[Form 4] CNA Financial Corporation Insider Trading Activity

Rhea-AI Filing Summary

Scott R. Lindquist, EVP & CFO of CNA Financial Corp (CNA), reported two open-market sales of common stock on 09/03/2025 and 09/04/2025 totaling 18,380 shares. The first sale of 10,000 shares executed at a weighted average price of $48.81 reduced his holdings to 89,867 shares; the second sale of 8,380 shares at a weighted average of $48.98 reduced holdings to 81,487 shares. Both transactions were reported on Form 4 and were executed in multiple trades with disclosed price ranges. The Form 4 shows direct beneficial ownership and includes an undertaking to provide trade-level details upon request.

Positive

• Transparent disclosure of weighted-average sale prices and willingness to provide trade-level details upon request
• Form 4 compliance clearly identifies reporting person as EVP & CFO and shows direct beneficial ownership after transactions

Negative

• Insider sales totaling 18,380 shares reduced executive holdings to 81,487 shares, which some investors may view negatively absent context

Insights

Financial Analyst

TL;DR Insider sold 18,380 shares in two open-market transactions; holdings fell to 81,487 shares—transaction sizes modest versus typical institutional volumes.

The reported sales by the EVP & CFO are disclosed as routine open-market transactions executed across multiple trades at weighted-average prices near $49. The aggregate sale size (18,380 shares) and resulting holding (81,487 shares) should be compared to the company's outstanding shares to assess economic impact; the filing itself provides necessary transparency but does not include context on proportionate ownership or intent. No derivative or compensatory transactions were reported.

Corporate Governance Expert

TL;DR Form 4 shows compliant disclosure of executive sales with offered trade-level price ranges; no red flags in filing mechanics.

The Form 4 is complete in listing relationship (EVP & CFO), transaction codes, and post-transaction beneficial ownership. The inclusion of weighted-average prices and willingness to provide trade-level data upon request supports transparency. Absent additional context (pre-existing trading plan, proportion of insider stake, or timing relative to corporate announcements), the disclosure alone does not indicate governance or compliance issues.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LINDQUIST SCOTT R

(Last) (First) (Middle)

151 N. FRANKLIN STREET

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CNA FINANCIAL CORP [ CNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/03/2025		S		10,000	D	$48.81(1)	89,867	D
Common Stock	09/04/2025		S		8,380	D	$48.98(2)	81,487	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $48.72 to $48.94. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer or security holder of the issuer full information regarding the number of shares and prices at which the transaction was affected.

2. This transaction was executed in multiple trades at prices ranging from $48.91 to $49.06. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer or security holder of the issuer full information regarding the number of shares and prices at which the transaction was affected.

Remarks:

	Stathy Darcy by Power of Attorney for Scott R. Lindquist	09/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What shares did CNA EVP & CFO Scott R. Lindquist sell?

He sold a total of 18,380 common shares in two open-market transactions: 10,000 on 09/03/2025 and 8,380 on 09/04/2025.

At what prices were the CNA (CNA) insider sales executed?

The transactions executed at weighted-average prices of $48.81 (09/03/2025) and $48.98 (09/04/2025), with trade-level ranges disclosed in the filing.

How many CNA shares does Scott R. Lindquist beneficially own after these sales?

Following the reported transactions, his reported direct beneficial ownership is 81,487 shares.

Were the CNA insider transactions part of a 10b5-1 plan?

The Form 4 does not indicate that these transactions were executed pursuant to a 10b5-1 plan; it lists them as open-market sales with transaction code S.

Is there any derivative or option activity reported for CNA insider Scott R. Lindquist?

No derivative securities, options, or convertible transactions are reported on this Form 4; Table II is empty for the reporting person.