CNA Redeems Remaining Senior Preferred Stock Held by Loews
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.
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