CNA Financial Corp., the insurer that hasn’t paid a common stock dividend since 2008, redeemed the remaining $500 million of the $1.25 billion preferred stock issued to its parent Loews Corp. during the financial crisis.
CNA paid $508 million, which included accrued and unpaid dividends, the Chicago-based company said today in a statement distributed by Business Wire.
CNA was prohibited from reviving the dividend until it redeemed the preferred shares. Loews owns about 90 percent of CNA’s common stock.
To contact the editor responsible for this story: Dan Kraut at firstname.lastname@example.org.