LOEWS CORP (L)

Loews Corporation, incorporated in 1969, is a holding company whose subsidiaries operate in commercial property and casualty insurance, the transportation and storage of natural gas and natural gas liquids, and hotels. It owns approximately 92% of CNA Financial Corporation, and wholly owns Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation. It also owns approximately 53% of Altium Packaging LLC, an unconsolidated subsidiary that manufactures rigid plastic packaging solutions.

Loews has four reportable segments: CNA, Boardwalk Pipelines, Loews Hotels, and Corporate. Corporate consists of Loews Corporation excluding those subsidiaries, plus the equity-method investment in Altium Packaging. CNA is the largest, at 81.2% of consolidated total revenue in 2025, and Boardwalk Pipelines contributed 12.6%. CNA's property and casualty operations include Specialty, Commercial and International lines. Specialty covers management and professional liability, health care liability, surety, and warranty and alternative risks. Commercial offers property and casualty coverages such as workers' compensation, general and product liability, commercial auto and umbrella. International underwrites through Canada, the U.K., Luxembourg and a Lloyd's syndicate. CNA also has run-off businesses, including long-term care. Boardwalk Pipelines owns about 14,275 miles of pipelines and storage caverns with roughly 199.5 Bcf of working natural gas capacity and 31.2 million barrels of NGLs capacity. Its natural gas business includes the Gulf South and Texas Gas systems, which provide transportation, storage, and parking and lending services. Its NGLs business transports and stores NGLs and ethylene, supplies ethane and brine, and operates the Evangeline and Bayou Ethane pipelines and the Choctaw and Sulphur hubs. Boardwalk is also pursuing growth projects expected to add 4.2 Bcf/d of capacity at an aggregate cost of about $3.3 billion, scheduled through 2030.

CNA markets its products through independent agents, retail and wholesale brokers and managing general underwriters. Its customers include small, medium and large businesses, insurance companies, associations and professionals. Warranty contracts are sold mainly through automobile dealerships and retailers in North America. Boardwalk's natural gas pipelines directly serve customers in thirteen states and connect to other pipelines serving the northeastern and southeastern U.S. Its NGLs customers are mostly industrial and petrochemical end-users in Louisiana and Texas. Boardwalk's growth projects are supported by utility, local distribution company, industrial and power-market customers.

CNA is headquartered in Chicago, Illinois, leases all of its office space, and competes with many stock and mutual insurers on rate and service. Its insurance operations are heavily regulated in the U.S., U.K., Canada, Luxembourg, Bermuda and Lloyd's. Boardwalk's Gulf South and Texas Gas pipelines are regulated by the FERC, and its growth projects depend on regulatory approvals and permits.