Conway Announces Retirement; May To Head CNA Risk Management.

Business Editors

CHICAGO--(BUSINESS WIRE)--Jan. 7, 2000

Peter P. Conway, president of CNA Risk Management, a business unit of the CNA insurance organization, will retire from the company on March 31 this year after more than four decades in the insurance industry.

Conway, 63, has been with CNA for 24 years and has led CNA Risk Management since its formation in 1992. Previously, Conway held a number of senior leadership positions, including senior vice president of Marketing, head of the Midwest Region of Field Operations, and vice president of Property/Liability Product Management.

CNA Risk Management is a leader in providing corporate risk transfer products and services to the top 7,800 U.S. based enterprises. Under Conway's leadership, CNA Risk Management expanded its client base to include more than one-third of the Fortune 250 companies. In 1998, CNA Risk Management launched RSKCo, the only organization in the insurance industry offering total service solutions to reduce the cost of risk for risk management clients.

"Pete's goal was to build a pre-eminent risk management organization at CNA, and he has done just that. His vision of the future of risk management services has been a positive force at CNA and in the insurance industry as a whole," said CNA Insurance Chairman and Chief Executive Officer Bernard L. Hengesbaugh.

Succeeding Conway will be Douglas H. May, 43, who now serves as president of CNA Guaranty and Credit, which underwrites guaranty, credit and other financial risks and also includes RVI, CNA's 50 percent owned residual value insurer. May will continue to manage CNA Guaranty and Credit in addition to his new responsibility for CNA Risk Management.

May joined CNA in 1994 and has held a number of leadership positions in the company's specialty insurance businesses. During his 20 years in the insurance industry, May has held various positions at Commerce & Industry, AIU and AIG Risk Management, all units of American International Group, as well as at Home Insurance Company.

"Doug's financial and underwriting experience has been honed by years of creative problem-solving for the most sophisticated clients. Doug's capabilities in combination with the strong team built by Pete Conway is the right formula for an even more successful CNA Risk Management and even better solutions for our risk management clients," said Hengesbaugh.

CNA is a leading insurance organization serving individuals and businesses with a broad range of insurance products and insurance-related services. Since 1897, CNA has built on a foundation of financial strength, stability and commitment to customers and business partners. Visit CNA at www.cna.com. CNA is a registered service mark, trade name and domain name of CNA Financial Corporation (NYSE: CNA).