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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) February 4, 1998
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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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Item 5. OTHER EVENTS
Exhibit No. Description
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Exhibit 99.01 On February 4, 1998, CNA Financial Corporation (CNA) issued
a press release, announcing that Bernard Hengesbaugh has
been appointed to the newly created position of executive vice
president and chief operating officer of CNA's insurance and
insurance-related operations. Hengesbaugh will have
responsibility for overall operating performance of the
Company's eight operating departments and 30 strategic
business units. Replacing Hengesbaugh as president and chief
operating officer of CNA's Specialty Operations Department is
Thomas Taylor. Peter Wilson has been named to replace Taylor
as president and chief operating officer of CNA Financial
Insurance. A copy of the press release is attached hereto as
Exhibit 99.01 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: February 6, 1998 By: W. JAMES MACGINNITIE
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W. James MacGinnitie
Senior Vice President and
Chief Financial Officer
Media Contact:
Roger Morris
CNA 312-822-4195
CNA Plaza Clark Walter
Chicago IL 60685 312-822-1454
Analysts:
Deborah Kamp
312-822-7752
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NEWS
FOR IMMEDIATE RELEASE
CNA NAMES HENGESBAUGH CHIEF OPERATING OFFICER
Taylor To Head CNA Specialty Operations And Wilson To Head CNA Financial
Insurance
(Chicago) Feb. 4, 1998 -- CNA Chairman and Chief Executive Officer Dennis
Chookaszian today announced the appointment of Bernard "Bernie" Hengesbaugh to
the newly created position of executive vice president and chief operating
officer for the Chicago-based insurance organization.
Hengesbaugh will have responsibility for overall operating performance of the
company's eight operating departments and 30 strategic business units.
"For more than 100 years, CNA has been built on financial strength, stability,
and commitment," said Chookaszian. "While our current operating results have
been good and on par with the industry, as we begin our second century we are
committed to taking the steps necessary to become a world-class organization at
all levels. The creation of this new position is a key initiative in our overall
strategy."
Hengesbaugh has been president and chief operating officer for CNA's Specialty
Operations Department since 1990. In that position, he has overseen seven major
businesses at CNA including CNA HealthPro, CNA Financial Insurance, CNA Pro
(professional liability), CNA E&S (excess & select), CNA Agriculture,
Entertainment Coalition and Hedge Financial Products.
"I will work daily with the department heads and the business units to ensure
that we sharpen our focus on strategic issues, meet our goals, improve our
market position, and enhance shareholder value," said Hengesbaugh.
-more-
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Replacing Hengesbaugh as president and chief operating officer of CNA's
Specialty Operations Department is Thomas Taylor. He has served as president of
CNA Financial Insurance since 1992.
Peter Wilson, senior vice president of corporate governance for CNA Financial
Insurance since 1992, has been named to replace Taylor as president and chief
operating officer for that business.
Hengesbaugh joined CNA in 1980 as vice president of the Corporate Accounting
Division in the Financial Services Department. and was named vice president and
controller, Field Operations Department, in 1984. During that time, his field
responsibilities were expanded to include the individual life and personal lines
processing centers and individual health operations.
Prior to joining CNA, he was a partner with Deloitte & Touche (formerly Touche
Ross & Co.). Hengesbaugh is a Certified Public Accountant and is a member of the
American Institute of Certified Public Accountants. He is also a member of the
board of directors of the Joint Commission on Accreditation of Healthcare
Organizations.
He earned a master's degree in business administration from Indiana University
and a bachelor of science degree from St. Joseph's College.
Taylor joined CNA in 1992 as president of the Financial Insurance Division.
Before joining CNA, he held positions in actuarial, claims, underwriting and
reinsurance management with Chubb, AIG and USAA. He received a bachelor's degree
in economics from Texas A&M University.
Prior to joining CNA, Wilson was with the American International Group for 10
years, managing its commercial D&O portfolio. He received a bachelor's degree in
economics from Syracuse University.
CNA is one of the world's premier insurance organizations, ranking among the top
10 U.S. insurance groups. Since 1897, CNA has built on a foundation of financial
strength, stability and commitment to customers and business partners.
CNA is a registered service mark name of CNA Financial Corporation.
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