CNA is the 7th largest U.S. commercial insurer and the 14th largest U.S. property & casualty insurer, providing insurance protection to more than 1 million businesses and professionals in the U.S. and internationally. Headquartered in Chicago, CNA has offices throughout the U.S., Canada and Europe.

City assistance recently led to the company’s decision to keep its corporate headquarters downtown.  A redevelopment agreement between the city and CNA calls for the conversion of the 45-story, 1.15 million-square-foot building at 333 S. Wabash St. to a multi-tenant building, allowing for rental space to other businesses.  It also includes upgrading common areas such as the lobby, entrances and elevators, improvements to the telecommunications system, the creation of new conference rooms and meeting spaces, and providing a green rooftop.  CNA also will donate $1 million over the next three years to local not-for-profit organizations.   

The company has been headquartered in Chicago for 100 years, spending the past 30 years at their current location.

CNA chose to stay in Chicago due to overwhelming support from Mayor Daley’s office; the building’s close proximity to the city’s many universities; the generous tax increment financing (TIF) package offered by the city; convenient access to bus and rail transit; proximity to company employees; and the opportunity to renovate and manage a landmark facility that has been a fixture in Chicago’s skyline since 1972.

“We always knew that staying in the city would make aesthetic sense and would be the best solution for employees,” said Tom Pontarelli, executive vice president and chief administration officer for CNA.  “Any time you move, it is disruptive.  Moving even 20 miles to suburban Chicago would have had a huge impact on people’s lives and could have caused a lot of turnover.” 

The total cost of the project is estimated at $63.65 million (including the redevelopment of the 45-story tower, the creation of new jobs, and city money).  Tax Increment Financing in the amount of $13.68 million will be provided to the project.

By keeping CNA in Chicago, the city retained 3,000 jobs, in addition to the creation of 200 new jobs.  CNA’s decision to remain in the 34-year-old building between East Jackson Boulevard and Van Buren Street, is also a vote of corporate confidence in the long-term viability of the East Loop.