8-K

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                                 UNITED STATES


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                    FORM 8-K

                                 CURRENT REPORT

                    PURSUANT TO SECTION 13 OR 15 (d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934



Date of report (Date of earliest event reported)                May 30, 2003


                      -------------------------------------



                            CNA FINANCIAL CORPORATION

            (Exact name of registrant as specified in its charter)





               DELAWARE                  1-5823              36-6169860
     (State or Other Jurisdiction      (Commission         (IRS Employer
           of Incorporation)           File Number)      Identification No.)

       CNA PLAZA, CHICAGO, ILLINOIS                             60685
(Address of Principal Executive Offices)                     (Zip Code)

Registrant's telephone number, including area code         (312) 822-5000

       (Former Name or Former Address, if Changed Since Last Report)


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Item 5.  Other Events

The following information is filed pursuant to Item 5 Other Events. On May 30,
2003 CNA Financial Corporation issued a press release announcing a second
quarter charge relating to a 1995 property loss. The press release is furnished
as Exhibit 99.1 to this Form 8-K.

Item 7.  Financial Statements and Exhibits

(c)  Exhibits:

Exhibit No.    Description
- -----------    -----------

99.1           CNA Financial Corporation press release, issued May 30, 2003
               providing information on 2nd quarter charge.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        CNA FINANCIAL CORPORATION



Dated:  May 30, 2003                    /s/ Robert V. Deutsch
                                             --------------------------------
                                        By:  Robert V. Deutsch
                                        Its: Executive Vice President and
                                             Chief Financial Officer


                                   Page 2 of 4

EX-99.1

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 SECOND QUARTER CHARGE
                         RELATING TO 1995 PROPERTY LOSS

CHICAGO, MAY 30, 2003 --- CNA Financial Corporation (NYSE: CNA) today announced
that its Specialty Lines segment expects to record an after-tax charge of
approximately $49 million in the second quarter of 2003 in connection with a
recent adverse arbitration decision involving a single large property and
business interruption loss. The decision was rendered against an insurance pool
in which CNA was a former participant. The loss was caused by a fire which
occurred in 1995. Further details will be provided when they are publicly
available.

"We are disappointed and surprised by the arbitration decision," said Stephen W.
Lilienthal, Chairman and Chief Executive Officer of the CNA insurance companies.
"In our experience it is highly unusual for a property loss of this nature to
have such adverse development so long after the loss event."

ABOUT THE COMPANY

CNA is the country's fourth largest commercial insurance writer, the 11th
largest property and casualty company and the 51st largest life insurance
company. CNA's insurance products include standard commercial lines, specialty
lines, surety, reinsurance, 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.


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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 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; 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; a national
privately financed trust to replace litigation of asbestos claims with payments
to claimants from the trust is not established or is not approved through
federal legislation, or, if established and approved, contains 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 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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