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CNA Surety Announces Postponement Of Annual Shareholders Meeting; Quarterly Dividend Declared

CHICAGO, April 28, 2000 -- CNA Surety Corporation (NYSE:SUR) announced that its Board of Directors, at a special meeting held today, has postponed the Annual Meeting of Shareholders. The Annual Meeting had been originally scheduled to take place on May 16, 2000, at the Company’s offices in Chicago. The Annual Meeting of Shareholders has now been postponed indefinitely pending the outcome of Continental Casualty Company’s proposed tender offer for the remaining CNA Surety Corporation common stock it does not own. If the proposed tender offer does not commence or is not completed, the Board will reschedule the Annual Meeting of Shareholders for a date prior to December 31, 2000.

The Special Committee appointed to consider the Continental Casualty Company proposed tender offer reported to the Board that the Committee is reviewing the proposal.

The Board of Directors also declared a quarterly cash dividend of $0.08 per common share payable to all holders of record as of June 15, 2000. The dividend will be paid on July 3, 2000.

CNA Surety Corporation is the largest publicly traded surety company in the country. Through its principal subsidiaries, Western Surety Company and Universal Surety of America, CNA Surety provides surety and fidelity bonds in all 50 states through a combined network of approximately 37,000 independent agencies.

CNA is a registered service mark, trade name and domain name of CNA Financial Corporation.

 

  
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