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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) March 8, 2000
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LOEWS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-6541 13-2646102
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation or organization) file number) identification no.)
667 Madison Avenue, New York, N.Y. 10021-8087
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 521-2000
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
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Page 1
Item 5. Other Events.
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On March 8, 2000, CNA Financial Corporation, an 86.5% owned subsidiary of
Loews Corporation, issued the press release attached hereto as Exhibit 99 and
incorporated herein by reference.
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.
LOEWS CORPORATION
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(Registrant)
Dated: March 13, 2000 By: s/ Barry Hirsch
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Barry Hirsch
Senior Vice President
Page 2
Exhibit 99
CNA Media:
CNA Plaza Clark Walter
Chicago, IL 60685 312-822-1454
Analysts:
Donald P. Lofe, Jr.
312-822-3993
CNA
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NEWS
For Immediate Release
CNA Announces it is Exploring the Sale of Individual Life Insurance and Life
Reinsurance Businesses
CHICAGO, IL, March 8, 2000 -- CNA, the nation's second largest commercial
insurer, today announced that, consistent with its strategy to sharpen its
focus on insurance products and services for businesses, the company is
exploring the sale of its individual life insurance and life reinsurance
businesses.
Bernard L. Hengesbaugh, chairman and chief executive officer of CNA, the
insurance unit of CNA Financial Corporation (NYSE: CNA), said, "This initiative
is the latest in a series of steps we've taken recently to make CNA the
underwriter of choice in the business market. We believe this strategy plays to
our strengths at a time of tremendous change in the global financial services
industry and is in the best interests of our customers, stockholders,
employees, and business partners."
CNA is a leader in small business, middle market and selective large risk
management accounts. It provides customers with specialty and property-casualty
products, along with risk management services and a broad array of group
insurance products and services. Last year, as part of its strategy to focus on
its worldwide business insurance and services operations, CNA transferred its
personal auto and homeowners insurance business to Allstate Corporation.
CNA's life operations provide a full line of individual life insurance,
individual long-term care insurance and annuities. They also provide retirement
services to institutions in the form of investment products and administration
services. CNA's life reinsurance business reinsures individual life and health
products sold by other life insurance companies.
"Our life and life reinsurance operations represent a unique combination of
experience and innovation," said CNA Life President Peter E. Jokiel. "These
business units have strong and proven management teams and an outstanding group
of talented and dedicated employees who have successfully developed leading
positions in their targeted markets through product innovation, technology
investment, underwriting excellence, efficient infrastructure, and strong
distribution partnerships.
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"We are committed to supporting these relationships, systems and standards of
excellence throughout this period during which we are exploring the sale of our
life and life reinsurance operations," said Jokiel.
CNA has engaged Donaldson, Lufkin & Jenrette Securities Corporation to assist
with the potential sale of the life operations.
CNA is a registered service mark, trade name and domain name of CNA Financial
Corporation.
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FORWARD LOOKING STATEMENT
The statements contained in this press release, which are not historical facts,
are forward-looking statements. When included in this press release, the words
"believe," "expects," "intends," "anticipates," "estimates," and analogous
expressions are intended to identify forward-looking statements. Such
statements inherently are subject to a variety of risks and uncertainties that
could cause actual results to differ materially from those projected. Such
risks and uncertainties include, among others, the impact of competitive
products, policies and pricing; product and policy demand and market
responses; development of claims and the effect on loss reserves; the
performance of reinsurance companies under reinsurance contracts with CNA,
general economic and business conditions; changes in financial markets
(interest rate, credit, currency, commodities and stocks); changes in foreign,
political, social and economic conditions; regulatory initiatives and
compliance with governmental regulations; judicial decisions and rulings; the
effect on CNA with regards to third party corrective actions on Year 2000
compliance; changes in rating agency policies and practices; the results of
financing efforts; changes in CNA's composition of operating segments; the
actual closing of contemplated transactions and agreements and various other
matters and risks (many of which are beyond CNA's control) detailed in CNA's
Securities and Exchange Commission filings. These forward-looking statements
speak only as of the date of this press release. CNA expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statement contained herein to reflect any change in CNA's
expectations with regard thereto or any change in events, conditions or
circumstances on which any statement is based.
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