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CNA Personal Insurance Enters Into the Antique/Classic Auto Market

16 September 1998

CNA Personal Insurance Announces Its Entry Into the Antique/Classic Auto and Classic Boat Markets

    CHICAGO--Sept. 16, 1998--CNA announced today that its Personal Insurance unit will offer antique/classic automobile and classic wooden boat insurance through an arrangement with the Hagerty Classic Insurance Agency, one of the fastest-growing and largest national agency program managers specializing in this rapidly growing specialty market segment. Through this agreement, CNA will expand this new product line to its current agents.
    CNA taps Hagerty's marketing, underwriting and claims-handling expertise in servicing classic automobile and classic boat policyholders. The classic automobile and classic boat program is designed to fit the unique coverage needs of collectible automobiles or boats and is priced lower than other specialty and standard carriers' programs.
    "We have identified the classic automobile and boat market as an area of opportunity for us and our agency partners," said Ernest A. Lausier, president of CNA Personal Insurance. "Hagerty Classic Insurance Agency will help us gain market leadership in this rapidly growing market. Hagerty exemplifies the kind of responsive customer service capability that we are working to achieve in all areas of our business."
    As avid collectors of classic automobiles and boats, the Hagerty family brings unique expertise to servicing this business.
    "We know that classic car and boat owners are the safest, most conscientious drivers and boaters who own the most pampered, cared-for vehicles and boats," said McKeel Hagerty, president of Hagerty Classic Insurance. "Our program with CNA allows us to reward these customers with the most comprehensive insurance coverage at perhaps the lowest rates in the business."
    The Hagerty program is distinguished by four features: agreed value physical damage coverage; a single liability premium charge; flexible underwriting; and superior in-house claims handling. Agreed value physical damage coverage guarantees that customers will receive every dollar of coverage in the event of a total loss. By recognizing that a collector can only drive one car at a time, Hagerty charges liability premium on one vehicle whether the collector has two classics or 200. Hagerty's team of knowledgeable claims experts respond quickly to the unique needs of collectors.
    CNA will make the program available to its agents in November.
    CNA Personal Insurance writes automobile, homeowners, and related insurance with $1.5 billion in annual premium.
    Family owned and operated, the Hagerty Agency operates out of Traverse City, Mich. The Hagertys developed the concept of the modern wooden boat insurance policy in 1983 and entered the classic automobile market in 1991. Since then, they have grown rapidly, writing policies for approximately 1,000 new customers a week.
    Headquartered in Chicago, CNA is a leading multiline insurer, serving individuals and businesses with a broad range of insurance products and insurance-related services. CNA products and services are marketed through multiple distribution channels, including independent agents, brokers, general agents and direct sales.
    Since 1897, CNA has built on a foundation of financial strength, stability and commitment to customers and business partners. CNA is the registered service mark and trade name of CNA Financial Corporation.