Exhibit 99.1

                                                                      [CNA LOGO]

FOR IMMEDIATE RELEASE
- --------------------------------------------------------------------------------
CONTACT:

MEDIA:                                             ANALYSTS:
Charles M. Boesel, 312/822-2592                    Dawn M. Jaffray, 312/822-7757
Katrina W. Parker, 312/822-5167

       CNA FINANCIAL ANNOUNCES COMPLETION OF PREVIOUSLY ANNOUNCED SALE OF
                      PREFERRED STOCK TO LOEWS CORPORATION

CHICAGO, NOVEMBER 24, 2003 --- CNA Financial Corporation (NYSE: CNA) today
announced that it has completed the previously announced sale of $750 million of
its participating convertible preferred stock to Loews Corporation (Loews), the
owner of approximately 90% of CNA's outstanding common stock. The sale of the
preferred shares is part of the Company's previously announced capital plan. The
preferred stock has terms that make it economically equivalent to CNA's common
stock. CNA has approximately 223.6 million outstanding shares of common stock.
The preferred shares will convert into 32,327,015 shares of CNA common stock,
utilizing a conversion price per share of common stock that is based on average
market prices of CNA common stock from November 17, 2003 through November 21,
2003. Upon conversion, Loews will own approximately 91% of CNA's outstanding
common stock of approximately 255.9 million shares. Conversion will take place
when the Company satisfies applicable stock exchange requirements.

CNA is the country's fourth largest commercial insurance writer and the 11th
largest property and casualty company. CNA's insurance products include standard
commercial lines, specialty lines, surety, marine and other property and
casualty coverages; life and accident insurance; group long term care,
disability and life insurance; and pension products. CNA services include risk
management, information services, underwriting, risk control and claims
administration. For more information, please visit CNA at www.cna.com. CNA is a
registered service mark, trade name and domain name of CNA Financial
Corporation.


FORWARD-LOOKING STATEMENT

The statements contained in this press release, which are not historical facts,
are forward-looking statements. When included in this press release, the words
"believes," "expects," "intends," "anticipates," "estimates," and analogous
expressions are intended to identify forward-looking statements. Forward-looking
statements include expected developments in the insurance business of CNA (the
"Company"), including losses for asbestos, environmental pollution and mass tort
claims; the Company's expectations concerning its revenues, earnings, expenses
and investment activities; expected cost savings and other results from the
Company's expense reduction and restructuring activities; and the Company's
proposed actions in response to trends in its business.

Such statements, and the financial condition and results of operations of the
Company and the price of the Company's common stock, are subject to a variety of
inherent risks and uncertainties. These risks and uncertainties could cause
actual results to differ materially from those projected. Such risks and
uncertainties include, among others: general economic and business conditions,
including inflationary pressures on medical care costs, construction costs and
other economic sectors that increase the severity of claims; changes in
financial markets such as fluctuations in interest rates, long-term periods of
low interest rates, credit conditions and currency, commodity and stock prices;
the effects of corporate bankruptcies, such as Enron and WorldCom, on surety
bond claims, as well as on capital markets and on the markets for directors &
officers and errors & omissions coverages; changes in foreign or domestic
political, social and economic conditions; regulatory initiatives and compliance
with governmental regulations;


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judicial decisions and rulings, including interpretation of policy provisions,
decisions regarding coverage and theories of liability, trends in litigation and
the outcome of any litigation involving the Company; changes in tax laws and
regulations; regulatory limitations and restrictions upon the Company and its
insurance subsidiaries; the impact of competitive products, policies and pricing
and the competitive environment in which the Company operates, including changes
in the Company's books of business; product and policy availability and demand
and market responses, including the level of ability to obtain rate increases
and decline or non-renew underpriced accounts, to achieve premium targets and
profitability and to realize growth and retention estimates; development of
claims and the impact on loss reserves, including changes in claim settlement
practices; the effectiveness of current initiatives by claims management to
reduce loss and expense ratio through more efficacious claims handling
techniques; the performance of reinsurance companies under reinsurance contracts
with the Company; results of financing efforts, including the availability of
bank credit facilities; changes in the Company's composition of operating
segments; weather and other natural physical events, including the severity and
frequency of storms, hail, snowfall and other winter conditions, as well as of
natural disasters such as hurricanes and earthquakes; man-made disasters,
including the possible occurrence of terrorist attacks and the effect of the
absence of applicable terrorism legislation on coverages; the occurrence of
epidemics; exposure to liabilities due to claims made by insureds and others
relating to asbestos remediation and health-based asbestos impairments, and
exposure to liabilities for environmental pollution and other mass tort claims;
whether a national privately financed trust to replace litigation of asbestos
claims with payments to claimants from the trust will be established or approved
through federal legislation, or, if established and approved, whether it will
contain funding requirements in excess of the Company's established loss
reserves or carried loss reserves; the sufficiency of the Company's loss
reserves and the possibility of future increases in reserves; the level of
success in integrating acquired businesses and operations, and in consolidating
existing ones; the possibility of changes in the Company's ratings by ratings
agencies, including the inability to access certain markets or distribution
channels and the required collateralization of future payment obligations as a
result of such changes, and changes in rating agency policies and practices; the
actual closing of contemplated transactions and agreements; and various other
matters and risks (many of which are beyond the Company's control) detailed in
the Company's Securities and Exchange Commission filings.

These forward-looking statements speak only as of the date of this press
release. The Company expressly disclaims any obligation or undertaking to
release any updates or revisions to any forward-looking statement contained in
this press release to reflect any change in the Company's expectations with
regard thereto or any change in events, conditions or circumstances on which any
statement is based.

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