CNA's Chookaszian to Step Down

Article Abstract:

CNA Financial Corp. Chief Operating Officer and Executive Vice President Bernard Hengesbaugh will succeed Chairman Dennis Chookaszian as chief executive officer in Mar 1999. Chookaszian, who will continue as chairman of the board of directors' executive committee, is a 23-year veteran of CNA; he claims he needs time to himself. CNA, which took a $151 million charge against earnings in the third quarter, 1998 to cover a reorganization, reported a $14 million loss for the quarter. Profits in the first three quarters of 1998 was $429 million, down 40% from the $687 million in net earnings for the same period of 1997.

Personnel administration, Financial Holding Companies, Offices of Bank Holding Companies, Holding Offices, Officials and employees, Investment companies, CNA Financial Corp., CNA

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Insurers' bondholdings rise to 62% of assets

Article Abstract:

Property casualty insurers increased their bond asset holdings to 62% in 1993. Insurers' 1993 long-term bond holdings were valued at $416 billion, as compared to $383 billion in 1992. Insurers had 1993 capital gains of over $10 billion, but there was almost no change in the types of bonds held in 1993. The National Assn of Insurance Commissioners has cleared amendments that will require insurers to disclose their derivatives investment activities.

Investments

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Storm Clouds and Silver Linings

Article Abstract:

The opinions of property and casualty insurance executives about the major challenges faced by the industry in 1998 is presented. Among the major issues cited by the executives were financial services industry regulatory reform, economic pressures in the area of pricing pressure and the impact of new information technology, including the Year 2000 transition problem for computers.

Management dynamics, Management

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