LOEWS CORP (L)

Loews Corporation, incorporated in 1969, is a diversified holding company operating through subsidiaries in commercial property and casualty insurance, energy infrastructure, and hospitality. Its largest segment, CNA Financial Corporation (approximately 92% owned), is an insurance holding company generating roughly 81% of consolidated revenue through property and casualty and life/group insurance operations conducted primarily via subsidiaries including Continental Casualty Company, The Continental Insurance Company, Western Surety Company, and Hardy Underwriting Bermuda. CNA's Property & Casualty Operations span Specialty (management and professional liability, surety, and warranty/alternative risk products), Commercial (property and casualty coverage for small business, construction, and middle-market customers), and International lines (underwritten in Canada, the UK, Luxembourg, and via Lloyd's syndicate Hardy), distributed through independent agents, brokers, and managing general underwriters.

CNA also maintains Other Insurance Operations including run-off long-term care business and legacy liabilities, and operates under extensive regulatory oversight from bodies including state insurance departments, the UK PRA/FCA, Canadian OSFI, Luxembourg's CAA, the Bermuda Monetary Authority, and international frameworks like Solvency II/UK and NAIC group capital standards. The second segment, Boardwalk Pipeline Partners, LP (wholly owned via Boardwalk Pipelines Holding Corp.), contributes approximately 13% of consolidated revenue and operates in the midstream natural gas and NGLs sector, owning roughly 14,275 miles of pipeline and storage capacity of about 199.5 Bcf of working natural gas and 31.2 MMBbls of NGLs across the Gulf Coast, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana, and Ohio, plus NGLs/ethane infrastructure in Louisiana and Texas serving petrochemical customers. Boardwalk is pursuing multiple FERC-regulated growth projects—including the Kosciusko Junction, Texas Gateway, and Petal Gas Storage Expansion projects—expected to add approximately 4.2 Bcf/d of pipeline capacity and 10 Bcf of storage capacity at an estimated cost of $3.3 billion through 2030, subject to regulatory approvals and construction risk.

Loews' third operating segment is Loews Hotels Holding Corporation (wholly owned), which operates a chain of hotels. Additionally, Loews holds an approximately 53% unconsolidated equity interest in Altium Packaging LLC, a manufacturer of rigid plastic packaging solutions, accounted for under the equity method within the Corporate segment. The company reports four segments: CNA, Boardwalk Pipelines, Loews Hotels, and Corporate (which includes the parent company and the Altium equity investment).