<SEC-DOCUMENT>0000021175-13-000035.txt : 20130919
<SEC-HEADER>0000021175-13-000035.hdr.sgml : 20130919
<ACCEPTANCE-DATETIME>20130814124251
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000021175-13-000035
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130814

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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		<title>Comment Letter 08-14-13</title>
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<a name="s9b7d665b2b85470da8614e7afc332a75"></a><div></div><br><div style="line-height:100%;text-align:left;font-size:10pt;"><img src="cnalogo081413.gif" style="height:24px;width:76px;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="73%"></td><td width="27%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:6pt;vertical-align:top;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-style:italic;font-weight:bold;vertical-align:top;">CNA Plaza  Chicago  IL  60685-0001</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">D. Craig Mense</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="vertical-align:middle;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;vertical-align:middle;">August 14, 2013</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-style:italic;vertical-align:top;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;vertical-align:top;">Executive Vice President and</font></div><div style="font-style:italic;vertical-align:top;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;vertical-align:top;">Chief Financial Officer</font></div><div style="font-style:italic;vertical-align:top;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;vertical-align:top;">Telephone&#160;&#160;&#160;&#160;312-822-1222</font></div><div style="font-style:italic;vertical-align:top;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;vertical-align:top;">Facsimile&#160;&#160;&#160;&#160;312-822-2004</font></div><div style="font-style:italic;vertical-align:top;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;vertical-align:top;">Internet&#160;&#160;&#160;&#160;craig.mense@cna.com</font></div><div style="font-size:8pt;font-style:italic;vertical-align:top;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></td></tr></table></div></div><div style="line-height:100%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:100%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance</font></div><div style="line-height:100%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, DC 20549-6010</font></div><div style="line-height:100%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="6%"></td><td width="94%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Attn:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Jim B. Rosenberg </font></div><div style="font-size:11pt;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Senior Assistant Chief Accountant</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="6%"></td><td width="94%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Re:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CNA Financial Corporation</font></div><div style="font-size:11pt;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended December 31, 2012</font></div><div style="font-size:11pt;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed February 21, 2013</font></div><div style="font-size:11pt;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">File No. 001-05823</font></div><div style="font-size:11pt;vertical-align:top;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">VIA EDGAR FILING</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Mr. Rosenberg:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We acknowledge receipt of the letter of comment dated August 1, 2013 from the Commission (the &#8220;Comment Letter&#8221;) with regard to the above-referenced filing.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Our response to the Comment Letter is set forth below.  For your convenience, the staff's comment has been repeated herein and is followed by our response.  CNA Financial Corporation (CNAF) and its subsidiaries are referred to as &#8220;the Company,&#8221; &#8220;CNA,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us.&#8221;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Notes to Consolidated Financial Statements </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Note I. Reinsurance, page 105 </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We acknowledge your response to our previous comment.  Please address the following:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As it relates to your &#8220;significant captive program&#8221; disclosed on pages 106 and 107, provide us proposed revised disclosure to be included in future periodic reports that explains the nature and type of coverage written and the business purpose of reinsuring 100% of the business with third-party captive insurance companies.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As it relates to your captive program with third-party captive insurance companies owned by or related to the policyholder beyond your &#8220;significant captive program&#8221; tell us the significance of the program and how it differs from your &#8220;significant captive program&#8221; in nature and business purpose.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Tell us whether the ceding commission you receive from third-party captives is equal to the premium you charge the policyholder.  If so, tell us why you would enter into these arrangements if there is no apparent margin in it for you.  If not, tell us why the policyholder would enter into these arrangements when it could transact directly with its captive. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CNA Response</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A captive insurance program is one approach that third-party insureds can use to self-insure all or a portion of their risk.  Captives are widely used by policyholders in many industries.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Generally under this approach, the third-party policyholder, or an entity related to the policyholder, forms and capitalizes a captive insurance company.  The captive is licensed as a reinsurer, therefore the business</font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s9b7d665b2b85470da8614e7afc332a75"></a><div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;vertical-align:middle;">August 14, 2013</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;vertical-align:middle;">Page 2</font></div></div><br><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">must be written though a primary insurance company.  All or a portion of the risk written by the primary insurance company is then ceded to the captive reinsurer.  The primary insurer receives a ceding commission to cover related costs such as premium taxes and insurance assessments as well providing compensation for the commitment of surplus necessary to support the business.  Captives generally provide collateral to support ceded reserves.  Receivable and payable balances between the parties are settled on a regular basis.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As noted in our prior response, the premiums and losses related to the significant captive program are 100% ceded to third-party captive insurance companies owned by wireless providers.  Under this structure the wireless providers self-insure all of the risk related to the coverage of loss, theft, physical damage and warranty coverage for mechanical failure of the portable electronic devices they sell.  CNA receives a ceding commission as compensation.  In 2012, the commission related to the significant captive program increased net income by $16 million.      </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The other third-party captive programs referenced in our prior response operate in a similar manner; however, they are not material from either a gross premium or net income perspective.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In future filings of our Annual Report on Form 10-K, we will provide enhanced disclosure clarifying that the significant captive program relates to third-party non-insurance company policyholders.  For purposes of illustration, had we added this enhanced disclosure to our 2012 Annual report on Form 10-K, the following would appear in Note I. Reinsurance on pages 105 and 106 (new language in italics and deleted language in strike-through). </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Included in the direct and ceded earned premiums for the years ended December 31, 2012, 2011 and 2010 are $1,794 million, $1,500 million and $1,383 million related to </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">property </font><font style="font-family:inherit;font-size:11pt;">business that is 100% reinsured </font><font style="font-family:inherit;font-size:11pt;text-decoration:line-through;">as a result of</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">under</font><font style="font-family:inherit;font-size:11pt;">&#32;a significant </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">third-party</font><font style="font-family:inherit;font-size:11pt;">&#32;captive program.  </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">The third-party captives that participate in this program are affiliated with the non-insurance company policyholders, therefore this program provides a means for the policyholders to self-insure this property risk.  The Company receives and retains a ceding commission.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">* * * * * * *</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As requested in the Comment Letter, the Company acknowledges that:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Company is responsible for the adequacy and accuracy of the disclosure in its filings;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">staff comments or changes in disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the Company's filings; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If you have any questions or further comments, please call the undersigned at (312) 822-1222 or fax at </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(312) 822-2004.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Very truly yours,</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:31.746031746031743%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="100%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">/s/ D. Craig Mense</font></div></td></tr></table></div></div><div style="line-height:100%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">D. Craig Mense</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Executive Vice President and</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Chief Financial Officer</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:100%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="4%"></td><td width="96%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Cc:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Mark Brunhofer, Division of Corporation Finance Senior Staff Accountant</font></div></td></tr></table></div></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
