Loews Corp. (L)

Loews is a holding company, incorporated in 1969, that owns four unrelated businesses: a commercial insurer, a natural gas and natural gas liquids pipeline group, a hotel chain, and a stake in a plastic packaging manufacturer. It has four reportable segments: the three consolidated operating subsidiaries and a Corporate segment.

The four holdings

CNA Financial Corporation, about 92 percent owned, is the insurance business and by far the largest: it was 81.2 percent of Loews' consolidated total revenue in 2025, against 81.5 percent in 2024 and 83.6 percent in 2023. Boardwalk Pipeline Partners, wholly owned, transports and stores natural gas and natural gas liquids, and was 12.6 percent of revenue in 2025. Loews Hotels Holding Corporation, wholly owned, runs the hotels. Altium Packaging, about 53 percent owned, is not consolidated and is carried by the equity method inside the Corporate segment. The Corporate segment is Loews itself, excluding the three consolidated subsidiaries.

CNA, the insurance business

An insurance holding company in its own right, writing commercial property and casualty cover including surety, and providing warranty, risk management, information services and claims administration. Its products are sold mainly through independent agents, retail and wholesale brokers and managing general underwriters, to small, medium and large businesses, to other insurance companies, and to associations and professional groups. The property and casualty operations run in three lines.

Specialty writes management and professional liability and other property and casualty cover: professional liability for architects, estate agents, accountancy firms and law firms; directors and officers, errors and omissions, employment practices, fiduciary, fidelity and cyber cover, aimed at small and mid-sized firms both public and private and at not-for-profits; and health care liability for aging services, allied medical facilities, dentists, physicians, nurses and other practitioners. Surety sits inside Specialty, offering contract and commercial surety bonds and fidelity bonds in all 50 states. So does the warranty business, which sells extended service contracts covering mechanical breakdown on vehicles, portable electronics and other consumer goods, distributed through independent representatives and sold by car dealerships and retailers in North America.

Commercial writes a broad range of property and casualty for small business, construction and the middle market: standard and excess property, marine, boiler and machinery, workers' compensation, general and product liability, commercial motor, umbrella, and excess and surplus lines. Most of it is written on a guaranteed cost basis, with loss-sensitive programmes offered to larger commercial buyers.

International writes property and casualty worldwide through a Canadian branch, insurance companies in the United Kingdom and Luxembourg, and Hardy, CNA's Lloyd's of London syndicate.

Outside those, CNA's Other Insurance Operations hold what is no longer being sold: a long-term care book in run-off, asbestos and environmental pollution liabilities, a legacy portfolio of excess workers' compensation policies and certain legacy mass tort reserves.

Boardwalk Pipelines

A midstream business: it does not produce gas, it moves and stores it. Boardwalk owns about 14,275 miles of natural gas and natural gas liquids pipelines, underground storage with working capacity of about 199.5 billion cubic feet of natural gas, and 31.2 million barrels of natural gas liquids storage. The gas systems run through the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio; the liquids pipelines and storage sit in Louisiana and Texas. About 13,420 miles of that is interconnected gas pipeline serving customers directly in thirteen states and indirectly across the north-east and south-east through connections with other companies' pipelines. In 2025 the gas systems carried about 3.9 trillion cubic feet, an average of about 10.7 billion cubic feet a day, and the liquids systems carried about 144.2 million barrels. Storage is fourteen underground gas fields across four states, plus eleven salt dome caverns in Louisiana for liquids and ten more for brine. The main subsidiaries are Gulf South, along the Gulf Coast, and Texas Gas.

Loews Hotels

A chain of 27 hotels. Eleven are owned outright, fifteen are held through joint ventures in which Loews Hotels has a minority equity interest, and one is managed for an unaffiliated owner. Earnings come from operating the owned hotels, its share of earnings in the joint venture hotels, and management fees earned from the joint venture and managed hotels. Several of the joint venture properties sit at Universal Orlando.

Altium Packaging

A North American packaging manufacturer specialising in customised mid- and short-run work for the pharmaceutical, dairy, household chemicals, food, industrial and specialty chemicals, water and beverage industries. It makes extrusion blow-moulded and injection moulded plastic containers, and also produces plastic resins from recycled plastic.

From Loews Corporation's annual report on Form 10-K for the year ended 31 December 2025. The filing