Exhibit 99.01


CNA
CNA Plaza
Chicago, IL  60685
Media:
Clark Walter
312-822-1454
Analysts:
Donald P. Lofe, Jr.
312-822-3993


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NEWS

                                                           For Immediate Release



CNA Announces it is Exploring the Sale of Individual Life Insurance and Life
Reinsurance Businesses

CHICAGO,  IL,  March 8, 2000 -- CNA,  the  nation's  second  largest  commercial
insurer, today announced that, consistent with its strategy to sharpen its focus
on insurance products and services for businesses,  the company is exploring the
sale of its individual life insurance and life reinsurance businesses.

Bernard  L.  Hengesbaugh,  chairman  and chief  executive  officer  of CNA,  the
insurance unit of CNA Financial  Corporation (NYSE: CNA), said, "This initiative
is the  latest  in a  series  of  steps  we've  taken  recently  to make CNA the
underwriter of choice in the business market.  We believe this strategy plays to
our strengths at a time of tremendous  change in the global  financial  services
industry and is in the best interests of our customers, stockholders, employees,
and business partners."

CNA is a leader in small  business,  middle  market  and  selective  large  risk
management accounts.  It provides customers with specialty and property-casualty
products,  along  with  risk  management  services  and a broad  array  of group
insurance products and services.  Last year, as part of its strategy to focus on
its worldwide  business insurance and services  operations,  CNA transferred its
personal auto and homeowners insurance business to Allstate Corporation.

CNA's  life  operations  provide  a full  line  of  individual  life  insurance,
individual long-term care insurance and annuities.  They also provide retirement
services to institutions in the form of investment  products and  administration
services.  CNA's life reinsurance  business reinsures individual life and health
products sold by other life insurance companies.

"Our life and life  reinsurance  operations  represent a unique  combination  of
experience  and  innovation,"  said CNA Life President  Peter E. Jokiel.  "These
business units have strong and proven  management teams and an outstanding group
of talented and dedicated  employees  who have  successfully  developed  leading
positions in their  targeted  markets  through  product  innovation,  technology
investment,   underwriting  excellence,  efficient  infrastructure,  and  strong
distribution partnerships.

                                     -more-
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"We are committed to supporting  these  relationships,  systems and standards of
excellence  throughout this period during which we are exploring the sale of our
life and life reinsurance operations," said Jokiel.

CNA has engaged Donaldson,  Lufkin & Jenrette  Securities  Corporation to assist
with the potential sale of the life operations.

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
"believe,"  "expects,"  "intends,"  "anticipates,"  "estimates,"  and  analogous
expressions are intended to identify forward-looking statements. Such statements
inherently are subject to a variety of risks and uncertainties  that could cause
actual  results  to differ  materially  from  those  projected.  Such  risks and
uncertainties  include,  among  others,  the  impact  of  competitive  products,
policies  and  pricing;   product  and  policy  demand  and  market   responses;
development  of claims  and the  effect on loss  reserves;  the  performance  of
reinsurance companies under reinsurance contracts with CNA, general economic and
business  conditions;  changes in  financial  markets  (interest  rate,  credit,
currency,  commodities and stocks);  changes in foreign,  political,  social and
economic  conditions;  regulatory  initiatives and compliance with  governmental
regulations;  judicial decisions and rulings;  the effect on CNA with regards to
third party corrective actions on Year 2000 compliance; changes in rating agency
policies  and  practices;  the results of  financing  efforts;  changes in CNA's
composition  of  operating   segments;   the  actual  closing  of   contemplated
transactions  and  agreements and various other matters and risks (many of which
are beyond CNA's control)  detailed in CNA's Securities and Exchange  Commission
filings.  These  forward-looking  statements  speak  only as of the date of this
press release.  CNA expressly disclaims any obligation or undertaking to release
publicly  any updates or revisions to any  forward-looking  statement  contained
herein to reflect any change in CNA's  expectations  with regard  thereto or any
change in events, conditions or circumstances on which any statement is based.


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