CNA to Cut Commercial Insurance Unit Jobs

CNA Financial Corp., the third-largest U.S. property and casualty insurer, plans to cut 1,100 workers from its commercial insurance business by the end of next year to streamline claims processing and other functions. The cuts represent 20% of the work force at CNA Commercial Insurance, the CNA unit that provides insurance to business customers through 40 branch offices across the country. The Chicago-based company will concentrate the new policy business that’s now handled in 24 of its branch offices in Orlando, Fla. It will also shift claims processing from the same 24 offices to eight regional centers, said CNA spokesman Roger Morris. It won’t close any branch offices. CNA’s shares advanced 38 cents to close at $46.50 on the New York Stock Exchange, bringing its 12-month gain to 25%.