 1996. He
joined CNA in 1995 as group vice president of New Ventures, a unit of the
Marketing Department, where he was responsible for assisting the corporation in
various aspects of strategic planning and reviewing new business opportunities
as required by CNA's business needs.
Prior to joining CNA, McGavick was director of the Superfund Improvement Project
for the American Insurance Association (AIA) from 1992 to 1995. In this
position, he was a lead negotiator for the insurance industry with Congress, the
Administration, the environmental community and industrial groups seeking reform
of the nation's Superfund laws. From 1991 to 1992, he was a Seattle-based
partner of the Gallatin Group, a four-office regional public relations firm. His
practice focused on national efforts to improve environmental laws by providing
clients with strategic counseling and campaign implementation.
McGavick received a bachelor's degree in political science from the University
of Washington.
Conway has held his current position since July 1993. He previously served as
senior vice president, Marketing Department, from 1992 to 1993, and vice
president, from 1990 to 1992. In 1981, he was named head of the CNA Midwest
Region with responsibility for insurance operations in 13 states, and held this
position until 1990. In 1980, he became vice president of property/liability
product management, after being named vice president of property/liability
distribution in 1978 and appointed assistant vice president of
property/liability product management in 1977. Conway joined CNA in 1976 as
director of commercial lines marketing.
He has earned the designation of Chartered Property Casualty Underwriter (CPCU)
and is a member of the Society of CPCU. He also is a member of the Advisory
Council of the DePaul University College of Commerce.
Conway graduated from Villanova University.
CNA is one of the world's premier insurance organizations. With 1996 revenues of
$17.0 billion, CNA ranks among the top 10 U.S. insurance groups.
Headquartered in Chicago, CNA is a leading multibusiness insurer, serving
individuals and businesses with a broad range of insurance products and
insurance-related services. CNA products and services are marketed through
multiple distribution channels, including independent agents, brokers, general
agents and direct sales.
In 1997, CNA observes its centennial year, celebrating a century of financial
strength, stability and commitment to customers and business partners.
CNA is the registered service mark and trade name of CNA Financial Corporation.
