CNA Announces President Philip L. Engel Will Retire.

CHICAGO--(BUSINESS WIRE)--March 25, 1999--CNA, the Chicago-based insurance unit of CNA Financial Corporation, today announced that its president, Philip L. Engel, will retire later this year. He will also resign as a CNA Financial Corporation director.

Engel, 58, is a 38-year veteran of CNA. He was named president of the company in October 1992 after serving in a variety of executive management positions. He will stay with the organization over the next several months to ensure the successful completion of a number of initiatives.

"Few people have made as many contributions to our organization in so many areas as Phil has over his career," said Bernard L. Hengesbaugh, CNA chairman and chief executive officer. "We wish him well."

Said Engel, "My career with CNA has been rich and rewarding. It has been an honor to contribute in so many ways to an organization that I love so much."

Engel is a Fellow of the Society of Actuaries and a Fellow of the Casualty Actuarial Society, one of the few people in the United States to hold both these designations. He is also a member of the American Academy of Actuaries.

A 1961 graduate of the University of Chicago, Engel received a master's degree in business administration from the University of Chicago in 1980.

CNA is one of the world's premier insurance organizations. With 1998 revenues of $17.1 billion, CNA ranks among the top 10 U.S. insurance groups. Headquartered in Chicago, CNA serves individuals and businesses with a broad range of insurance products and insurance-related services.

Since 1897, CNA has built its business on a foundation of financial strength, stability and commitment to customers and business partners. Visit CNA at www.cna.com on the World Wide Web. CNA is a registered service mark, trade name and domain name of CNA Financial Corporation (NYSE:CNA).