SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13D

                     Under the Securities Exchange Act of 1934


                           LaSalle Re Holdings Limited
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                     G5383Q101
                                 (CUSIP Number)

                                Timothy S. Scott
                                     Counsel
                            CNA Financial Corporation
                              CNA Plaza - 23 South
                             Chicago, Illinois 60685
                                (312) 822 - 4979

   (Name, Address and Telephone Number of Person Authorized to Receive Notices
                              and Communications)

                               September 30, 1998
                          (Date of Event which Requires
                            Filing of this Statement)

If the filing person has previously  filed a statement on Schedule 13G to report
the  acquisition  which is the subject of this  Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [XXX].

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

                (Continued on the following page(s))


<PAGE>



(1)        Name of Reporting Person:        CNA Financial Corporation

           SS or IRS Identification         36-6169860
           Nos. of Above Persons:

(2)        Check the Appropriate Box        (a)       (b) X
           If A Member of Group
           (See Instructions)

(3)        SEC Use Only

(4)        SOURCE OF FUNDS

           WC

(5)        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
           ITEMS 2(d) OR 2(e)               / /

(6)        Citizenship or Place of Organization      Delaware

           Number of             (7)  Sole Voting Power         0
           Shares
           Beneficially Owned    (8)  Shared Voting Power       3,455,500
           by Each Reporting
           Person With:          (9)  Sole Dispositive Power    0

                                (10)  Shared Dispositive Power: 3,455,500

(11)       Aggregate Amount Beneficially
           Owned by Each Reporting Person                       3,455,500

(12)       Check if the Aggregate Amount in Row (11)
           Excludes Certain Shares (See Instructions)

(13)       Percent of Class
           Represented By Amount in Row 11                       21.2%

(14)       Type of Reporting
           Person (See Instructions)                             HC

     Under  Illinois  Law,  assets owned by  Continental  Casualty  Company,  an
Illinois  insurance  company,  are  solely  under  the  control  of the board of
directors of the insurer.  The characterization of shared dispositive power with
the  parent   holding   company  is  made  solely  as  a   consequence   of  SEC
interpretations  regarding control of the subsidiary.  CNA Financial Corporation
and  Loews  Corporation   specifically  disclaim  beneficial  ownership  of  the
securities identified herein.


<PAGE>




(1)        Name of Reporting Person:        Loews Corporation

           SS or IRS Identification         13-2646102
           Nos. of Above Persons:

(2)        Check the Appropriate Box     (a)       (b) X
           If A Member of Group
           (See Instructions)

(3)        SEC Use Only

(4)        Citizenship or Place of Organization      Delaware

           Number of             (5)  Sole Voting Power         0
           Shares
           Beneficially Owned    (6)  Shared Voting Power       3,455,500
           by Each Reporting
           Person With:          (7)  Sole Dispositive Power    0

                                 (8)  Shared Dispositive Power: 3,455,500

(9)        Aggregate Amount Beneficially
           Owned by Each Reporting Person                       3,455,500

(10)       Check if the Aggregate Amount in Row (9)
           Excludes Certain Shares (See Instructions)

(11)       Percent of Class
           Represented By Amount in Row 9                       21.2%

(12)       Type of Reporting
           Person (See Instructions)                            HC

     Under  Illinois  Law,  assets  owned by  Continental  Casualty  Company  an
Illinois  insurance  company,  are  solely  under  the  control  of the board of
directors of the insurer.  The characterization of shared dispositive power with
the  parent   holding   company  is  made  solely  as  a   consequence   of  SEC
interpretations  regarding control of the subsidiary.  CNA Financial Corporation
and  Loews  Corporation   specifically  disclaim  beneficial  ownership  of  the
securities identified herein.

<PAGE>





(1)        Name of Reporting Person:        Continental Casualty Company

           SS or IRS Identification         36-2114545
           Nos. of Above Persons:

(2)        Check the Appropriate Box        (a)       (b) X
           If A Member of Group
           (See Instructions)

(3)        SEC Use Only

(4)        Citizenship or Place of Organization      Illinois

           Number of             (5)  Sole Voting               0
           Shares
           Beneficially Owned    (6)  Shared Voting             3,455,500
           by Each Reporting
           Person With:          (7)  Sole Dispositive Power    0

                                 (8)  Shared Dispositive Power: 3,455,500

(9)        Aggregate Amount Beneficially
           Owned by Each Reporting Person                       3,455,500

(10)       Check if the Aggregate Amount in Row (9)
           Excludes Certain Shares (See Instructions)

(11)       Percent of Class
           Represented By Amount in Row 9                       21.2%

(12)       Type of Reporting
           Person (See Instructions)                            IC

     Under  Illinois  Law,  assets  owned by  Continental  Casualty  Company  an
Illinois  insurance  company,  are  solely  under  the  control  of the board of
directors of the insurer.  The characterization of shared dispositive power with
the  parent   holding   company  is  made  solely  as  a   consequence   of  SEC
interpretations  regarding control of the subsidiary.  CNA Financial Corporation
and  Loews  Corporation   specifically  disclaim  beneficial  ownership  of  the
securities identified herein.


<PAGE>






Item 1.   Security and Issuer.

          This Schedule  relates to shares of the Common Stock,  par value $1.00
          per share  ("Common  Stock")  of  LaSalle  Re  Holdings  Limited  (the
          "Issuer").  The Issuer's  principal  executive office is located at 25
          Church Street, P.O. Box HM 1502, Hamilton, HMFX, Bermuda.

Item 2.   Identity and Background.

          This  statement  is  submitted  by  the  following  entities:  1.  CNA
          Financial Corporation ("CNA"),  which is a corporation organized under
          the laws of the State of  Delaware.  CNA's  principal  address  is CNA
          Plaza, Chicago, Illinois 60685. CNA is a holding company which derives
          substantially  all of its  operating  income  and cash  flow  from its
          subsidiaries,  whose lines of business  include  property and casualty
          insurance;  life  insurance,  accident and health  insurance;  pension
          products and annuities; and related services. The shares which are the
          subject of this report are owned by two wholly owned  subsidiaries  of
          CNA: Continental Casualty Company (3,136,350 shares) and CNA (Bermuda)
          Services  Ltd., a Bermuda  corporation.  CNA has not,  during the last
          five  years,  been  convicted  in a criminal  proceeding  and has not,
          during the last five years,  been a party to a civil  proceeding  of a
          judicial or administrative body of competent  jurisdiction as a result
          of which it is or was  subject to a  judgment,  decree or final  order
          enjoining future violations of, or prohibiting or mandating activities
          subject to, federal or state  securities laws or finding any violation
          with respect to such laws. CNA is a majority (84%) owned subsidiary of
          Loews Corporation.


          2. Loews Corporation ("Loews"), which is a corporation organized under
          the laws of the State of Delaware. Loews Corporation has its principal
          offices at 667 Madison Avenue, New York, New York 10021-8087. Loews is
          a holding  company and derives  all of its  operating  income and cash
          flow from its  subsidiaries.  In addition to CNA, Loews'  subsidiaries
          are engaged in the following  lines of business;  the  production  and
          sale of cigarettes (Lorillard,  Inc., a wholly owned subsidiary);  the
          operation of hotels (Loews Hotels Holding Corporation,  a wholly owned
          subsidiary);  the  operation  of offshore  oil and gas  drilling  rigs
          (Diamond Offshore, a 50.3% owned subsidiary); and the distribution and
          sale  of  watches  and  clocks  (Bulova   Corporation,   a  97%  owned
          subsidiary). Loews has not, during the last five years, been convicted
          in a criminal proceeding and has not, during the last five years, been
          a party to a civil proceeding of a judicial or administrative  body of
          competent  jurisdiction as a result of which it is or was subject to a
          judgment,  decree or final order  enjoining  future  violations of, or
          prohibiting  or  mandating  activities  subject  to,  federal or state
          securities laws or finding any violation with respect to such laws.

          3. Continental Casualty Company ("Continental"), which is an insurance
          company   organized   under  the  laws  of  the  State  of   Illinois.
          Continental's principal address is CNA Plaza, Chicago, Illinois 60685.
          Continental is a property and casualty insurance company.  Continental
          is a wholly owned subsidiary of CNA Financial Corporation. Continental
          has not,  during the last five  years,  been  convicted  in a criminal
          proceeding and has not, during the last five years,  been a party to a
          civil  proceeding  of a judicial or  administrative  body of competent
          jurisdiction  as a result of which it is or was subject to a judgment,
          decree or final order enjoining  future  violations of, or prohibiting
          or mandating  activities  subject to, federal or state securities laws
          or finding any violation with respect to such laws. Continental is the
          owner of  3,136,350  of the  shares or  instruments  convertible  into
          shares,  described in this report. Under Illinois Law, assets owned by
          Continental Casualty Company are solely under the control of the board
          of  directors  of  the  insurer.   The   characterization   of  shared
          dispositive  power with the parent holding companies is made solely as
          a  consequence  of  SEC  interpretations   regarding  control  of  the
          subsidiary.   CNA   Financial   Corporation   and  Loews   Corporation
          specifically   disclaim   beneficial   ownership  of  the   securities
          identified herein.

          The names,  business  addresses and occupational  information for: (a)
          each executive  officer and director of CNA Financial  Corporation (b)
          each executive  officer and director of Loews Corporation and (c) each
          executive officer and director of Continental  Casualty Company is set
          forth in  Exhibit  A. To the best of the  knowledge  of CNA  Financial
          Corporation,  Loews  Corporation,  and Continental  Casualty  Company,
          respectively, each of the individuals on Exhibit A has not, during the
          last five years, been convicted in a criminal  proceeding and has not,
          during the last five years,  been a party to a civil  proceeding  of a
          judicial or administrative body of competent  jurisdiction as a result
          of which it is or was  subject to a  judgment,  decree or final  order
          enjoining future violations of, or prohibiting or mandating activities
          subject to, federal or state  securities laws or finding any violation
          with respect to such laws. Item 3. Source and Amount of Funds or Other
          Consideration Working capital.

Item 4. Purpose of the Transaction

          Certain subsidiaries of CNA Financial Corporation (collectively "CNA")
          were among the entities which capitalized LaSalle Re Limited ("LaSalle
          Re"), which is LaSalle Re Limited's  ("Holdings'") principal operating
          subsidiary.  In respect of the  exchange  of certain  interests  in La
          Salle  Re,  CNA  received,  immediately  prior  to the  completion  of
          Holdings'  initial  public  offering,  options to  acquire  non-voting
          common  stock in LaSalle  Re, in the  following  amounts:  Continental
          Casualty  Company - 135,350  options;  CNA  (Bermuda)  Services Ltd. -
          318,150 options.  Such options are  exerciseable  subject to the prior
          approval of the Bermuda  Monetary  Authority.  The non-voting stock is
          exchangeable,  subject to certain conditions and approval of the Board
          of  Directors,  into common shares of Holdings on a one for one basis.
          CNA additionally received 1,425,354 shares of common stock of Holdings
          and 1,574,646 shares of non-voting  exchangeable shares of LaSalle Re,
          both of which positions are held in Continental  Casualty Company. CNA
          exercised  its  options  to  acquire  additional  non-voting  stock in
          LaSalle Re Limited in order to receive  dividend  income  accruing  to
          such shares.

          CNA has no present  intention  to seek to initiate  any  extraordinary
          transactions  such  as  a  merger  or  sale  of  material  amounts  of
          Holdings',  nor to effect a change in the Issuer's board of directors,
          management or documents governing Holdings' conduct of its business or
          corporate structure.

Item 5.  Interest in Securities of the Issuer

               (a)  Continental  Casualty  Company owns 1,425,354  shares of the
          common stock of LaSalle Re Holdings  Limited,  which constitutes 9.39%
          of such shares outstanding.  Continental Casualty Company additionally
          owns, as a consequence of the exercise of its options on September 30,
          1998,  1,710,996  shares of  non-voting  exchangeable  common stock of
          LaSalle Re Limited. If exchanged, such shares together with the shares
          already held by Continental Casualty Company would constitute 17.9% of
          Holdings shares outstanding.

               CNA (Bermuda)  Services  Limited  owns,  as a consequence  of its
          exercise of its  options on  September  30,  1998,  318,150  shares of
          non-voting  exchangeable  common  stock  of  LaSalle  Re  Limited.  If
          exchanged,  such  shares  together  with the  shares  already  held by
          Continental  Casualty  Company  would  constitute  21.2% of  Holdings'
          shares outstanding.

               (b).  Under Illinois Law,  assets owned by  Continental  Casualty
          Company an Illinois insurance company, are solely under the control of
          the board of directors of the insurer.  The characterization of shared
          dispositive  power with the parent holding company is made solely as a
          consequence   of  SEC   interpretations   regarding   control  of  the
          subsidiary.   CNA   Financial   Corporation   and  Loews   Corporation
          specifically   disclaim   beneficial   ownership  of  the   securities
          identified  herein.  Additionally,  the CNA subsidiaries which own the
          securities  which are the  subject of this  report are  subject to the
          provisions of the agreements identified in Item 6 of this report.

               (c) On September 30, 1998, Continental Casualty Company exercised
          its option to acquire 136,350  additional  shares of non-voting common
          stock of LaSalle Re Limited.  On  September  30, 1998,  CNA  (Bermuda)
          Services  Ltd.  exercised  its  option to acquire  318,150  additional
          shares of non-voting common stock of LaSalle Re Limited.  No affiliate
          of CNA Financial  Corporation has had other transactions in securities
          issued by or  convertible  into  securities  issued by Holdings in the
          sixty days preceding the filing of this report.

          (d) None.

          (e) Not Applicable.

Item 6.  Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer


The following agreements relating to the securities issued by Holdings have been
entered into by CNA:


     1 Excess  Ownership  Agreement  dated  November  27,  1995 among  Holdings,
LaSalle Re and the Founding  Shareholders (Filed with the SEC as Exhibit 10.3 to
Form 10-Q for the quarterly period ended December 31, 1995 (File No. 0-27216)).

     2 Amended and Restated Shareholders Agreement dated November 27, 1995 among
Holdings,  LaSalle  Re and the  Founding  Shareholders  (Filed  with  the SEC as
Exhibit 10.1 to Form 10-Q for the quarterly period ended December 31, 1995 (File
No. 0-27216)).

     3 Conversion  Agreement dated November 27, 1995 among Holdings,  LaSalle Re
and holders of  Exchangeable  Non-Voting  Shares  (Filed with the SEC as Exhibit
10.4 to Form 10-Q for the quarterly period ended December 31, 1995 (File No.
0-27216)).

Item 7.  Material to Be Filed as Exhibits

     (a) Executive  Officers and Directors of CNA Financial  Corporation,  Loews
Corporation, and Continental Casualty Company.

     (B) Agreement Relating to the Filing of Joint Acquisition Statements


Signature

     After reasonable inquiry and to the best of the undersigned's knowledge and
belief the undersigned  certify that the information set forth in this statement
is true, complete and correct.

CONTINENTAL CASUALTY COMPANY
/s/ Jonathan D. Kantor
             Signature

Jonathan D. Kantor
Senior Vice President, Secretary and General Counsel


CNA FINANCIAL CORPORATION


/s/ Jonathan D. Kantor
             Signature

Jonathan D. Kantor
Senior Vice President, Secretary and General Counsel


LOEWS CORPORATION

/s/ Barry L Hirsch
             Signature

Barry L. Hirsch
Senior Vice President, Secretary and General Counsel


                                    Exhibit A

CNA Financial Corporation


Directors and Executive Officers


Antoinette Cook Bush, Partner, Skadden, Arps, Slate, Meagher & Flom, Washington,
D. C. since 1993.

Dennis H. Chookaszian,  Chairman of the Board and Chief Executive Officer of the
CNA Insurance Companies since September 1992.

Philip L. Engel, President of the CNA Insurance Companies since September 1992.

Robert P. Gwinn,  Retired  Chairman of the Board and Chief Executive  Officer of
Encyclopaedia Britannica. He is a director of Alberto Culver Company.

Walter F. Mondale,  Partner in the  Minneapolis,  Minnesota law firm of Dorsey &
Whitney since December 1996.

Edward J. Noha, Chairman of the Board of CNA since September 1992. Prior to that
time and since  February  1975,  Mr.  Noha was  Chairman  of the Board and Chief
Executive Officer of the CNA Insurance Companies.

Joseph  Rosenberg,  Chief  Investment  Strategist of Loews since 1995.  Prior to
that,he was Chief Investment Officer of Loews since August 1973.

Richard L.Thomas, Retired Chairman of the Board of First Chicago NBD Corporation
("NBD").  He was  Chairman  of the  Board  of  First  Chicago  Corporation  (the
predecessor of NBD) from January 1992 through December 1995.

JamesS. Tisch,  President  and Chief  Operating  Officer of Loews since  October
1994. Prior to that, he was Executive Vice President of Loews.

Luarence A. Tisch,  Co-Chairman of the Board and Co-Chief  Executive  Officer of
Loews. He is the Chief Executive Officer of CNA.

PRESTON R. Tisch,  Co-Chairman  of the Board and Co-Chief  Executive  Officer of
Loews.

Marvin  Zonis,  Professor  of  international  political  economy at the Graduate
School of Business of the University of Chicago since 1989.


Loews Corporation


Directors and Executive Officers


Charles B. Benenson,  85 - Officer and Director,  Benenson  Realty Company (real
estate investments).

John Brademas, 71 - President Emeritus since 1992 and, prior thereto,  President
of New York University.

Dennis H. Chookaszian, 54 - Chairman of the Board and Chief Executive Officer of
the CNA Insurance Companies since September 1992.

Paul J.  Fribourg,  44 - Chairman of the Board of Directors and Chief  Executive
Officer of Continental Grain (international agribusiness and financial services)
since April 1997.

Bernard  Myerson,  80 - Retired,  formerly  Chairman  Emeritus  of Sony  Theatre
Management Corporation.

Edward J. Noha,  70 - Chairman of the Board of CNA Financial  Corporation  since
1992.

Gloria R. Scott, 59 - President, Bennett College, Greensboro, North Carolina.

Andrew H. Tisch,  48 - Chairman of the Management  Committee  since 1995.  Prior
thereto  he had been  Chairman  of the  Board  and Chief  Executive  Officer  of
Lorillard, Inc. a wholly owned subsidiary of the Loews Corporation.

James S.  Tisch,  45 -  President  and  Chief  Operating  Officer  of the  Loews
Corporation since 1994.

Jonathan M. Tisch, 44 - President and Chief Executive Officer of Loews Hotels.

Laurence A. Tisch, 75 - Co-Chairman of the Board and Co-Chief  Executive Officer
of the Loews Corporation.

Preston R. Tisch, 71 - Co-Chairman of the Board and Co-Chief  Executive  Officer
of the Loews Corporation.

Continental Casualty Company


Directors

Dennis H. Chookaszian         Chief Executive Officer, Continental Casualty
                              Company

W. James McGinnitie           Chief Financial Officer, Continental Casualty
                              Company

Philip Engel                  President, Continental Casualty Company

William H. Sharkey, Jr.       Senior Vice President, Continental Casualty
                              Company

Carol Dubnicki                Senior Vice President, Continental Casualty
                              Company

Jonathan D. Kantor            Senior Vice President, Secretary and General
                              Counsel, Continental Casualty Company


Executive Officers

Dennis H. Chookaszian         Chief Executive Officer, Continental Casualty
                              Company

W. James McGinnitie           Chief Financial Officer, Continental Casualty
                              Company

Philip Engel                  President, Continental Casualty Company

Jonathan D. Kantor            Senior Vice President, Secretary and General
                              Counsel, Continental Casualty Company




                                    Exhibit B

        Agreement Relating to the Filing of Joint Acquisition Statements

     Each of the undersigned  hereby agrees that the Schedule 13G filed herewith
is filed  jointly,  pursuant to Rule 13d-l(f) of the Securities and Exchange Act
of 1934, as amended, on behalf of each of the undersigned.

CONTINENTAL CASUALTY COMPANY
/s/ Jonathan D. Kantor
             Signature

Jonathan D. Kantor
Senior Vice President, Secretary and General Counsel


CNA FINANCIAL CORPORATION


/s/ Jonathan D. Kantor
             Signature

Jonathan D. Kantor
Senior Vice President, Secretary and General Counsel


LOEWS CORPORATION

/s/ Barry L Hirsch
             Signature

Barry L. Hirsch
Senior Vice President, Secretary and General Counsel