What CNA Financial Corporation told the SEC could break it.

Loews Corporation beneficially owns ~92% of CNA's common stock and controls all matters requiring stockholder consent, including director elections, charter amendments and any merger or sale of substantially all assets.

“Loews beneficially owned approximately 92% of our outstanding shares of common stock as of December 31, 2025, and is in a position to control actions that require the consent of stockholders, including the election of directors, amendment of our Restated Certificate of Incorporation and any merger or sale of substantially all of our assets.”

CNA's legacy A&EP liabilities are ceded to NICO under a $4B aggregate-limit Loss Portfolio Transfer; cumulative cessions reached $3.9B by year-end 2025, leaving little remaining cover before CNA again bears A&EP development.

“subject to an aggregate limit of $4 billion (Loss Portfolio Transfer). The cumulative amount ceded under the Loss Portfolio Transfer as of December 31, 2025 was $3.9 billion.”

CNA's long-term care reserves may require material increases if morbidity/persistency experience develops adversely, and premium rate actions to offset this need regulatory approval with uncertain timing and size.

“Premium rate actions are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. As a result of this variability, our long-term care reserves may be subject to material increases if actual experience develops adversely to our expectations.”

Catastrophe losses are difficult to estimate and could exhaust CNA's available reinsurance limits, lead to large losses, and raise the cost and availability of reinsurance.

“catastrophe losses are particularly difficult to estimate, could cause us to exhaust our available reinsurance limits, could lead to large losses and could adversely affect the cost and availability of reinsurance.”

New and uncertain U.S. tariff policy and retaliatory tariffs could raise inflation expectations and certain insurance loss costs (e.g., construction, medical) and shrink CNA's insurance customer base.

“the effect of new tariffs and changes in tariffs, as well as significant uncertainty surrounding U.S. tariff policy generally, and any retaliatory tariffs, may adversely impact the economic environment, inflation expectations and certain loss costs, and may result in decreases in the size and number of our insurance customers;”