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<SEC-DOCUMENT>0000950123-10-110137.txt : 20101202
<SEC-HEADER>0000950123-10-110137.hdr.sgml : 20101202
<ACCEPTANCE-DATETIME>20101201181354
ACCESSION NUMBER:		0000950123-10-110137
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101201
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101202
DATE AS OF CHANGE:		20101201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CNA FINANCIAL CORP
		CENTRAL INDEX KEY:			0000021175
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				366169860
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05823
		FILM NUMBER:		101225818

	BUSINESS ADDRESS:	
		STREET 1:		CNA
		STREET 2:		333 S. WABASH
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60604
		BUSINESS PHONE:		3128225000

	MAIL ADDRESS:	
		STREET 1:		CNA
		STREET 2:		333 S. WABASH
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60604
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c61597e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 12pt; margin-top: 100pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Washington, D.C. 20549</B></DIV>



<DIV align="Center" style="font-size: 18pt; margin-top: 8pt"><B>FORM 8-K</B>
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of The Securities Exchange Act of 1934</B>
</DIV>
<!-- xbrl,dc -->
<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>December&nbsp;1, 2010</B>
</DIV>
<!-- /xbrl,dc -->
<DIV align="center" style="font-size: 12pt; margin-top: 24pt"><B>CNA FINANCIAL CORPORATION</B>
</DIV>


<DIV align="Center" style="margin-top: 8pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>
<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 18pt">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-5823</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>36-6169860</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 36pt">
    <TD width="60%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>333 S. Wabash, Chicago, Illinois</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>60604</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 24pt">Registrant&#146;s telephone number, including area code&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312)&nbsp;822-5000
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 24pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report.)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under <BR>
any of the following provisions (<U>see</U> General
Instruction A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;&nbsp;&#093; Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;&nbsp;&#093; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;&nbsp;&#093; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;&nbsp;&#093; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!--TOC-->
<!--/TOC-->




<!-- link1 "Item&nbsp;1.01 Entry into a Material Definitive Agreement" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;1, 2010, the registrant entered into a 2008 Senior Preferred Stock Redemption Agreement
(&#147;Redemption Agreement&#148;) with Loews Corporation, the owner of approximately 90% of the registrant&#146;s
common stock. Pursuant to the Redemption Agreement, on December&nbsp;1, 2010, the registrant redeemed
the remaining $500&nbsp;million, plus accrued and unpaid dividends thereon, of its 2008 Senior Preferred
Stock, all of which was held by Loews Corporation. The registrant funded the redemption with cash
received from the partial repayment by Continental Casualty Company, the registrant&#146;s principal
insurance subsidiary, of $500&nbsp;million of an outstanding $1.0&nbsp;billion surplus note issued to the
registrant in 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The foregoing description of the Redemption Agreement is qualified in its entirety by reference to
the complete terms and conditions of the Redemption Agreement, which is attached hereto as Exhibit
10.1 and incorporated herein by reference.
</DIV>

<!-- link1 "Item&nbsp;9.01 Financial Statements and Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;&nbsp;(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits:<br>
See Exhibit&nbsp;Index.</TD>
</TR>

</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 hereunto duly authorized.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 18pt">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CNA Financial Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Registrant)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-0px">Date:&nbsp;&nbsp;December&nbsp;1, 2010
</DIV></TD>
    <TD align="left" valign="top" colspan="2">By&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ D. Craig Mense</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Signature)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">D. Craig Mense</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Vice President and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 6pt">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008 Senior Preferred Stock Redemption Agreement, dated December&nbsp;1, 2010, by and between CNA
Financial Corporation and Loews Corporation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c61597exv10w1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 12pt; margin-top: 12pt">Exhibit&nbsp;10.1
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>2008 SENIOR PREFERRED STOCK<BR>
REDEMPTION AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This 2008 Senior Preferred Stock Redemption Agreement (this &#147;Agreement&#148;), effective as of
December&nbsp;1, 2010, is entered into by and between CNA Financial Corporation, a Delaware corporation
(the &#147;Company&#148;), and Loews Corporation, a Delaware corporation (&#147;Loews&#148;).
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Loews purchased 12,500 shares of the Company&#146;s 2008 Senior Preferred Stock (the &#147;2008
Preferred&#148;) for $1,250,000,000 from the Company on November&nbsp;7, 2008;
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to Section&nbsp;4 of the Certificate of Designation creating the 2008 Preferred
(the &#147;Certificate of Designation&#148;), the 2008 Preferred accrues dividends at the rate provided for
therein;
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section&nbsp;5 of the Certificate of Designation provides that the 2008 Preferred may be
redeemed upon the mutual agreement of the Company and the Holders (as defined in the Certificate of
Designation) of a majority of the outstanding shares of the 2008 Preferred, at any time and from
time to time, at the Redemption Price described below in Section&nbsp;1(b);
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Loews is the sole Holder of the 2008 Preferred;
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company redeemed 2,500 shares of the 2008 Preferred from Loews pursuant to the
2008 Senior Preferred Stock Redemption Agreement dated as of November&nbsp;10, 2009 between the Company
and Loews;
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company redeemed 5,000 shares of the 2008 Preferred from Loews pursuant to the
2008 Senior Preferred Stock Redemption Agreement dated as of August&nbsp;5, 2010;
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company desires to redeem the remaining 5,000 shares of the 2008 Preferred from
Loews and Loews desires to dispose of the remaining 5,000 shares of the 2008 Preferred to the
Company.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, in consideration of the mutual promises set forth herein, and other good and
valuable consideration, it is hereby agreed by and between the Company and Loews as follows:
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption of the 2008 Preferred</U>.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby agrees to (i)&nbsp;call for redemption 5,000 shares of the 2008 Preferred and
(ii)&nbsp;pay to Loews the Redemption Price (as defined below) for such shares (the &#147;Redemption&#148;) on
December&nbsp;1, 2010.
</DIV>

<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Price&#148; shall mean a per share redemption price equal to (i) $100,000
<U>plus</U> (ii)&nbsp;an amount equal to all unpaid dividends accrued on such shares
</DIV>

<P align="center" style="font-size: 12pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">up to but
excluding the date of Redemption (which amount shall be calculated pursuant to Section&nbsp;4 of the
Certificate of Designation), which amount is calculated to be eight million three hundred
thirty-three thousand three hundred thirty-three and 33/100ths dollars ($8,333,333.33). Although
Section&nbsp;5 of the Certificate of Designation provides that the per share Redemption price shall
include all unpaid dividends accrued thereon through and including the date of Redemption, the
parties acknowledge and agree that the Redemption Price shall exclude dividends accruing on the
date of Redemption.
</DIV>

<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal Opinion</U>.&nbsp;&nbsp;&nbsp; Prior to the Redemption, the Company shall furnish to Loews an
opinion of counsel from Jonathan D. Kantor, Esq., Executive Vice President, Secretary and General
Counsel of the Company, substantially in the form attached hereto and made a part hereof as
<U>Exhibit&nbsp;A</U>.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment and Waiver</U>.&nbsp;&nbsp;&nbsp;This Agreement shall not be altered, amended or supplemented
except by written instruments. Any waiver of any term, covenant, agreement or condition contained
in this Agreement shall not be deemed a waiver of any other term, covenant, agreement or condition,
and any waiver of any default in any such term, covenant, agreement or condition shall not be
deemed a waiver of any later default thereof or of any other term, covenant, agreement or
condition. No delay on the part of any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;&nbsp;In the event that any court or any governmental authority or agency
declares any provision of this Agreement to be unlawful or invalid, such unlawfulness or invalidity
shall not serve to invalidate any other provisions of this Agreement, and in the event that only a
portion of any provision is so declared to be unlawful or invalid, such unlawfulness or invalidity
shall not serve to invalidate the balance of such provision.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors and Assigns</U>.&nbsp;&nbsp;&nbsp;All representations, warranties, covenants and agreements
of the parties contained in this Agreement or made in writing in connection herewith, shall, except
as otherwise provided herein, be binding upon and inure to the benefit of their respective
nominees, successors and assigns and, in the case of a natural person, of his or her heirs and
personal representatives.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;&nbsp;All communications provided for hereunder shall be in writing and
delivered by hand, by express delivery service with confirmed receipt or by first-class or
certified mail, postage prepaid, and, if to Loews or its nominee, addressed to Loews at 667 Madison
Avenue, New York, New York 10065-8087 or at such other address as Loews may designate to the
Company in writing, and if to the Company, addressed to the Company at 333 South Wabash Avenue,
Chicago, Illinois 60604; Attention: Treasurer, with a copy to or such other address as the Company
may designate to Loews in writing.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>.&nbsp;&nbsp;&nbsp;The validity, meaning and effect of this Agreement shall be
determined in accordance with the domestic laws of the state of Illinois applicable to contracts
made and to be performed in that state without giving effect to any choice or
</DIV>

<P align="center" style="font-size: 12pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">conflict of law
provision or rule (whether in the state of Illinois or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the state of Illinois.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;&nbsp;&nbsp;This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original but all of which shall together constitute one and the same
document.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.&nbsp;&nbsp;&nbsp;The headings used herein are solely for the convenience of the parties
and shall not constitute a part hereof or serve to modify or interpret the text.
</DIV>


<DIV align="justify" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement and Exhibit</U>.&nbsp;&nbsp;&nbsp;This Agreement and the Exhibit hereto constitute
and encompass the entire agreement and understanding of the parties hereto with regard to the
transactions contemplated or provided for herein.
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 36pt">&#091;<I>Signature Page Follows</I>&#093;
</DIV>


<P align="center" style="font-size: 12pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, this Agreement has been executed and deemed effective as of the date first
above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 12pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<tr>
<TD style="font-size:14pt">&nbsp;</TD>
</TR>


<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CNA FINANCIAL CORPORATION<BR><BR>
&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Lawrence J. Boysen
&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD valign="top" colspan="2">Name:&nbsp;</TD>
    <TD align="left">Lawrence J. Boysen&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" colspan="2">Title:&nbsp;</TD>
    <TD align="left">Senior Vice President &#038; Corporate Controller&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signature Page to Redemption Agreement</I>&#093;
</DIV>




<P align="center" style="font-size: 12pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 12pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">LOEWS CORPORATION<BR>
<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top" colspan="2">By:</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">/s/ Peter W. Keegan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top" colspan="2">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter W. Keegan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top" colspan="2">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President &#038; Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signature Page to Redemption Agreement</I>&#093;
</DIV>



<P align="center" style="font-size: 12pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 12pt; margin-top: 12pt"><U>EXHIBIT A</U>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt">&#091;CNA Financial Corporation Letterhead&#093;
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 24pt">December&nbsp;1, 2010
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt">Loews Corporation<BR>
667 Madison Avenue

</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 0pt">New York, New York 10065-8087

</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt">Attn: &nbsp;General Counsel

</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I am providing this opinion as Executive Vice President, General Counsel and Secretary of CNA
Financial Corporation, a Delaware corporation (the &#147;Company&#148;), in connection with the transactions
contemplated by that certain 2008 Senior Preferred Stock Redemption Agreement (the &#147;Redemption
Agreement&#148;), dated as of December&nbsp;1, 2010, by and between the Company and Loews Corporation
(&#147;Loews&#148;), pursuant to which the Company will redeem the remaining 5,000 shares of the Company&#146;s
2008 Senior Preferred Stock, no par value (the &#147;Shares&#148;), owned by Loews and, in consideration for
which, the Company will pay the Redemption Price. Capitalized terms used herein, but not otherwise
defined, shall have the meanings provided for such terms in the Redemption Agreement.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the foregoing, I have examined the minute books and stock records of the
Company; the Certificate of Incorporation and By-Laws of the Company; copies of the resolutions of
the Board of Directors of the Company relating to the redemption of the Shares. In addition, I
have reviewed such other documents and instruments, investigated such matters of law and have
conferred with such officers and directors of the Company and have ascertained or verified to my
satisfaction, such additional facts with respect to the Company which I have deemed necessary or
appropriate for the purposes of rendering this opinion.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, I have examined originals, or copies identified to my
satisfaction as being true copies, of the Redemption Agreement. I do not express any opinion as to
any matters governed by any laws other than the laws of the State of Illinois and the General
Corporation Law of the State of Delaware.
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and qualified by the foregoing, I am of the opinion that:
</DIV>


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is a corporation duly organized, validly existing as a corporation in good
standing under the laws of the State of Delaware;</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Redemption Agreement has been duly authorized, executed and delivered by the
Company;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 12pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 12pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt">


<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution and delivery by the Company of, and the performance by the Company of its
obligations under, the Redemption Agreement will not contravene the Certificate of
Incorporation or By-Laws of the Company or, to my knowledge, any provision of applicable
law;</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Redemption Agreement constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as may be
limited by (i)&nbsp;any applicable bankruptcy, insolvency, reorganization, receivership,
moratorium, fraudulent conveyance, equitable subordination, readjustment of debt and other
similar laws now or hereafter in effect affecting creditors&#146; rights generally, (ii)&nbsp;general
principles of equity, including, without limitation, concepts of materiality,
reasonableness, public policy, good faith, fair dealing and the possible unavailability of
specific performance, injunctive relief or other equitable relief (regardless of whether
applied in a proceeding at law or in equity) and (iii)&nbsp;public policy considerations; and</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The redemption of the Shares in accordance with the terms and conditions of the
Redemption Agreement has been duly authorized by the Board of Directors of the Company or a
Committee thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is being furnished pursuant to Section&nbsp;2 of the Redemption Agreement and is for
the sole benefit of the addressee hereto in connection with the above-described matter. This
opinion may not be relied upon by you for any other purpose, or relied upon by any other person,
firm or corporation or quoted, filed with any governmental authority or other regulatory agency or
otherwise circulated or used for any other purpose without my prior consent. This opinion is
limited to the matters set forth herein; no opinion may be inferred or implied beyond the matters
expressly stated in this opinion. This opinion is rendered on the date hereof and I have no
continuing obligation hereunder to inform you of changes of law or fact subsequent to the date
hereof or facts of which I become aware after the date hereof.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt">Very truly yours,
</DIV>




<DIV align="left" style="font-size: 12pt; margin-top: 30pt">Jonathan D. Kantor<BR>
Executive Vice President,<BR>
General Counsel and Secretary

</DIV>


<P align="center" style="font-size: 12pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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