CNA Financial

The investment portfolio is managed by CNA's internal investment team under the oversight of the firm's executive leadership and board of directors. Loews Corporation, which holds approximately 92% of CNA's stock, exercises ultimate control through its majority ownership and board representation. Andrew H. Tisch serves as Chairman, ensuring direct Tisch family involvement in strategic oversight of the balance sheet.

At roughly $46 billion in invested assets, CNA ranks among the ten largest property and casualty insurers in the United States by portfolio size, placing it behind carriers like Berkshire Hathaway's insurance operations, Travelers, and Chubb but well ahead of most mid-market and specialty writers. The portfolio's composition — heavily weighted to investment-grade fixed income — mirrors the conservative duration-matching approach typical of US commercial insurance general accounts.

CNA manages its own general account independently, with no commingling of assets with Loews Corporation's corporate treasury or the Tisch family's private wealth. Loews is a publicly traded holding company that also owns hotel chain Loews Hotels and offshore drilling contractor Boardwalk Pipelines. The Tisch family's influence flows through board governance rather than direct portfolio management, maintaining a clear separation between CNA's insurance liabilities and the family's other business interests.

CNA participates in both direct investments and fund commitments. The firm's real estate holdings include direct ownership of commercial properties, most notably its Chicago headquarters at 151 North Franklin Street. The limited partnership allocation — disclosed within the general account — includes private equity and private credit fund commitments, though the firm does not publicly break out individual manager relationships or direct co-investment activity.

CNA does not publish a restricted-sector list, but as a regulated insurance carrier, its portfolio is governed by National Association of Insurance Commissioners guidelines that limit concentration in below-investment-grade securities, non-income-producing equities, and illiquid alternatives. The firm's investment policy is shaped by its liability profile — short-tail and mid-tail commercial lines — which discourages the long-duration private equity commitments common among life insurers and pension funds.