CHICAGO--(BUSINESS WIRE)--
CNA Financial Corporation (NYSE: CNA) today announced that it has
entered into an amendment to the employment agreement with Tom Motamed,
chairman and chief executive officer, to extend his term with the
Company. The modification extends Motamed’s leadership through 2016,
enabling him to continue executing the strategies he set in motion when
he assumed his current position in 2009.
Since his arrival at CNA, Motamed has worked closely with CNA producers
and employees across the globe to implement strategies to increase top
and bottom line performance, including:
-
Further developing industry-specific technical expertise while
maintaining a broad appetite. CNA’s deep expertise in segments such as
construction and healthcare has translated into superior profitability
and growth over time. The same customer-focused approach is now taking
hold in other industries including manufacturing, financial
institutions, professional services, technology, small business,
retail, commercial real estate, education and wholesale distribution.
-
Managing the mix of business to improve profitability. CNA has
reprofiled its business, strengthened its profitable Specialty
business, and added more resources at the point of sale to drive
growth. In its Commercial segment, CNA has begun to turn around its
performance with new leadership, additional underwriting talent and
improved tools and metrics for front-line underwriters.
-
Extending its geographic reach throughout the U.S., Canada and Europe.
CNA has opened four new branch offices, with a fifth scheduled to open
this year; as well as adding additional talent and resources, and
increasing authority at the point of sale.
“Over the past two years, we have built a first-class team and we
continue to recruit significant talent as we build the company for the
long term,” said Motamed. “We are encouraged by positive feedback from
producers and insureds on our efforts to make CNA a more
producer-friendly company with strong underwriting and service
capabilities."
CNA’s progress on these strategies is evident in its 2nd
quarter 2011 results, which saw premium growth in its Specialty and
Commercial segments, improving rate trends, strong submission activity
and new business. This was the first quarter in which CNA had positive
growth in both Specialty and Commercial since fourth quarter 2006.
In addition, CNA’s balance sheet remains very strong. Under Motamed’s
leadership, CNA’s book value per common share has increased from $20.92
to $43.09 at the end of this year’s second quarter, a 106% improvement.
During last year’s third quarter, CNA virtually eliminated its exposures
to legacy asbestos and pollution liabilities through a loss portfolio
transaction with National Indemnity Company, a subsidiary of Berkshire
Hathaway.
In other significant actions since Motamed’s arrival, CNA sold its
Argentine workers’ compensation operation, and reached an agreement to
sell its interest in First Insurance Company of Hawaii, scheduled to
close in fourth quarter 2011. These transactions will enable the company
to redeploy capital to core businesses. Additionally, CNA purchased the
shares of CNA Surety that it did not already own, increasing its scale
in this profitable business. The company also resumed its quarterly
common stock dividend.
Serving businesses and professionals since 1897, CNA is the country’s
seventh largest commercial insurance writer and the 13th
largest property and casualty company. CNA’s insurance products include
standard commercial lines, specialty lines, surety, marine and other
property and casualty coverages. CNA's services include risk management,
information services, underwriting, risk control and claims
administration. For more information, please visit CNA at www.cna.com.
CNA is a registered trademark of CNA Financial Corporation.
Follow CNA on: Facebook
| Twitter
Source: CNA
Contact:
CNA
Katrina Parker, 312-822-5167