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What changed in Loews Corporation's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Loews Corporation's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+526 added−508 removedSource: 10-K (2026-02-10) vs 10-K (2025-02-11)

Top changes in Loews Corporation's 2025 10-K

526 paragraphs added · 508 removed · 365 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

68 edited+38 added−19 removed74 unchanged
Biggest changeLouis, Missouri 216 Loews Atlanta Hotel, Atlanta, Georgia 414 Loews Coral Gables Hotel, Coral Gables, Florida 242 Loews Hollywood Hotel, Hollywood, California 628 Loews Portofino Bay Hotel at Universal Orlando, Orlando, Florida 750 Loews Royal Pacific Resort at Universal Orlando, Orlando, Florida 1,000 Loews Sapphire Falls Resort at Universal Orlando, Orlando, Florida 1,000 Universal Aventura Hotel, Orlando, Florida 600 Universal Cabana Bay Beach Resort, Orlando, Florida 2,200 Universal Endless Summer Resort – Dockside Inn and Suites, Orlando, Florida 2,050 Universal Endless Summer Resort – Surfside Inn and Suites, Orlando, Florida 750 Managed: Bisha Hotel and Residences, Toronto, Canada 96 Loews New Orleans Hotel, New Orleans, Louisiana 285 * Loews Hotels & Co has a controlling majority equity interest in this property.
Biggest changeLouis, Missouri 216 Loews Atlanta Hotel, Atlanta, Georgia 414 Loews Coral Gables Hotel, Coral Gables, Florida 242 Loews Hollywood Hotel, Hollywood, California 628 Loews Portofino Bay Hotel at Universal Orlando, Orlando, Florida 750 Loews Royal Pacific Resort at Universal Orlando, Orlando, Florida 1,000 Loews Sapphire Falls Resort at Universal Orlando, Orlando, Florida 1,000 Universal Aventura Hotel, Orlando, Florida 600 Universal Cabana Bay Beach Resort, Orlando, Florida 2,200 Universal Endless Summer Resort – Dockside Inn and Suites, Orlando, Florida 2,050 Universal Endless Summer Resort – Surfside Inn and Suites, Orlando, Florida 750 Universal Helios Grand Hotel, a Loews Hotel, Orlando, Florida 500 Universal Stella Nova Resort, Orlando, Florida 750 Universal Terra Luna Resort, Orlando, Florida 750 Managed: Loews New Orleans Hotel, New Orleans, Louisiana 285 Note: Five owned hotels and eleven joint venture hotels are subject to land leases. 17 Table of Contents Recent Developments and Growth Projects: • In 2025, the management agreement ended for Bisha Hotel and Residences located in Toronto, Canada; • In 2025, Live! by Loews, Arlington and the Loews Ventana Canyon Resort became wholly owned hotel properties, as Loews Hotels & Co acquired the remaining noncontrolling interests in these properties; • In 2025, Universal Stella Nova Resort, a 750 guestroom hotel, Universal Terra Luna Resort, a 750 guestroom hotel, and Universal Helios Grand Hotel, a Loews Hotel, a 500 guestroom hotel, opened at Universal Orlando.
Boardwalk Pipelines also owns ten salt-dome caverns and related brine infrastructure located in Louisiana for use in providing brine supply services and to support the NGLs storage operations. Boardwalk Pipelines’ NGLs pipeline systems access the Gulf Coast petrochemical industry through operations at its Choctaw Hub in Louisiana and the Sulphur Hub in Louisiana.
Boardwalk Pipelines also owns ten salt dome caverns and related brine infrastructure located in Louisiana for use in providing brine supply services and to support the NGLs storage operations. Boardwalk Pipelines’ NGLs pipeline systems access the Gulf Coast petrochemical industry through operations at its Choctaw Hub in Louisiana and its Sulphur Hub in Louisiana.
Boardwalk Pipelines accesses ethylene supplies in Texas, which it delivers to petrochemical-industry customers in Louisiana. Boardwalk Pipelines purchases ethane in Texas and Louisiana and utilizes its NGLs pipelines to supply ethane to customers in Texas and Louisiana. The majority of Boardwalk Pipelines’ natural gas liquids customers are industrial end-users.
Boardwalk Pipelines accesses ethylene supplies in Texas, which it delivers to petrochemical-industry customers in Louisiana. Boardwalk Pipelines purchases ethane in Texas and Louisiana and utilizes its NGLs pipelines to supply ethane to customers in Texas and Louisiana. The majority of Boardwalk Pipelines’ natural gas liquids customers are industrial and petrochemical end-users.
Other Insurance Operations Other Insurance Operations include CNA’s run-off long-term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants, certain corporate expenses, including interest on CNA corporate debt, and certain property and casualty businesses in run-off, including CNA Re, A&EP, a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.
Other Insurance Operations Other Insurance Operations include CNA’s run-off long-term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants, certain corporate expenses, including interest on CNA corporate debt, and certain property and casualty businesses in run-off, including A&EP, a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.
Boardwalk Petrochemical owns and operates the Evangeline Pipeline, an approximately 180-mile bi-directional, common carrier, interstate ethylene pipeline that is capable of transporting approximately 4.8 billion pounds of ethylene per year between Texas and Louisiana, and interconnects with the ethylene distribution system and storage facilities at Louisiana Midstream’s Sulphur and Choctaw Hubs.
Boardwalk Petrochemical owns and operates the Evangeline Pipeline, an approximately 180-mile bi-directional, common carrier, interstate ethylene pipeline that is capable of transporting approximately 4.8 billion pounds of ethylene per year between Texas and Louisiana, and interconnects with Louisiana Midstream’s ethylene distribution system and storage facilities at its Sulphur and Choctaw Hubs.
These new and any future regulations adopted by PHMSA have imposed and may impose more stringent requirements applicable to integrity management programs and other pipeline safety aspects of Boardwalk Pipelines operations, which could cause it to incur increased capital and operating costs and operational delays.
These and any future regulations adopted by PHMSA have imposed and may impose more stringent requirements applicable to integrity management programs and other pipeline safety aspects of Boardwalk Pipelines operations, which could cause it to incur increased capital and operating costs and operational delays.
In addition, the annual business plan of each syndicate is subject to the review and approval of the Lloyd’s Franchise Board, which is responsible for business planning and monitoring for all syndicates. 7 Table of Contents Capital adequacy and risk management regulations, referred to as Solvency II, apply to CNA’s European operations and are enacted by the European Commission, the executive body of the European Union (“E.U.”).
In addition, the annual business plan of each syndicate is subject to the review and approval of the Lloyd’s Franchise Board, which is responsible for business planning and monitoring for all syndicates. 7 Table of Contents Capital adequacy and risk management regulations, referred to as Solvency II, apply to CNA’s European Union (“E.U.”) operations and are enacted by the European Commission.
CNA’s products and services are primarily marketed through independent agents, brokers and managing general underwriters to a wide variety of 5 Table of Contents customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups. The property and casualty insurance industry is highly competitive, both as it relates to rate and service.
CNA’s products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals 5 Table of Contents and other groups. The property and casualty insurance industry is highly competitive, both as it relates to rate and service.
We and CNA also offer stock-based compensation to certain management and other senior personnel as a way to align their interests with shareholders and attract and retain key talent. 16 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS First Became Name Position and Offices Held Age Executive Officer Marc A.
We and CNA also offer stock-based compensation to certain management and other senior personnel as a way to align their interests with shareholders and attract and retain key talent. 18 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS First Became Name Position and Offices Held Age Executive Officer Marc A.
The Department of Homeland Security’s Transportation Safety Administration (“TSA”) has issued a series of security directives between 2022 and 2024 applicable to major pipeline owners and operators intended to strengthen the industry’s overall cybersecurity posture in light of the evolving threat landscape and its potential impacts to U.S. critical infrastructure.
The Department of Homeland Security’s Transportation Safety Administration (“TSA”) has issued a series of security directives between 2022 and 2025 applicable to major pipeline owners and operators intended to strengthen the industry’s overall cybersecurity posture in light of the evolving threat landscape and its potential impacts to U.S. critical infrastructure.
There also continues to be uncertainty with respect to the federal government's jurisdictional reach under the Clean Water Act over “waters of the United States” (“WOTUS”), including wetlands, as the EPA and the Corps have pursued multiple rulemakings under different administrations since 2015 in an attempt to determine the scope of such reach.
Additionally, there continues to be uncertainty with respect to the federal government’s jurisdictional reach under the Clean Water Act over “waters of the United States” (“WOTUS”), including wetlands, as the EPA and the Corps have pursued multiple rulemakings under different administrations since 2015 in an attempt to determine the scope of such reach.
The 2020 Act reauthorized PHMSA through fiscal year 2023 and directed the agency to move forward with several regulatory initiatives, including obligating operators of non-rural gas gathering lines and new and 11 Table of Contents existing transmission and distribution pipeline facilities to conduct certain leak detection and repair programs and to require facility inspection and maintenance plans to align with those requirements.
The 2020 Act reauthorized PHMSA through fiscal year 2023 and directed the agency to move forward with several regulatory initiatives, including obligating operators of non-rural gas gathering lines and new and existing transmission and distribution pipeline facilities to conduct certain leak detection and repair programs and to require facility inspection and maintenance plans to align with those requirements.
The rates and terms of service on Boardwalk Pipelines’ interstate ethane transportation pipeline are also subject to regulation by the FERC under, among other statutes, the Interstate Commerce Act (“ICA”) and the Energy Policy Act of 1992. Over time, the FERC may change, amend or announce that it will undertake a review of its existing policies.
The rates and terms of service on Boardwalk Pipelines’ interstate ethane transportation pipeline are also subject to regulation by the FERC under, among other statutes, the Interstate Commerce Act (“ICA”) and the Energy Policy Act of 1992. 13 Table of Contents Over time, the FERC may change, amend or announce that it will undertake a review of its existing policies.
The Evangeline Pipeline links ethylene producers and consumers from Texas to Louisiana. Boardwalk Ethane Pipeline Company, LLC (“Bayou Ethane”) owns and operates the Bayou Ethane Pipeline, an approximately 380-mile pipeline system originating in Texas, that transports ethane to Southeast Texas and to Louisiana.
The Evangeline Pipeline links ethylene producers and consumers from Texas to Louisiana. Boardwalk Ethane Pipeline Company, LLC (“Bayou Ethane”) owns and operates the Bayou Ethane Pipeline, an approximately 375-mile pipeline system originating in Texas, that transports ethane to Southeast Texas and to Louisiana.
Boardwalk Pipelines owns approximately 14,315 miles of natural gas and NGLs pipelines and underground storage caverns having aggregate capacity of approximately 199.5 billion cubic feet (“Bcf”) of working natural gas and 31.2 million barrels (“MMBbls”) of NGLs.
Boardwalk Pipelines owns approximately 14,275 miles of natural gas and NGLs pipelines and underground storage caverns having aggregate capacity of approximately 199.5 billion cubic feet (“Bcf”) of working natural gas and 31.2 million barrels (“MMBbls”) of NGLs.
Our subsidiaries are engaged in the following lines of business: • commercial property and casualty insurance (CNA Financial Corporation, an approximately 92% owned subsidiary); • transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP, a wholly owned subsidiary); and • operation of a chain of hotels (Loews Hotels Holding Corporation, a wholly owned subsidiary).
Our subsidiaries are engaged in the following lines of business: • commercial property and casualty insurance (CNA Financial Corporation, an approximately 92% owned subsidiary); • transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP, a wholly owned subsidiary); and • operation of a chain of hotels (Loews Hotels Holding Corporation, a wholly owned subsidiary).
Loews Hotels & Co’s earnings are derived from the operation of its owned hotels, its share of earnings in joint venture hotels and hotel management fees earned from both joint venture and managed hotels. Loews Hotels & Co accounted for 5.3% , 5.4% and 5.1% of our consolidated total revenue for the years ended December 31, 2024, 2023 and 2022.
Loews Hotels & Co’s earnings are derived from the operation of its owned hotels, its share of earnings in joint venture hotels and hotel management fees earned from its joint venture and managed hotels. Loews Hotels & Co accounted for 5.1% , 5.3% and 5.4% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023.
Texas Gas owns nine natural gas storage fields, of which it owns the majority of the working and base gas. Texas Gas is regulated by the FERC. Other: Boardwalk Pipelines has minor intrastate and natural gas pipeline assets in South Texas and Louisiana serving end-use, electric power generators and industrial customers.
Texas Gas owns nine natural gas storage fields, of which it owns the majority of the working and base gas. Texas Gas is regulated by the FERC. Boardwalk Pipelines has minor intrastate and natural gas pipeline assets in South Texas and Louisiana serving end-use, electric power generator and industrial customers.
There were no major policy changes announced by the FERC during 2024 that materially impacted Boardwalk Pipelines. The FERC has authority to impose civil penalties for violations of the NGA and NGPA, and the implementing regulations thereunder, up to a maximum amount that is adjusted annually for inflation, which for 2025 is approximately $1.6 million per day per violation.
There were no major policy changes announced by the FERC during 2025 that materially impacted Boardwalk Pipelines. The FERC has authority to impose civil penalties for violations of the NGA and NGPA, and the implementing regulations thereunder, up to a maximum amount that is adjusted annually for inflation, which for 2026 is approximately $1.5 million per day per violation.
Commercial Commercial works with a network of brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds, targeting small business, construction, middle markets and other commercial customers. Property products include standard and excess property, marine and boiler and machinery coverages.
Commercial Commercial works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds, targeting small business, construction, middle market and other commercial customers. Property products include standard and excess property, marine and boiler and machinery coverages.
The maximum applicable rates that Boardwalk Pipelines may 10 Table of Contents charge for storage services on Texas Gas, except for services associated with a portion of the working gas capacity on that system, are also established through the FERC’s cost-based rate-making process.
The maximum applicable rates that Boardwalk Pipelines may charge for storage services on Texas Gas, except for services associated with a portion of the working gas capacity on that system, are also established through the FERC’s cost-based rate-making process.
In addition, in January 2023, the White House’s Council on Environmental Quality (“CEQ”) released guidance to assist federal agencies in assessing the GHG emissions and climate change effects of their proposed actions under the National Environmental Policy Act (“NEPA”).
For example, in January 2023, the White House’s Council on Environmental Quality (“CEQ”) released guidance to assist federal agencies in assessing the GHG emissions and climate change effects of their proposed actions under the National Environmental Policy Act (“NEPA”).
Customers: Boardwalk Pipelines serves a broad mix of customers, including end-use customers, such as electric power generators, local distribution companies, industrial users and exporters of liquefied natural gas (“LNG”). Boardwalk Pipelines also contracts with other customers, including producers and marketers of natural gas and interstate and intrastate pipelines, who, in turn, provide transportation and storage services for end-users.
Customers: Boardwalk Pipelines serves a broad mix of customers, including end-use customers, such as electric power generators, local distribution companies, industrial and petrochemical users and exporters of LNG. Boardwalk Pipelines also contracts with other customers, including producers and marketers of natural gas and interstate and intrastate pipelines, who, in turn, provide transportation and storage services for end-users.
At the Sulphur Hub, Louisiana Midstream owns and operates five active storage caverns, which are currently in ethylene, ethane and propane service.
At its Sulphur Hub, Louisiana Midstream owns and operates five active storage caverns, which are currently in ethylene, ethane and propane service.
Five safety standards included in that rule were challenged by industry trade groups, and in August 2024, the U.S. Court of Appeals for the D.C. Circuit struck down four of the five challenged safety standards.
Five safety standards included in that rule were challenged by industry trade groups, and in August 2024, the U.S. Court of Appeals for the D.C. Circuit struck down four of the five 14 Table of Contents challenged safety standards.
CNA accounted for 81.5% , 83.6% and 84.6% of our consolidated total revenue for the years ended December 31, 2024, 2023 and 2022. CNA’s insurance products primarily include commercial property and casualty coverages, including surety. CNA’s services include warranty, risk management, information services and claims administration.
CNA accounted for 81.2% , 81.5% and 83.6% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023. CNA’s insurance products primarily include commercial property and casualty coverages, including surety. CNA’s services include warranty, risk management, information services and claims administration.
Prudential Regulatory Authority and Financial Conduct Authority, the Office of Superintendent of Financial Institutions in Canada, the Luxembourg insurance regulator Commissariat aux Assurances and the Bermuda Monetary Authority. Domestic insurers are also required by state insurance regulators to provide coverage to certain insureds who would not otherwise be considered eligible by the insurers.
Prudential Regulatory Authority (“PRA”) and Financial Conduct Authority (“FCA”), the Office of Superintendent of Financial Institutions (“OSFI”) in Canada, the Luxembourg insurance regulator Commissariat aux Assurances (“CAA”) and the Bermuda Monetary Authority (“BMA”). Domestic insurers are also required by state insurance regulators to provide coverage to certain insureds who would not otherwise be considered eligible by the insurers.
Gulf South has ten natural gas storage facilities. The two natural gas storage facilities located in Louisiana and Mississippi have approximately 78.0 Bcf of working gas storage capacity and the eight salt dome natural gas storage caverns in Mississippi have approximately 46.0 Bcf of total storage capacity, of which approximately 29.6 Bcf is working gas capacity.
The two natural gas storage facilities located in Louisiana and Mississippi have approximately 78.0 Bcf of working gas storage capacity and the eight salt dome natural gas storage caverns in Mississippi have approximately 46.0 Bcf of total storage capacity, of which approximately 29.6 Bcf is working gas capacity.
The hotels are described below. 14 Table of Contents Number of Name and Location Rooms Owned: Live! by Loews, Arlington, Texas* 300 Loews Arlington Hotel and Convention Center, Arlington, Texas 888 Loews Chicago Hotel, Chicago, Illinois 400 Loews Chicago O’Hare Hotel, Chicago, Illinois 556 Loews Coronado Bay Resort, Coronado, California 440 Loews Kansas City Hotel, Kansas City, Missouri 800 Loews Miami Beach Hotel, Miami Beach, Florida 790 Loews Philadelphia Hotel, Philadelphia, Pennsylvania 581 Loews Regency New York Hotel, New York, New York 379 Loews Vanderbilt Hotel, Nashville, Tennessee 339 Loews Ventana Canyon Resort, Tucson, Arizona* 398 Joint Venture: Hard Rock Hotel at Universal Orlando, Orlando, Florida 650 Live! by Loews, St.
Number of Name and Location Rooms Owned: Live! by Loews, Arlington, Texas 300 Loews Arlington Hotel and Convention Center, Arlington, Texas 888 Loews Chicago Hotel, Chicago, Illinois 400 Loews Chicago O’Hare Hotel, Chicago, Illinois 556 Loews Coronado Bay Resort, Coronado, California 440 Loews Kansas City Hotel, Kansas City, Missouri 800 Loews Miami Beach Hotel, Miami Beach, Florida 790 Loews Philadelphia Hotel, Philadelphia, Pennsylvania 581 Loews Regency New York Hotel, New York, New York 379 Loews Nashville Hotel at Vanderbilt Plaza, Nashville, Tennessee 339 Loews Ventana Canyon Resort, Tucson, Arizona 398 Joint Venture: Hard Rock Hotel at Universal Orlando, Orlando, Florida 650 Live! by Loews, St.
Boardwalk Pipelines’ principal natural gas and natural gas liquids businesses are described below: Natural Gas Boardwalk Pipelines’ natural gas business, which provides transportation, storage and PAL services for natural gas customers, consists of integrated interstate and intrastate natural gas pipelines and storage facilities.
Boardwalk Pipelines’ principal natural gas and natural gas liquids businesses are described below: Natural Gas Boardwalk Pipelines’ natural gas business, which provides transportation, storage and parking and lending (“PAL”) services for natural gas customers, consists of integrated interstate and intrastate natural gas pipelines and storage facilities.
In September 2023, the Environmental Protection Agency (“EPA”) finalized its Clean Water Act Section 401 Water Quality Certification Improvement Rule, effective in November 2023, which expanded the scope of certification authority.
The NWP process relies upon the Clean Water Act Section 401 certification process. In September 2023, the Environmental Protection Agency (“EPA”) finalized its Clean Water Act Section 401 Water Quality Certification Improvement Rule, effective in November 2023, which expanded the scope of certification authority.
Boardwalk Pipelines owns and operates approximately 13,445 miles of interconnected natural gas pipelines, directly serving customers in thirteen states and indirectly serving customers throughout the northeastern and southeastern U.S. through numerous interconnections with unaffiliated pipelines. In 2024 , its natural gas pipeline systems transported approximately 3.7 trillion cubic feet of natural gas.
Boardwalk Pipelines owns and operates approximately 13,420 miles of interconnected natural gas pipelines, directly serving customers in thirteen states and indirectly serving customers throughout the northeastern and southeastern U.S. through numerous interconnections with unaffiliated pipelines. In 2025 , its natural gas pipeline systems transported approximately 3.9 trillion cubic feet of natural gas.
These customers are located throughout the Gulf Coast, Midwest and Northeast regions of the U.S. Boardwalk Pipelines’ natural gas delivery markets have diversified over time, with increased deliveries to end-use customers, whereas, historically its natural gas delivery markets were primarily to other pipelines who then delivered to end-use customers.
These customers are located throughout the Gulf Coast, Midwest and Northeast regions of the U.S. Boardwalk Pipelines’ natural gas delivery markets continue to diversify, with increased deliveries to end-use customers, whereas, historically its natural gas delivery markets were primarily to other pipelines who then delivered to end-use customers.
Louisiana Midstream also owns eight salt-dome caverns and related 9 Table of Contents brine infrastructure located on the Choctaw Hub for use in providing brine supply services and supporting its NGLs storage operations. Louisiana Midstream’s Sulphur pipeline network is located near Lake Charles, Louisiana, and is connected to local ethylene producers and consumers and area refineries.
Louisiana Midstream also owns eight salt dome caverns and related brine infrastructure located at its Choctaw Hub for use in providing brine supply services and supporting its NGLs storage operations. Louisiana Midstream’s Sulphur pipeline network is located near Lake Charles, Louisiana, and is connected to local ethylene producers and consumers and area refineries.
Boardwalk Pipelines owns and operates approximately 870 miles of NGLs pipelines in Louisiana and Texas. In 2024, Boardwalk Pipelines’ natural gas liquids pipeline systems transported approximately 136.6 MMBbls of NGLs. Boardwalk Pipelines’ NGLs storage facilities consist of 11 salt-dome caverns located in Louisiana with an aggregate storage capacity of approximately 31.2 MMBbls.
Boardwalk Pipelines owns and operates approximately 855 miles of NGLs pipelines in Louisiana and Texas. In 2025, Boardwalk Pipelines’ natural gas liquids pipeline systems transported approximately 144.2 MMBbls of NGLs. Boardwalk Pipelines’ NGLs storage facilities consist of 11 salt dome caverns located in Louisiana with an aggregate storage capacity of approximately 31.2 MMBbls.
The Bayou Ethane Pipeline provides common carrier, interstate and intrastate transportation services and interconnects with Louisiana Midstream’s storage facilities at the Sulphur and Choctaw Hubs. The Bayou Ethane Pipeline has the ability to deliver approximately 55.0 MMBbls of ethane per year. Bayou Ethane provides ethane supply and transportation services for industrial customers in Louisiana and Texas.
The Bayou Ethane Pipeline provides common carrier, interstate and intrastate transportation services and interconnects with Louisiana Midstream’s storage facilities at its Sulphur and Choctaw Hubs. The Bayou Ethane Pipeline has the ability to deliver approximately 55.0 MMBbls of ethane per year.
Most recently, in September 2023, the EPA issued a version of the WOTUS rule that, due to injunctions in certain states, is being implemented in only 24 states. Thus, the operative definition of WOTUS varies by state.
In September 2023, the EPA issued a version of the WOTUS rule that, due to injunctions in certain states, is currently in effect in only 24 states. Thus, the operative definition of WOTUS varies by state.
Specialty Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters.
Specialty Specialty provides management and professional liability and other property and casualty coverages, products and services using a network of retail and wholesale brokers, independent agents and managing general underwriters.
We and our consolidated subsidiaries believe we have satisfactory labor relations. Separately, unconsolidated entities employ approximately 5,900 persons at properties managed by Loews Hotels & Co and approximately 4,000 persons at Altium Packaging. We and our subsidiaries understand that seeking to hire qualified people and cultivate an engaging workplace is critical to our businesses’ long-term strategic success.
Separately, unconsolidated entities employ approximately 6,700 persons at properties managed by Loews Hotels & Co and approximately 4,000 persons at Altium Packaging. We and our subsidiaries understand that seeking to hire qualified people and cultivate an engaging workplace is critical to our businesses’ long-term strategic success.
While the AM will undergo further refinement as a part of the implementation process, the finding of comparability by the IAIS represents recognition of existing U.S. solvency regulation.
While as of December 31, 2025 the AM continues to undergo further refinement as a part of the implementation process, the finding of comparability by the IAIS represents recognition of existing U.S. solvency regulation.
As a result, there is significant uncertainty with respect to current and future NEPA regulations. While Boardwalk Pipelines cannot predict the full impact of these developments, any legal challenges to NEPA reviews performed in connection with its projects may result in further permitting and approval delays. For more information, see Item 1A. Risk Factors of this Report.
While Boardwalk Pipelines cannot predict the full impact of these continued developments, any legal challenges to NEPA reviews performed in connection with its projects may result in further permitting and approval delays. For more information, see Item 1A. Risk Factors of this Report.
The following table provides information for Boardwalk Pipelines’ natural gas assets owned and operated as of December 31, 2024: Assets Miles of Pipeline Average Daily Throughput (Bcf/d) (a) Peak-day Delivery Capacity (Bcf/d) Working Gas Storage Capacity (Bcf) Gulf South 7,180 6.8 10.9 107.6 Texas Gas 6,000 3.3 6.3 84.3 Other Natural Gas 265 0.1 (a) Bcf per day (Bcf/d) Natural Gas Liquids Boardwalk Pipelines’ natural gas liquids business, which provides transportation and storage services for NGLs and supply services for ethane and brine customers, consists primarily of NGLs pipelines, salt dome storage facilities and brine infrastructure.
It also owns natural gas salt dome storage capacity in its Choctaw Hub in Louisiana. 9 Table of Contents The following table provides information for Boardwalk Pipelines’ natural gas assets owned and operated as of December 31, 2025 : Assets Miles of Pipeline Average Daily Throughput (Bcf/d) (a) Peak-day Delivery Capacity (Bcf/d) Working Gas Storage Capacity (Bcf) Gulf South 7,140 7.1 10.9 107.6 Texas Gas 6,000 3.4 6.4 84.3 Other Natural Gas 280 0.2 7.6 (a) Bcf per day (Bcf/d) Natural Gas Liquids Boardwalk Pipelines’ natural gas liquids business, which provides transportation and storage services for NGLs and supply services for ethane and brine customers, consists primarily of NGLs pipelines, salt dome storage facilities and brine infrastructure.
If NWP 12 is amended or revoked, Boardwalk Pipelines may be required to apply for one or more Individual Permits, which would require additional time and resources to obtain. The NWP process relies upon the Clean Water Act Section 401 certification process, which is also subject to ongoing litigation.
If NWP 12, or the underlying Section 401 certification process, is further amended or revoked, Boardwalk Pipelines may be required to apply for one or more Individual Permits, which would require additional time and resources to obtain.
CNA’s subsidiaries maintain office space in various cities throughout the United States and various countries. CNA leases all of its office space.
CNA’s subsidiaries maintain office space in various cities throughout the United States and various countries.
Boardwalk Pipelines’ operating subsidiaries own their respective pipeline systems in fee. However, substantial portions of these systems are constructed and maintained on property owned by others pursuant to rights-of-way, easements, permits, licenses or consents. LOEWS HOTELS HOLDING CORPORATION Loews Hotels Holding Corporation (together with its subsidiaries, “Loews Hotels & Co”) operates a chain of 25 hotels.
However, substantial portions of these systems are constructed and maintained on property owned by others pursuant to rights-of-way, easements, permits, licenses or consents. 16 Table of Contents LOEWS HOTELS HOLDING CORPORATION Loews Hotels Holding Corporation (together with its subsidiaries, “Loews Hotels & Co”) operates a chain of 27 hotels.
Eleven of these hotels are owned by Loews Hotels & Co, twelve are owned by joint ventures in which Loews Hotels & Co has noncontrolling equity interests and two are managed for unaffiliated owners.
Eleven of these hotels are owned by Loews Hotels & Co, fifteen are owned by joint ventures in which Loews Hotels & Co has noncontrolling equity interests and one is managed for an unaffiliated owner.
Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. Boardwalk Pipelines also provides ethane supply and transportation services for industrial customers in Louisiana and Texas.
(“BPHC”) owns, directly and indirectly, 100% of the general partner and limited partnership interests of Boardwalk Pipelines. Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.
The GCC was adopted by the NAIC along with model legislative language and attendant regulations, which have been adopted in a number of U.S. states where IAIGs are domiciled, including Illinois.
While historically the U.S. regulatory regime was primarily based on legal entity regulation, the GCC quantifies risk across the insurance group. The GCC was adopted by the NAIC along with model legislative language and attendant regulations, which have been adopted in a number of U.S. states where IAIGs are domiciled, including Illinois.
These assets have approximately 47.8 MMBbls of salt dome storage capacity, including approximately 7.6 Bcf of working natural gas storage capacity, significant brine supply infrastructure, and approximately 310 miles of pipeline assets, including an extensive ethylene distribution system.
These assets have approximately 31.2 MMBbls of salt dome storage capacity, significant brine supply infrastructure, and approximately 300 miles of pipeline assets, including an extensive ethylene distribution system.
Boardwalk Pipelines’ natural gas storage facilities are comprised of fourteen underground storage fields located in four states with aggregate working gas capacity of approximately 191.9 Bcf. 8 Table of Contents Following is a summary of the primary subsidiaries comprising Boardwalk Pipelines’ natural gas business: The Gulf South Pipeline Company, LLC (“Gulf South”) pipeline system is located along the Gulf Coast in the states of Oklahoma, Texas, Louisiana, Mississippi, Alabama and Florida.
Following is a summary of the primary subsidiaries comprising Boardwalk Pipelines’ natural gas business: The Gulf South Pipeline Company, LLC (“Gulf South”) pipeline system is located along the Gulf Coast in the states of Oklahoma, Texas, Louisiana, Mississippi, Alabama and Florida. Gulf South has ten natural gas storage facilities.
Alpert Senior Vice President, General Counsel and Secretary 62 2016 Richard W. Scott Senior Vice President and Chief Investment Officer 71 2009 Kenneth I. Siegel Senior Vice President 68 2009 Alexander H. Tisch Vice President, Loews Corporation; President and Chief Executive Officer, Loews Hotels & Co 46 2023 Benjamin J. Tisch President and Chief Executive Officer 42 2022 Jane J.
Alpert Senior Vice President, General Counsel and Secretary 63 2016 David E. Czerniecki Senior Vice President and Chief Investment Officer 61 2025 Kenneth I. Siegel Senior Vice President 69 2009 Alexander H. Tisch Vice President, Loews Corporation; President and Chief Executive Officer, Loews Hotels & Co 47 2023 Benjamin J. Tisch President and Chief Executive Officer 43 2022 Jane J.
BOARDWALK PIPELINE PARTNERS, LP Boardwalk Pipeline Partners, LP (together with its subsidiaries, “Boardwalk Pipelines”) is engaged in the business of transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (herein referred to together as “NGLs”). Boardwalk Pipelines also provides ethane supply and transportation services for industrial customers in Louisiana and Texas.
CNA leases all of its office space. 8 Table of Contents BOARDWALK PIPELINE PARTNERS, LP Boardwalk Pipeline Partners, LP (together with its subsidiaries, “Boardwalk Pipelines”) is engaged in the business of transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (herein referred to together as “NGLs”).
While the Biden Administration attempted to pursue additional actions to bolster environmental regulations, the future of these actions is uncertain.
While the Biden Administration attempted to pursue additional actions to bolster environmental regulations, the Trump Administration has revised or rescinded many of these changes.
HUMAN CAPITAL Including our consolidated subsidiaries, we employed approximately 13,000 persons at December 31, 2024. CNA employed approximately 6,500 persons. Boardwalk Pipelines employed approximately 1,300 persons, approximately 100 of whom were covered under collective bargaining agreements. Loews Hotels & Co employed approximately 5,100 persons, approximately 850 of whom were covered under collective bargaining agreements.
Boardwalk Pipelines employed approximately 1,300 persons, approximately 100 of whom were covered under collective bargaining agreements. Loews Hotels & Co employed approximately 5,100 persons, approximately 860 of whom were covered under collective bargaining agreements. We and our consolidated subsidiaries believe we have satisfactory labor relations.
Army Corps of Engineers (“the Corps”) Clean Water Act Section 404 Nationwide Permit (“NWP”) 12, which was issued in January 2021 and subsequently challenged by various environmental groups. Boardwalk Pipelines relies on NWP 12, alongside other NWPs, as blanket authority for construction, maintenance, repair and removal of pipelines.
For instance, the construction or expansion of pipelines often requires authorizations under the Clean Water Act, which authorizations may be subject to challenge. Boardwalk Pipelines relies on the U.S. Army Corps of Engineers (“the Corps”) Clean Water Act Section 404 Nationwide Permit (“NWP”) 12, alongside other NWPs, as blanket authority for construction, maintenance, repair and removal of pipelines.
He has also served as an officer of Loews Hotels & Co since June 2017, where he was Executive Vice President, Chief Commercial and Development Officer from June 2017 until September 2020, President from September 2020 until December 2022, and President and Chief Executive Officer since January 2023. Benjamin J.
Alexander H. Tisch has served as Vice President, Loews Corporation, since 2014. He has also served as President of Loews Hotels & Co from September 2020 until December 2022, and in his current role at Loews Hotels & Co since January 2023. Benjamin J.
Boardwalk Pipelines accounted for 11.8%, 10.3% and 10.3% of our consolidated total revenue for the years ended December 31, 2024, 2023 and 2022. A wholly owned subsidiary of ours, Boardwalk Pipelines Holding Corp. (“BPHC”) owns, directly and indirectly, 100% of the general partner and limited partnership interests of Boardwalk Pipelines.
Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas. Boardwalk Pipelines accounted for 12.6%, 11.8% and 10.3% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023. A wholly owned subsidiary of ours, Boardwalk Pipelines Holding Corp.
Wang Senior Vice President and Chief Financial Officer 43 2022 Each of Marc A. Alpert, Richard W. Scott and Kenneth I. Siegel has served in his current role at Loews Corporation for at least the past five years. Alexander H. Tisch has served as Vice President, Loews Corporation, since 2014.
Wang Senior Vice President and Chief Financial Officer 44 2022 Both Marc A. Alpert and Kenneth I. Siegel have served in their current roles at Loews Corporation for at least the past five years. Prior to assuming his current role in September of 2025, Mr. Czerniecki served as Chief Investment Officer of Nassau Financial Group for more than five years.
While Boardwalk Pipelines is seeking to reduce its GHG emissions, it cannot predict all risks that may be associated with climate change or other ESG matters.
While Boardwalk Pipelines is seeking to reduce its GHG emissions, it cannot predict all risks that may be associated with climate change or other sustainability matters. For more information, see Boardwalk Pipelines’ risk factor titled “ Boardwalk Pipelines’ operations, and those of Boardwalk Pipelines’ customers, are subject to a series of risks regarding climate change” under Item 1A.
In May 2024, the CEQ published a final rule that, in the second and final “phase” of updates, revised the implementing regulations of the procedural provisions of NEPA and implemented amendments to NEPA included in the Fiscal Responsibility Act of 2023. The final rule was challenged by various states and the litigation remains ongoing.
In May 2024, the CEQ published a final rule revising the implementing regulations of the procedural provisions of NEPA and implementing amendments to NEPA included in the Fiscal Responsibility Act of 2023. However, in November 2024, the U.S. Court of Appeals for the D.C.
Altium Packaging develops, manufactures and markets a wide range of extrusion blow-molded and injection molded plastic containers. In addition, Altium Packaging manufactures commodity and differentiated plastic resins from recycled plastic materials. Altium Packaging sells its products throughout North America and its customers include a diverse customer base of many nationally recognized branded food, beverage, consumer products and pharmaceutical companies.
The business specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water and beverage/juice industries. Altium Packaging develops, manufactures and markets a wide range of extrusion blow-molded and injection molded plastic containers. In addition, Altium Packaging manufactures commodity and differentiated plastic resins from recycled plastic materials.
Additionally, the International Association of Insurance Supervisors (“IAIS”) continues to develop capital requirements as more fully discussed below. Regulation Outlook: The IAIS has adopted a Common Framework (“ComFrame”) for the supervision of Internationally Active Insurance Groups (“IAIGs”) which is focused on the group-wide supervision of IAIGs, such as CNA.
Regulation Outlook: The IAIS has adopted a Common Framework (“ComFrame”) for the supervision of Internationally Active Insurance Groups (“IAIGs”) which is focused on the group-wide supervision of IAIGs, such as CNA. Elements of ComFrame have been incorporated into regulatory guidelines issued by the National Association of Insurance Commissioners (“NAIC”) for application by regulators in the U.S.
As with Loews Hotels & Co’s other properties at Universal Orlando, Loews Hotels & Co will serve as manager and have a noncontrolling joint venture equity interest in the hotels. Properties: Loews Hotels & Co’s principal executive offices are based in New York City, New York and it has a shared service center outside of Nashville, Tennessee.
Properties: Loews Hotels & Co’s principal executive offices are based in New York City, New York and it has a shared service center outside of Nashville, Tennessee. Loews Hotels & Co leases the office space in both of these locations. ALTIUM PACKAGING LLC Altium Packaging is a packaging solutions provider and manufacturer in North America.
As with Loews Hotels & Co’s other properties at Universal Orlando, Loews Hotels & Co manages the hotel and has a noncontrolling joint venture equity interest in the hotel; and • In 2025, Universal Terra Luna Resort, a 750 guestroom hotel, and Universal Helios Grand Hotel, a Loews Hotel, a 500 guestroom hotel, are expected to open at Universal Orlando.
As with Loews Hotels & Co’s other properties at Universal Orlando, Loews Hotels & Co serves as manager and has a noncontrolling joint venture equity interest in these hotels; and • In 2026, Loews Hotels & Co expects to begin the replacement of the existing Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas.
Elements of ComFrame have been incorporated into regulatory guidelines issued by the National Association of Insurance Commissioners (“NAIC”) for application by regulators in the U.S. These additions were adopted for the purpose of streamlining group-wide supervision, further leveraging existing risk and solvency measures and applying them on a group-wide basis.
These additions were adopted for the purpose of streamlining group-wide supervision, further leveraging existing risk and solvency measures and applying them on a group-wide basis. The NAIC has developed an approach to group capital regulation and solvency-monitoring activities using the Group Capital Calculation (“GCC”).
Surety : Surety offers small, medium and large contract and commercial surety bonds. Surety provides surety and fidelity bonds in all 50 states.
Surety : Surety offers small, medium and large contract and commercial surety bonds. Surety provides surety and fidelity bonds in all 50 states. Warranty and Alternative Risks : Warranty and Alternative Risks provides extended service contracts and related insurance products covering mechanical breakdown and similar losses for vehicles, portable electronics and other consumer goods.
The following table provides information for Boardwalk Pipelines’ natural gas liquids assets owned and operated as of December 31, 2024: Assets Miles of Pipeline Annual Throughput (MMBbls) Working Gas Storage Capacity (Bcf) Liquids Storage Capacity (MMBbls) Louisiana Midstream 310 60.2 7.6 31.2 Boardwalk Petrochemical 180 36.3 Bayou Ethane 380 40.1 In 2024, Boardwalk Pipelines placed into service approximately $245 million of growth projects which represents approximately 0.4 Bcf per day of firm natural gas transportation capacity, additional capacity on its ethylene pipeline systems and increased storage capacity and reliability.
Bayou Ethane provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas. 10 Table of Contents The following table provides information for Boardwalk Pipelines’ natural gas liquids assets owned and operated as of December 31, 2025 : Assets Miles of Pipeline Annual Throughput (MMBbls) Liquids Storage Capacity (MMBbls) Louisiana Midstream 300 60.8 31.2 Boardwalk Petrochemical 180 38.9 Bayou Ethane 375 44.5 Current Growth Projects Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services.
In February 2025, the District Court for North Dakota also held that the CEQ lacks authority to issue NEPA regulations and vacated the CEQ’s 2024 “Phase 2” rule. Additionally, President Trump signed an energy-related Executive Order which included ordering the CEQ to propose rescinding its NEPA regulations.
Circuit held that the CEQ lacks authority to issue NEPA regulations, and pursuant to an energy-related Executive Order signed by President Trump in January 2025, in February 2025, the CEQ published an interim final rule rescinding its regulations implementing NEPA. Many federal agencies have updated or begun the process of preparing their own new or updated NEPA-implementing rules and procedures.
Removed
Warranty and Alternative Risks : Warranty and Alternative Risks provides extended service contracts and insurance products that provide protection from the financial burden associated with mechanical breakdown and other related losses, primarily for vehicles, portable electronic communication devices and other consumer goods.
Added
These service contracts are primarily distributed through independent representatives and sold by automobile dealerships and retailers in North America. CNA’s insurance subsidiaries may issue contractual liability, inland marine, or guaranteed asset protection policies supporting these contracts, a significant portion of which are reinsured through third-party captive programs.
Removed
Service contracts are generally distributed by commission-based independent representatives and sold by auto dealerships and retailers in North America to customers in conjunction with the purchase of a new or used vehicle or new consumer goods.
Added
CNA’s operations in the U.K. have been subject to the same regulations but are transitioning to a tailored version of Solvency II, known as Solvency UK, developed by the PRA. Additionally, the International Association of Insurance Supervisors (“IAIS”) continues to develop capital requirements as more fully discussed below.
Removed
Additionally, CNA’s insurance companies may issue contractual liability insurance policies or guaranteed asset protection reimbursement insurance policies to cover the liabilities of these service contracts issued by affiliated entities or third parties.
Added
Average daily throughput on Boardwalk Pipelines’ natural gas pipeline systems during 2025 was approximately 10.7 Bcf . Boardwalk Pipelines’ natural gas storage facilities are comprised of fourteen underground storage fields located in four states with aggregate working gas capacity of approximately 199.5 Bcf.
Removed
The NAIC has developed an approach to group capital regulation and solvency-monitoring activities using the Group Capital Calculation (“GCC”). While historically the U.S. regulatory regime was primarily based on legal entity regulation, the GCC quantifies risk across the insurance group.
Added
The recent growth of liquefied natural gas (“LNG”) export and power generation demand has led to the announcement of additional growth projects for Boardwalk Pipelines.
Removed
Average daily throughput on Boardwalk Pipelines’ natural gas pipeline systems during 2024 was approximately 10.2 billion cubic feet (“Bcf”).
Added
Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 Bcf/d and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.3 billion and are scheduled to be completed through 2030.
Removed
Boardwalk Pipelines expects to spend a total of approximately $1.6 billion on its ongoing and announced growth projects, with expected in-service dates for these projects ranging from 2025-2029. These projects are expected to add over 2.0 Bcf per day of firm natural gas transportation capacity.
Added
As of December 31, 2025 , Boardwalk Pipelines has spent $135 million on these growth projects. These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIn addition, Loews Hotels & Co’s properties are subject to various operating risks common to the hospitality industry, many of which are beyond Loews Hotels & Co’s control, including: • changes in general economic conditions, including the severity and duration of any downturn in the U.S. or global economy and financial markets, as well as more localized changes in the economy of each hotel’s geographic location; • increases in the costs of supplies, furniture, fixtures, equipment, labor, workers’ compensation, benefits, insurance, food and beverage, commodities, energy and unanticipated costs or cost increases due to inflation or resulting from force majeure events, new or different federal, state or local governmental regulations, including tariffs, constrained supply, and other factors that may not be offset by increased revenues; 33 Table of Contents • disruptions or delays in Loews Hotels & Co’s supply chain for goods and materials, including those used for hotel development, renovations and operations; • labor supply disruptions or shortages; • war, political conditions or civil unrest, terrorist activities or threats and heightened travel security measures instituted in response to these events; • outbreaks of pandemic or contagious diseases, such as the recent coronavirus; • federal, state or local government-mandated travel restrictions and/or shut-down orders of hotels or other drivers that reduce demand for hotel businesses; • natural or man-made disasters or other catastrophes; • material reductions or prolonged interruptions of public utilities and services; • decreased corporate or government travel-related budgets and spending and cancellations, deferrals or renegotiations of group business due to self-imposed and/or government-mandated travel restrictions, adverse economic conditions or otherwise; • decreased need for business-related travel due to innovations in business-related technology; • the financial condition and general operational condition of the airline, automotive and other transportation-related industries and its impact on travel; • decreased airline capacities and routes and disruption in airline operations; • competition from other hotels, cruise lines and alternative accommodations, such as Airbnb, in the markets in which Loews Hotels & Co operates; • requirements for periodic capital reinvestment to maintain and upgrade hotels; • the costs and administrative burdens associated with compliance with applicable laws and regulations, including those associated with responding to requests or demands of regulators or other governmental authorities, whether currently existing or implemented in the future, including, those pertaining to the environmental impact of Loews Hotels & Co’s operations, those pertaining to privacy and the use, sharing, storage and retention of data, and those arising out of mitigation efforts associated with pandemics or outbreaks of contagious diseases; • organized labor activities, which could cause a diversion of business from hotels involved in labor negotiations and loss of business for Loews Hotels & Co’s properties generally as a result of certain labor tactics; • changes in the desirability of particular locations or travel patterns of customers, including the possibility that travelers may be inclined to seek alternatives to large public gatherings, such as conferences and conventions, out of safety concerns associated with pandemics or outbreaks of contagious diseases and associated mitigation efforts, or with respect to the underlying attractions supporting the desirability of a particular location, such as, in the case of Loews Hotels & Co’s immersive destination properties, the Universal theme parks for its Orlando, Florida properties, and stadiums, arenas and convention centers for properties in other markets; • geographic concentration of operations and customers; • shortages of desirable locations for development; and • relationships with third-party property owners, developers, landlords, tenants, suppliers and joint venture partners, including the risk that such third-parties may encounter financial difficulties, may not fulfill material obligations, may terminate management, lease, supply, joint venture or other agreements with Loews Hotels & Co, may, in the case of landlords, seek material increases or improvements from Loews Hotels & Co in order to renew leases to Loews Hotels & Co, may, in the case of tenants, suffer the imposition of liens that Loews Hotels & Co may need to clear, or seek material discounts, allowances or concessions from Loews Hotels & Co in order to renew leases from Loews Hotels & Co, may, in the case of joint venture partners, not be willing to invest or reinvest capital to 34 Table of Contents maintain or upgrade properties, or may prevent Loews Hotels & Co from making unilateral decisions with respect to material matters relating to specific properties, and/or may, in the case of third party property owners, not be willing to invest or reinvest capital to maintain or upgrade properties or may seek material discounts or concessions from Loews Hotels & Co in order to renew or extend hotel management agreements.
Biggest changeIn addition, Loews Hotels & Co’s properties are subject to various operating risks common to the hospitality industry, many of which are beyond Loews Hotels & Co’s control, including: • changes in general economic conditions, including the severity and duration of any downturn in the U.S. or global economy and financial markets, as well as more localized changes in the economy of each hotel’s geographic location; • increases in the costs of supplies, furniture, fixtures, equipment, labor, workers’ compensation, benefits, insurance, food and beverage, commodities or energy and unanticipated costs or cost increases due to inflation or resulting from force majeure events, new or different federal, state or local governmental regulations, including tariffs and other factors that may not be offset by increased revenues; • disruptions or delays in Loews Hotels & Co’s supply chain for goods and materials, including those used for hotel development, renovations and operations; • labor supply disruptions or shortages; 37 Table of Contents • war, political conditions or civil unrest, terrorist activities or threats and heightened travel security measures instituted in response to these events; • outbreaks of pandemic or contagious diseases; • federal, state or local government-mandated travel restrictions and/or shut-down orders of hotels or other drivers that reduce demand for hotel businesses; • natural or man-made disasters or other catastrophes; • material reductions or prolonged interruptions of public utilities and services; • decreased corporate or government travel-related budgets and spending and cancellations, deferrals or renegotiations of group business due to self-imposed and/or government-mandated travel restrictions, adverse economic conditions or otherwise; • decreased need for business-related travel due to innovations in business-related technology; • the financial condition and general operational condition of the airline, automotive and other transportation-related industries and its impact on travel; • decreased airline capacities and routes and disruption in airline operations; • competition from other hotels, cruise lines and alternative accommodations, such as Airbnb, in the markets in which Loews Hotels & Co operates; • requirements for periodic capital reinvestment to maintain and upgrade hotels; • the costs and administrative burdens associated with compliance with applicable laws and regulations, including those associated with responding to requests or demands of regulators or other governmental authorities, whether currently existing or implemented in the future, including, those pertaining to the environmental impact of Loews Hotels & Co’s operations, those pertaining to privacy and the use, sharing, storage and retention of data, and those arising out of mitigation efforts associated with pandemics or outbreaks of contagious diseases; • organized labor activities, which could cause a diversion of business from hotels involved in labor negotiations and loss of business for Loews Hotels & Co’s properties generally as a result of certain labor tactics; • changes in the desirability of particular locations or travel patterns of customers, including as a result of an increase in, the occurrence of or the fear of, criminal activity, or the possibility that travelers may be inclined to seek alternatives to large public gatherings, such as conferences and conventions, out of safety concerns, including those associated with pandemics or outbreaks of contagious diseases and associated mitigation efforts, or with respect to the underlying attractions supporting the desirability of a particular location, such as, in the case of Loews Hotels & Co’s immersive destination properties, the Universal theme parks for its Orlando, Florida properties, and stadiums, arenas and convention centers for properties in other markets; • geographic concentration of operations and customers; • shortages of desirable locations for development; and • risks related to relationships with third-party property owners, developers, landlords, tenants, suppliers, lenders and joint venture partners, including the risk that such third-parties may encounter financial difficulties, may not fulfill material obligations, may terminate management, lease, supply, credit, joint venture or other agreements with Loews Hotels & Co, may, in the case of landlords, seek material increases or improvements from Loews Hotels & Co in order to renew leases to Loews Hotels & Co, may, in the case of tenants, suffer the imposition of liens that Loews Hotels & Co may need to clear, or seek material discounts, allowances or concessions from Loews Hotels & Co in order to renew leases from Loews Hotels & Co, may, in the case of joint venture partners, not be willing to invest or reinvest capital to maintain or upgrade properties, or may prevent Loews Hotels & Co from making unilateral decisions with respect to material matters relating to specific properties, and/or may, in the case of third party property owners, not be willing to invest or reinvest capital to maintain or upgrade properties or may seek material discounts or concessions from Loews Hotels & Co in order to renew or extend hotel management agreements. 38 Table of Contents In addition to materially affecting the business of Loews Hotels & Co generally, these factors, and the reputational repercussions of these factors, could materially adversely affect, and from time to time have materially adversely affected, individual hotels and hotels in particular regions.
CNA faces potential exposure to various types of existing, new and emerging mass tort claims including, those related to exposure to potentially harmful products or substances, such as glyphosate, lead paint, per- and polyfluoroalkyl substances (“PFAS”) and opioids; sexual abuse and molestation claims, claims arising from changes that expand the right to sue, remove limitations on recovery, extend the statutes of limitations or otherwise repeal or weaken tort reforms, such as those related to abuse reviver statutes, including New York reviver statutes; and claims related to new and emerging theories of liability, such as those related to global warming and climate change.
CNA faces potential exposure to various types of existing, new and emerging mass tort claims including, those related to exposure to potentially harmful products or substances, such as glyphosate, lead paint, per- and polyfluoroalkyl substances (“PFAS”) and opioids; sexual abuse and molestation claims, claims arising from changes that expand the right to sue, remove limitations on recovery, extend the statutes of limitations or otherwise repeal or weaken tort reforms, such as those related to abuse reviver statutes; and claims related to new and emerging theories of liability, such as those related to global warming and climate change.
Technological changes in the way insurance transactions are completed in the marketplace, and CNA’s ability to react effectively to such change, may present significant competitive risks. For example, more insurers are utilizing or may begin utilizing “big data” analytics or artificial intelligence to make underwriting or other decisions that impact product design and pricing.
Technological changes in the way insurance transactions are completed in the marketplace, and CNA’s ability to react effectively to such change, may present significant competitive risks. For example, more insurers are utilizing or may begin utilizing “big data” analytics or artificial intelligence (“AI”) to make underwriting or other decisions that impact product design and pricing.
In addition, longer-term natural catastrophe trends may be changing and new types of catastrophe losses may be developing due to climate change, its associated extreme weather events linked to rising temperatures and its effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, rain, drought, hail and snow.
In addition, longer-term natural catastrophe trends may be changing and new types of, and heightened, catastrophe losses may be developing due to climate change, its associated extreme weather events linked to rising temperatures and its effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, rain, drought, hail and snow.
In December 2023, the EPA finalized its methane rules for new, modified, and reconstructed facilities, known as OOOOb, as well as standards for existing sources for the first time ever, known as OOOOc. Under the final rules, states have two years to prepare and submit their plans to impose methane emission controls on existing sources.
In December 2023, the EPA finalized its methane rules for new, modified, and reconstructed facilities, known as Subpart OOOOb, as well as standards for existing sources for the first time ever, known as Subpart OOOOc. Under the final rules, states have two years to prepare and submit their plans to impose methane emission controls on existing sources.
There have also been increasing financial risks for fossil fuel energy companies as certain investors become increasingly concerned about the potential effects of climate change and may elect in the future to shift some or all of their investments into non-fossil fuel energy related sectors.
There have also been increasing financial risks for fossil fuel energy companies as certain investors become concerned about the potential effects of climate change and may elect in the future to shift some or all of their investments into non-fossil fuel energy related sectors.
Computer, telecommunications and other business facilities and systems could become unavailable or impaired from a variety of causes, including cyber attacks or other cyber incidents, storms and other natural disasters, terrorist attacks, fires, utility outages, theft, design defects, human error or complications encountered as existing systems are replaced or upgraded.
Computer, telecommunications and other business facilities and systems could become unavailable or impaired from a variety of causes, including cyber attacks or other cyber incidents, storms and other natural disasters, terrorist attacks, fires, utility outages, theft, design defects, human error or complications, including those encountered as existing systems are replaced or upgraded.
Additionally, the nature and location of Boardwalk Pipelines’ business may make it susceptible to catastrophic losses from hurricanes or other named storms, particularly with regard to its assets in the Gulf Coast region, cold freezes, snowstorms, windstorms, earthquakes, hail and other severe weather.
Additionally, the nature and location of Boardwalk Pipelines’ business may make it susceptible to catastrophic losses from hurricanes or other named storms, particularly with regard to its assets in the Gulf Coast region, cold freezes, snowstorms, windstorms, earthquakes, hail, tornados and other severe weather.
CNA is subject to the uncertain effects of emerging and potential claims and coverage issues that arise as industry practices and legal, judicial, geopolitical, social, economic and other environmental conditions change. Further, the impact of social inflation continues to be significant, and the trajectory of its future impact remains uncertain.
CNA is subject to the uncertain effects of emerging and potential claims and coverage issues that arise as industry practices and legal, judicial, social, economic, geopolitical and other environmental conditions change. The impact of social inflation continues to be significant, and the trajectory of its future impact remains uncertain.
Furthermore, Loews Hotels & Co could experience demands from labor unions that represent its employees for additional compensation, healthcare benefits, operational protocols or other terms in response to pandemics or the outbreak of contagious diseases that could increase costs.
Furthermore, Loews Hotels & Co could experience demands from labor unions that represent its employees for additional compensation, healthcare benefits, operational protocols or other terms in response to pandemics, the outbreak of contagious diseases or other events that could increase costs.
Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that may restrict its ability to finance future operations or capital needs or to expand or pursue business activities.
Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that may restrict its business and financing activities. Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that may restrict its ability to finance future operations or capital needs or to expand or pursue business activities.
These developments could include, among others, regional economic downturns, an increase in burdensome governmental regulation, changes in the local political climate, a decline in the popularity of or access to area tourist attractions, such as theme parks and stadiums, the failure of new nearby tourist attractions to be developed or be successful in markets where new hotels are under development or of existing attractions to be maintained or upgraded in existing markets, significant increases in the number of Loews Hotels & Co’s competitors’ hotels in these markets, the development of new tourist attractions which are competitive with those nearby Loews Hotels & Co’s properties and potentially higher local property, sales and income taxes, property insurance costs or other expenses in the geographic markets in which it is concentrated.
These developments could include, 41 Table of Contents among others, regional economic downturns, an increase in burdensome governmental regulation, changes in the local political climate, a decline in the popularity of or access to area tourist attractions, such as theme parks and stadiums, the failure of new nearby tourist attractions to be developed or be successful in markets where new hotels are under development or of existing attractions to be maintained or upgraded in existing markets, significant increases in the number of Loews Hotels & Co’s competitors’ hotels in these markets, the development of new tourist attractions which are competitive with those nearby Loews Hotels & Co’s properties and potentially higher local property, sales and income taxes, property insurance costs or other expenses in the geographic markets in which it is concentrated.
CNA’s business is highly dependent upon its ability to perform, in an efficient and uninterrupted manner, through its employees or vendor relationships and using its and its vendor’s facilities and systems, necessary business functions, such as providing internet support and 24-hour call centers, processing new and renewal business, providing customer service, processing and paying claims and other obligations and issuing financial statements.
CNA’s business is highly dependent upon its ability to perform, in an efficient and uninterrupted manner, through its employees or vendor relationships and using its and its vendors’ facilities and systems, necessary business functions, such as providing internet support and 24-hour call centers, processing new and renewal business, providing customer service, processing and paying claims and other obligations and issuing financial statements.
PHMSA has revised its standards from time to time and recently issued a series of significant rulemakings for onshore gas distribution, transmission and gathering pipelines (e.g., relating to MAOP reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage and the consideration of seismicity as a risk factor in integrity management), and hazardous liquid transmission and gathering pipelines (e.g., expanding the reach of certain of PHMSA’s integrity management requirements, requiring the accommodation of in-line inspection tools by 2039 for certain pipelines, increasing annual, accident and safety-related conditional reporting requirements, and expanding the use of leak detection systems beyond HCAs).
PHMSA has revised its standards from time to time and recently issued a series of significant rulemakings for onshore gas 30 Table of Contents distribution, transmission and gathering pipelines (e.g., relating to MAOP reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage and the consideration of seismicity as a risk factor in integrity management), and hazardous liquid transmission and gathering pipelines (e.g., expanding the reach of certain of PHMSA’s integrity management requirements, requiring the accommodation of in-line inspection tools by 2039 for certain pipelines, increasing annual, accident and safety-related conditional reporting requirements, and expanding the use of leak detection systems beyond HCAs).
In addition, Loews Hotels & Co is a defendant in litigation alleging that it and certain other hotel chains engaged in a conspiracy to fix higher prices for hotel rooms in violation of antitrust laws. For additional information regarding these matters, see Note 18 of the Notes to Consolidated Financial Statements included under Item 8.
In addition, Loews Hotels & Co is a defendant in litigation alleging that it and certain other hotel chains engaged in a conspiracy to fix higher prices for hotel rooms in violation of antitrust laws. For additional information regarding these matters, see Note 17 of the Notes to Consolidated Financial Statements included under Item 8.
The required increase in reserves is recorded as a charge against its earnings in the period in which reserves are determined to be insufficient. These charges have been and in the future could be substantial. The reserves are discounted using upper-medium grade fixed income 18 Table of Contents instrument yields as of each reporting date.
The required increase in reserves is recorded as a charge 20 Table of Contents against its earnings in the period in which reserves are determined to be insufficient. These charges have been and in the future could be substantial. The reserves are discounted using upper-medium grade fixed income instrument yields as of each reporting date.
For example, it could: • limit Boardwalk Pipelines’ ability to borrow money for its working capital, capital expenditures, debt service requirements or other general business activities; • impact Boardwalk Pipelines’ ratings received from credit rating agencies; • increase Boardwalk Pipelines’ vulnerability to general adverse economic and industry conditions; and • limit Boardwalk Pipelines’ ability to respond to business opportunities, including growing its business through acquisitions.
For example, it could: • limit Boardwalk Pipelines’ ability to borrow money for its working capital, capital expenditures, including its growth projects, debt service requirements or other general business activities; • impact Boardwalk Pipelines’ ratings received from credit rating agencies; • increase Boardwalk Pipelines’ vulnerability to general adverse economic and industry conditions; and • limit Boardwalk Pipelines’ ability to respond to business opportunities, including growing its business through acquisitions.
Some of its competitors also have greater financial and marketing resources than Loews Hotels & Co. In addition, travelers can book stays on websites and through applications that facilitate the short-term rental of homes and apartments from owners, thereby providing an alternative to hotel rooms.
Some of its competitors also have greater financial, sales, distribution and marketing resources than Loews Hotels & Co. In addition, travelers can book stays on websites and through applications that facilitate the short-term rental of homes and apartments from owners, thereby providing an alternative to hotel rooms.
It can take a long time for the ultimate cost of any catastrophe losses to CNA to be finally determined, as a multitude of factors contribute to such costs, including evaluation of general liability and pollution exposures, infrastructure disruption, business interruption and reinsurance collectibility.
It can take a long time for the ultimate cost of any catastrophe losses to CNA to be finally determined, as a multitude of factors contribute to such costs, including evaluation of general liability and pollution exposures, infrastructure disruption, business interruption and reinsurance collectability.
Litigation risks are also increasing, as a number of cities and other governmental entities have brought suit alleging that fossil fuel producers created public nuisances by producing fuels that contributed to global warming effects such as rising sea levels, are responsible for associated roadway and infrastructure damage, or defrauded investors or customers by failing to timely and adequately disclose adverse effects of climate change.
Additionally, litigation risks are also increasing with respect to climate change, as a number of cities and other governmental entities have brought suit alleging that fossil fuel producers created public nuisances by producing fuels that contributed to global warming effects such as rising sea levels, are responsible for associated roadway and infrastructure damage, or defrauded investors or customers by failing to timely and adequately disclose adverse effects of climate change.
Boardwalk Pipelines’ reputation could also be impacted by negative publicity related to pipeline incidents, unpopular expansion projects and opposition to the development of hydrocarbons and energy infrastructure, particularly projects involving resources that are considered to increase GHG emissions and contribute to climate change.
Boardwalk Pipelines’ reputation could also be impacted by negative publicity related to pipeline incidents, unpopular expansion projects and opposition to the development of hydrocarbons and energy infrastructure, including projects involving resources that are considered to increase GHG emissions and contribute to climate change.
Furthermore, Loews Hotels & Co may have, or acquire in the future, multi-employer plans that are classified as “endangered,” “seriously endangered,” or “critical” status and a withdrawal in the future could result in the incurrence of a contingent liability that would be payable in an amount and at such time (or over a period of time) that would vary based on a number of factors at the time of (and after) withdrawal.
Furthermore, Loews Hotels & Co may have, or acquire 42 Table of Contents in the future, multi-employer plans that are classified as “endangered,” “seriously endangered,” or “critical” status and a withdrawal in the future could result in the incurrence of a contingent liability that would be payable in an amount and at such time (or over a period of time) that would vary based on a number of factors at the time of (and after) withdrawal.
The imposition of new or more stringent pipeline safety rules applicable to natural gas or NGLs pipelines, or any issuance or reinterpretation of guidance from PHMSA or any state agencies, could cause Boardwalk Pipelines to install new or modified safety controls, pursue additional capital projects or conduct maintenance programs on an accelerated basis, any or all of which could result in Boardwalk Pipelines incurring increased capital and operating costs, experiencing operational delays and suffering potential adverse impacts to its operations or ability to reliably serve its customers.
The imposition of new or more stringent pipeline safety rules applicable to natural gas or NGLs pipelines, or any issuance or reinterpretation of guidance from PHMSA or any state agencies, could cause Boardwalk Pipelines to install new or modified safety controls, pursue additional capital projects, forgo growth projects or conduct maintenance programs on an accelerated basis, any or all of which could result in Boardwalk Pipelines incurring increased capital and operating costs, experiencing operational delays and suffering potential adverse impacts to its operations, ability to grow its business or ability to reliably serve its customers.
Political, litigation and financial risks may result in Boardwalk Pipelines’ fossil fuel producer customers restricting or canceling production activities, incurring liability for infrastructure and other damages as a result of climatic changes, or impairing their ability to continue to operate in an economic manner, which also could reduce demand for Boardwalk Pipelines’ services.
Political, litigation and financial risks may result in Boardwalk Pipelines’ fossil fuel producer customers restricting or canceling production activities, incurring liability for infrastructure and other damages as a result of climatic changes, or impairing their ability to continue to operate in an economic manner, which also could reduce demand for 33 Table of Contents Boardwalk Pipelines’ services.
This includes agents, brokers and managing general underwriters who may increasingly compete with CNA, including as a result of markets continuing to provide them with direct access to 20 Table of Contents providers of capital seeking exposure to insurance risk. Insurers compete on the basis of many factors, including products, price, services, ratings and financial strength.
This includes agents, brokers and managing general underwriters who may increasingly compete with CNA, including as a result of markets continuing to provide them with direct access to providers of capital seeking exposure to insurance risk. Insurers compete on the basis of many factors, including products, price, services, ratings and financial strength.
Over time, the FERC may change, amend or announce that it will undertake a review of its existing policies. There were no major policy changes announced by the FERC during 2024.
Over time, the FERC may change, amend or announce that it will undertake a review of its existing policies. There were no major policy changes announced by the FERC during 2025.
CNA’s actual experience could vary from the key assumptions used to determine future policy benefit reserves for long-term care policies. CNA’s future policy benefit reserves for long-term care policies are based on CNA’s best estimate actuarial assumptions, which are assessed quarterly and updated at least annually. Key actuarial assumptions include morbidity, persistency, anticipated future premium rate increases and expenses.
CNA’s actual experience could vary from the key assumptions used to determine future policy benefit reserves for long-term care policies. CNA’s future policy benefit reserves for long-term care policies are based on CNA’s best estimate actuarial assumptions, which are assessed quarterly and updated at least annually. Key actuarial assumptions include morbidity, persistency, premium rate actions and expenses.
Additionally, traditional actuarial methods and techniques employed to estimate the ultimate cost of claims for more traditional property and casualty exposures are less precise in estimating claim and claim adjustment expense reserves for A&EP. As a result, estimating the ultimate cost of both reported and unreported A&EP claims is subject to a higher degree of variability.
Additionally, 21 Table of Contents traditional actuarial methods and techniques employed to estimate the ultimate cost of claims for more traditional property and casualty exposures are less precise in estimating claim and claim adjustment expense reserves for A&EP. As a result, estimating the ultimate cost of both reported and unreported A&EP claims is subject to a higher degree of variability.
The transportation rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the continued availability of supply from key supply basins, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators, petrochemical facilities and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).
The transportation rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the continued availability of supply from key supply basins, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators, petrochemical facilities, artificial intelligence data centers and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).
A decline in interest rates may reduce the returns earned on new fixed maturity investments, thereby reducing CNA’s net investment income, while an increase in interest rates may reduce the value of its existing fixed maturity investments, which could increase CNA’s net unrealized losses or reduce its net unrealized gains included in Accumulated Other Comprehensive Income (“AOCI”).
A decline in interest rates may reduce the returns earned on new fixed maturity investments, thereby reducing CNA’s net investment income, while an increase in interest rates may reduce the value of its existing fixed maturity investments, which could 23 Table of Contents increase CNA’s net unrealized losses or reduce its net unrealized gains included in Accumulated Other Comprehensive Income (“AOCI”).
If a customer fails to post the required credit support or defaults during the growth project process, overall returns on the project may be reduced to the extent an 30 Table of Contents adjustment to the scope of the project occurs or Boardwalk Pipelines is unable to replace the defaulting customer with a customer willing to pay similar rates.
If a customer fails to post the required credit support or defaults during the growth project process, overall returns on the project may be reduced to the extent an adjustment to the scope of the project occurs or Boardwalk Pipelines is unable to replace the defaulting customer with a customer willing to pay similar rates.
The seasonality and cyclicality of its industry may contribute to fluctuations in Loews Hotels & Co’s results of operations, financial condition, investment activity and cash flows. 35 Table of Contents Loews Hotels & Co operates in a highly competitive industry, both for customers and for the acquisition and/or development of new properties. The hospitality industry is highly competitive.
The seasonality and cyclicality of its industry may contribute to fluctuations in Loews Hotels & Co’s results of operations, financial condition, investment activity and cash flows. Loews Hotels & Co operates in a highly competitive industry, both for customers and for the acquisition and/or development of new properties. The hospitality industry is highly competitive.
Additionally, to the extent ESG matters negatively impact our reputation, we may not be able to compete as effectively to recruit or retain employees, which may adversely affect our operations.
Additionally, to the extent sustainability matters negatively impact our reputation, we may not be able to compete as effectively to recruit or retain employees, which may adversely affect our operations.
In addition, Loews Hotels & Co’s properties in Florida are subject to the effects of adverse acts of nature, such as hurricanes, strong winds and flooding, which have in the past caused damage to its 37 Table of Contents hotels in Florida, and which may in the future be intensified as a result of climate change.
In addition, Loews Hotels & Co’s properties in Florida are subject to the effects of adverse acts of nature, such as hurricanes, strong winds and flooding, which have in the past caused damage to its hotels in Florida, and which may in the future be intensified as a result of climate change.
These renovation and construction efforts are subject to a number of risks, including: • construction delays, changes to plans and specifications and cost overruns (including for labor and materials, unforeseeable site conditions, construction errors or design defects) that may increase project costs, cause new development projects to not be completed by lender or municipal imposed required completion dates or subject Loews Hotels & Co to cancellation penalties for reservations accepted; • obtaining and maintaining government subsidies or financial incentives in certain markets; • obtaining zoning, occupancy and other required licenses, permits or authorizations; • changes in economic or other market conditions that may result in weakened or lack of demand or negative project returns; • governmental restrictions on the size or kind of development; • projects financed with construction debt are subject to risk that participating lenders may not fulfill their commitments when called upon as well as interest rate risk as uncertain timing and amount of draws may make effective hedging difficult or expensive to obtain, as well as the other risks associated with mortgage debt described above; 36 Table of Contents • delays resulting from pandemics or the outbreaks of contagious diseases and related containment efforts, including as they pertain to contractors, suppliers and inspectors required to review projects; • weather delays and force majeure events, including earthquakes, tornados, hurricanes, floods, winter weather conditions and other natural or man-made catastrophes; and • projects with adjacent demand generators under construction that become delayed causing opening delays of, or less revenue than anticipated from, hotels under development.
These renovation and construction efforts are subject to a number of risks, including: • construction delays, changes to plans and specifications and cost overruns (including for labor and materials), including those that may be due to unforeseeable site conditions, construction errors, design defects, the imposition or increases of tariffs on building supplies and materials or furniture, fixtures and equipment, or changes in building codes, that may increase project costs, cause new development projects to not be completed by lender or municipal imposed required completion dates or subject Loews Hotels & Co to cancellation penalties for reservations accepted; • obtaining and maintaining government subsidies or financial incentives in certain markets; • obtaining zoning, occupancy and other required licenses, permits or authorizations; 40 Table of Contents • changes in economic or other market conditions that may result in weakened or lack of demand or negative project returns; • governmental restrictions on the size or kind of development; • projects financed with construction debt are subject to risk that participating lenders may not fulfill their commitments when called upon as well as interest rate risk as uncertain timing and amount of draws may make effective hedging difficult or expensive to obtain, as well as the other risks associated with mortgage debt described above; • delays resulting from pandemics or the outbreaks of contagious diseases and related containment efforts, including as they pertain to contractors, suppliers and inspectors required to review projects; • weather delays and force majeure events, including earthquakes, tornados, hurricanes, floods, winter weather conditions and other natural or man-made catastrophes; and • projects with adjacent demand generators under construction that become delayed causing opening delays of, or less revenue than anticipated from, hotels under development.
The presumptive standards established under the final rules include advanced monitoring to encourage the deployment of innovative technologies to detect and reduce methane emissions, reduction of emissions by 95% through capture and control systems, zero-emission requirements for certain devices, and the establishment of the "super emitter" response program that would allow third parties to make reports to the EPA of large methane emission events.
The presumptive standards established under the final rules include advanced monitoring to encourage the deployment of innovative technologies to detect and reduce methane emissions, reduction of emissions by 95% through capture and control systems, zero-emission requirements for certain devices, and the establishment of the “super emitter” response program that would allow third parties to make reports to the EPA of large methane emission events.
We and our subsidiaries rely on products, equipment and services provided by many third-party suppliers, manufacturers and service providers in the United States and abroad, which exposes us and them to volatility in the quality, price and 41 Table of Contents availability of such items.
We and our subsidiaries rely on products, equipment and services provided by many third-party suppliers, manufacturers and service providers in the United States and abroad, which exposes us and them to volatility in the quality, price and availability of such items.
Real estate ownership and leasing is subject to risks not applicable to managed or franchised properties, including: • real estate, insurance, zoning, tax, environmental and eminent domain laws; • the ongoing need for owner-funded capital improvements and expenditures to maintain or upgrade properties; • risks associated with mortgage debt, including the possibility of default, fluctuating interest rate levels, compliance with covenants that may include or result in principal amortization or the acceleration of repayment and the availability of financing, including the possibility of lenders electing to freeze or restrict loans secured by hospitality related assets or to not fund loans as anticipated or previously committed; • risks associated with the possibility that cost increases will outpace revenue increases and that, in the event of an economic slowdown or other circumstances negatively affecting revenues, a high proportion of fixed costs will make it difficult to reduce costs to the extent required to offset declining revenues; • risks associated with real estate and property leases, including the possibility of rent increases and the inability to renew or extend upon favorable terms; • the potential impact of changes in general or local economic and market conditions, including the severity and duration of any downturn in the U.S., global or local economies and financial markets, on tenants of space leases within properties in which Loews Hotels & Co invests; • the ability to exit or enter markets may not be able to be implemented in a time frame favorable to Loews Hotels & Co or be solely within Loews Hotels & Co’s control, and Loews Hotels & Co does not currently own a lower-tier brand which would allow it to retain and operate properties in markets and locations which suffer an economic downturn; • risks associated with real estate condominiums and similar structures, including the possibility of special assessments by condominiums that Loews Hotels & Co does not control; • fluctuations in real estate values and potential impairments in the value of Loews Hotels & Co’s assets; and • the relative illiquidity of real estate compared to some other assets.
Real estate ownership and leasing is subject to risks not applicable to managed or franchised properties, including: • real estate, insurance, zoning, tax, environmental and eminent domain laws; • the ongoing need for owner-funded capital improvements and expenditures to maintain or upgrade properties; • risks associated with mortgage debt, including the possibility of default, fluctuating interest rate levels, compliance with covenants that may include or result in principal amortization or the acceleration of repayment and the loss of the availability of financing, including the possibility of lenders electing to freeze or restrict loans secured by hospitality related assets, to not fund loans as anticipated or previously committed or to not fund protective advances to maintain operations of, or to take title to, non-performing assets; • risks associated with the possibility that cost increases will outpace revenue increases and that, in the event of an economic slowdown or other circumstances negatively affecting revenues, a high proportion of fixed costs will make it difficult to reduce costs to the extent required to offset declining revenues; • risks associated with real estate and property leases, including the possibility of rent increases and the inability to renew or extend upon favorable terms; • the potential impact of changes in general or local economic and market conditions, including the severity and duration of any downturn in the U.S., global or local economies and financial markets, on tenants of space leases within properties in which Loews Hotels & Co invests; • the ability to exit or enter markets may not be able to be implemented in a time frame favorable to Loews Hotels & Co or be solely within Loews Hotels & Co’s control, and Loews Hotels & Co does not currently own a lower-tier brand which would allow it to retain and operate properties in markets and locations which suffer an economic downturn; • risks associated with real estate condominiums and similar structures, including the possibility of special assessments by condominiums that Loews Hotels & Co does not control; • fluctuations in real estate values and potential impairments in the value of Loews Hotels & Co’s assets; and • the relative illiquidity of real estate compared to some other assets. 39 Table of Contents The hospitality industry is subject to seasonal and cyclical volatility.
While Boardwalk Pipelines cannot predict how or to what extent 27 Table of Contents sustainable lending and investment practices may impact it, a material reduction in the capital available to the fossil fuel industry could make it more difficult to secure funding for exploration and production or midstream energy business activities, which could adversely impact its business and operations.
While Boardwalk Pipelines cannot predict how or to what extent sustainable lending and investment practices may impact it, a material reduction in the capital available to the fossil fuel industry could make it more difficult to secure funding for exploration and production or midstream energy business activities, which could adversely impact its business and operations.
For instance, we and certain of our Boardwalk Pipelines-related subsidiaries are defendants in a class action litigation in the State of Delaware related to our 2018 acquisition of the Boardwalk Pipelines limited partnership units not already owned by our affiliates.
For instance, we and certain of our Boardwalk Pipelines-related subsidiaries are defendants in a class action litigation in the State of Delaware 44 Table of Contents related to our 2018 acquisition of the Boardwalk Pipelines limited partnership units not already owned by our affiliates.
CNA is exposed to, and may face adverse developments related to, mass tort claims that could arise from, among other things, its insureds’ sale or use of potentially harmful products or substances, changes to the social and legal environment, such as those related to abuse reviver statutes, issues related to altered interpretation of coverage and other new and emerging claim theories.
CNA is exposed to, and may face adverse developments related to, mass tort claims that could arise from, among other things, its insureds’ sale or use of potentially harmful products or substances, claims of sexual abuse and molestation against CNA’s insureds and changes to the social and legal environment, such as those related to abuse reviver statutes, issues related to altered interpretation of coverage and other new and emerging claim theories.
The hospitality industry is subject to seasonal and cyclical volatility. The hospitality industry is seasonal in nature. The periods during which Loews Hotels & Co’s properties experience higher revenues vary from property to property, depending principally upon location and the consumer base served.
The hospitality industry is seasonal in nature. The periods during which Loews Hotels & Co’s properties experience higher revenues vary from property to property, depending principally upon location and the consumer base served.
Although CNA maintains cybersecurity insurance coverage insuring against costs resulting from cyber attacks (including the March 2021 attack), CNA does not expect the amount available under its coverage policy to cover all losses from cyber-attacks. In addition, potential disputes with its insurers about the availability of insurance coverage could occur.
Although CNA maintains cybersecurity insurance coverage insuring against costs resulting from cyber attacks, CNA does not expect the amount available under its coverage policy to cover all potential losses from cyber-attacks. In addition, potential disputes with its insurers about the availability of insurance coverage could occur.
Additionally, the EPA regulates GHGs, including methane and carbon dioxide, under the CAA and has implemented various permitting, reporting and technology-based requirements to reduce GHG emissions by the oil and gas sectors.
Additionally, the EPA has the authority to regulate GHGs, including methane and carbon dioxide, under the CAA and has implemented various permitting, reporting and technology-based requirements to reduce GHG emissions by the oil and gas sectors.
Boardwalk Pipelines’ pipeline operations along coastal waters and offshore in the Gulf of Mexico could be adversely impacted by climatic conditions such as rising sea levels, subsidence and erosion, which could result in serious damage to Boardwalk Pipelines’ facilities and affect its ability to provide transportation services.
Boardwalk Pipelines’ pipeline operations along coastal waters and offshore could be adversely impacted by climatic conditions such as rising sea levels, subsidence and erosion, which could result in serious damage to Boardwalk Pipelines’ facilities and affect its ability to provide transportation services.
The use of different estimates and assumptions could result in materially different carrying values of our assets which could impact the need to record an impairment charge and the amount of any charge taken.
The use of different estimates and assumptions could result 45 Table of Contents in materially different carrying values of our assets which could impact the need to record an impairment charge and the amount of any charge taken.
Current rules, including those promulgated by insurance regulators and specialized markets such as Lloyd’s, require companies to maintain statutory capital and surplus at a specified minimum level determined using the applicable jurisdiction’s regulatory capital 24 Table of Contents adequacy formula.
Current rules, including those promulgated by insurance regulators and specialized markets such as Lloyd’s, require companies to maintain statutory capital and surplus at a specified minimum level determined using the applicable jurisdiction’s regulatory capital adequacy formula.
The construction of new 29 Table of Contents assets involves a number of risks, including risks related to regulations (federal, state and local), landowner opposition, environmental matters, activists, legal compliance, political matters and materials and labor costs, as well as operational and other risks that are difficult to predict and some of which are beyond Boardwalk Pipelines’ control.
The construction of new assets involves a number of risks, including risks related to regulations (federal, state and local), landowner opposition, environmental matters, activists, legal compliance, political matters and materials and labor costs or shortages, as well as operational and other risks that are difficult to predict and some of which are beyond Boardwalk Pipelines’ control.
The FERC has authority to impose civil penalties for violations of the NGA and NGPA, and the implementing regulations thereunder, up to a maximum amount that is adjusted annually for inflation, which for 2025 is approximately $1.6 million per day per violation.
The FERC has authority to impose civil penalties for violations of the NGA and NGPA, and the implementing regulations thereunder, up to a maximum amount that is adjusted annually for inflation, which for 2026 is approximately $1.5 million per day per violation.
If we and our subsidiaries and our and their third party vendors do not allocate and effectively manage the resources necessary to continue to build and maintain our and their information technology security infrastructure, or if we or our subsidiaries or our or our subsidiaries’ vendors fail to timely identify or appropriately respond to cyber attacks or other cyber incidents, then this may, in addition to other consequences, disrupt our and our subsidiaries’ operations, cause 40 Table of Contents significant damage to our or their assets and surrounding areas, cause loss of life or serious bodily injury, impact our or their data framework or cause a failure to protect personal information of customers, employees or others.
If we and our subsidiaries and our and their third party vendors and other third parties with whom we and they do business do not allocate and effectively manage the resources necessary to continue to build and maintain our and their information technology security infrastructure, or if we or our subsidiaries or our or our subsidiaries’ vendors or other third parties with whom we and they do business fail to timely identify or appropriately respond to cyber attacks or other cyber incidents, then this may, in addition to other consequences, disrupt our and our subsidiaries’ operations, cause significant damage to our or their assets and surrounding areas, cause loss of life or serious bodily injury, impact our or their data framework or cause a failure to protect personal information of customers, employees or others.
CNA’s share of these involuntary risks is mandatory and generally a function of its respective share of the voluntary market by line of insurance in each jurisdiction.
CNA’s share of these involuntary risks 27 Table of Contents is mandatory and generally a function of its respective share of the voluntary market by line of insurance in each jurisdiction.
These new and any future regulations adopted by PHMSA have imposed and may impose more stringent requirements applicable to integrity management programs and other pipeline safety aspects of Boardwalk Pipelines’ operations, which is expected to cause Boardwalk Pipelines to incur increased capital and operating costs, may cause it to experience operational delays and may result in potential adverse impacts to its operations or its ability to reliably serve its customers.
Any future regulations adopted by PHMSA may impose more stringent requirements applicable to integrity management programs and other pipeline safety aspects of Boardwalk Pipelines’ operations, which could cause Boardwalk Pipelines to incur increased capital and operating costs, may cause it to experience operational delays and may result in potential adverse impacts to its operations or its ability to reliably serve its customers.
Companies that do not adapt to or comply with investor or other stakeholder expectations and standards, which are evolving, or that are perceived to have not responded appropriately to the growing concern regarding ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and other adverse consequences.
Companies that do not adapt to or comply with investor or other stakeholder expectations and standards, which are evolving, or that are perceived to have not responded appropriately to concerns regarding sustainability issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and other adverse consequences.
This agreement also requires it to maintain a ratio of total consolidated debt to consolidated EBITDA (as defined in the credit agreement) of not more than 5.0 to 1.0, or up to 5.5 to 1.0 for the three quarters following a qualified acquisition or series of acquisitions, where the purchase price exceeds $100.0 million over a rolling 12-month period, which limits the amount of additional indebtedness Boardwalk Pipelines can incur to grow its business, and could require it to reduce indebtedness if its earnings before interest, income taxes, depreciation and amortization (“EBITDA”) decreases to a level that would cause it to breach this covenant.
This agreement also requires it to maintain a ratio of consolidated total debt to consolidated EBITDA (as defined in the credit agreement) of not more than 5.0 to 1.0, or up to 5.5 to 1.0 for the quarter in 35 Table of Contents which the consummation of a qualified acquisition occurs where the purchase price exceeds $100.0 million and the three quarters following the qualified acquisition quarter, which limits the amount of additional indebtedness Boardwalk Pipelines can incur to grow its business, and could require it to reduce indebtedness if its earnings before interest, income taxes, depreciation and amortization (“EBITDA”) decreases to a level that would cause it to breach this covenant.
Regardless of the industry, investors’ increased focus and activism related to ESG and similar matters may hinder access to, or increase the cost of, capital, as investors may decide to reallocate capital 42 Table of Contents or to not commit capital as a result of their assessment of a company’s ESG practices.
Regardless of the industry, investors’ focus and activism related to sustainability and similar matters may hinder access to, or increase the cost of, capital, as investors may decide to reallocate capital or to not commit capital as a result of their assessment of a company’s sustainability practices.
Catastrophe losses are an inevitable part of CNA’s business. Various events can cause catastrophe losses. These events can be natural or man-made, and may include hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber-attacks, pandemics and acts of terrorism. The frequency and severity of these catastrophe events are inherently unpredictable.
These events can be natural or man-made, and may include hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber-attacks, pandemics and acts of terrorism. The frequency and severity of these catastrophe events are inherently unpredictable.
Because payroll costs are a major component of the operating expenses at its properties, a shortage of skilled labor could also require higher wages that would increase its labor costs or temporarily ceasing to offer certain services, which could harm Loews Hotel & Co’s reputation or guest satisfaction.
Because payroll costs are a major component of the operating expenses at its properties, a shortage of skilled labor could also require higher wages that would increase its labor costs or temporarily cease to offer certain services, which could harm Loews Hotel & Co’s reputation or guest satisfaction and otherwise adversely affect Loews Hotels & Co.
Any change in CNA’s relationships with its distribution network agents, brokers or managing general underwriters, including as a result of consolidation or their increased promotion and distribution of CNA’s competitors’ or their own products, could adversely affect CNA’s ability to sell its products. As a result, CNA’s business volume and results of operations could be materially adversely impacted.
Any change in CNA’s relationships with its distribution network agents, brokers or managing general underwriters, including as a result of consolidation or their increased promotion and distribution of CNA’s competitors’ or their own products, could adversely affect CNA’s ability to sell its products.
The prices of natural gas, oil and NGLs fluctuate in response to changes in both domestic and worldwide supply and demand, market uncertainty and a variety of additional factors, including for natural gas, the realization of potential LNG exports and demand growth within the power generation market.
The prices of natural gas, oil and NGLs fluctuate in response to changes in both domestic and worldwide supply and demand, market uncertainty and a variety of additional factors, including for natural gas, the realization of potential LNG exports and demand growth within the power generation market, including as a result of increased demand from AI data centers.
Breaches could affect CNA’s data framework or cause a failure to protect the personal information of its customers, claimants or employees, or sensitive and confidential information regarding its business or policyholders and may result in operational impairments and financial losses, significant harm to its reputation and the loss of business with existing or potential customers.
Breaches that affect CNA’s data security infrastructure or its vendors’ facilities or systems, may cause a failure to protect the personal information of its customers, claimants or employees, or sensitive and confidential information regarding its business or policyholders and may result in operational impairments and financial losses, significant harm to its reputation and the loss of business with existing or potential customers.
However, on January 20, 2025, President Trump signed an Executive Order once again withdrawing the U.S. from the Paris Agreement and from any other commitments made under the United Nations Framework Convention on Climate Change. Additionally, President Trump revoked any purported financial commitment made by the U.S. pursuant to the same.
However, in January 2025, President Trump signed an Executive Order once again withdrawing the U.S. from the Paris Agreement and in January 2026, announced the U.S. withdrawal from the United Nations Framework Convention on Climate Change. Additionally, President Trump revoked any purported financial commitment made by the U.S. pursuant to the same.
This level of debt requires significant interest payments. Boardwalk Pipelines’ inability to generate sufficient cash flow to satisfy its debt obligations, or to refinance its obligations on commercially reasonable terms, would have a material adverse effect on its business. Boardwalk Pipelines’ indebtedness could have important consequences.
Boardwalk Pipelines’ inability to generate sufficient cash flow to satisfy its debt obligations, or to refinance its obligations on commercially reasonable terms, would have a material adverse effect on its business. Boardwalk Pipelines’ indebtedness could have important consequences.
Loews Hotels & Co also has multiple hotels in other geographies, including Arlington, Texas and the Chicago, Illinois metropolitan area. In the future, other existing or new geographies may present opportunities for new or additional investment that may create new or increased concentration risk.
Loews Hotels & Co also has multiple hotels in other geographies, including Arlington, Texas (where a third hotel development has recently been announced) and the Chicago, Illinois metropolitan area. In the future, other existing or new geographies may present opportunities for new or additional investment that may create new or increased concentration risk.
Any loss of these land use rights (or increased costs to renew) with respect to the operation of Boardwalk Pipelines’ pipelines, storage and other facilities, through its inability to acquire or renew right-of-way or easement contracts or permits, licenses, consents or otherwise (or increased costs in connection with the renewal thereof), could have a material adverse effect on its operations. 32 Table of Contents Boardwalk Pipelines may not be successful in executing its strategy to grow and diversify its business.
Any loss of these land use rights (or increased costs to renew) with respect to the operation of Boardwalk Pipelines’ pipelines, storage and other facilities, through its inability to acquire or renew right-of-way or easement contracts or permits, licenses, consents or otherwise (or increased costs in connection with the renewal thereof), could have a material adverse effect on its operations.
These proposals expose Boardwalk Pipelines’ operations as well as the operations of its fossil fuel producer customers to a series of regulatory, political, litigation and financial risks. In the U.S., no comprehensive climate change legislation has been implemented at the federal level.
These proposals expose Boardwalk Pipelines’ operations as well as the operations of its fossil fuel producer customers to a series of regulatory, political, litigation and financial risks. In the U.S., no comprehensive climate change legislation has been implemented at the federal level, though the Inflation Reduction Act of 2022 (“IRA”) advanced numerous climate-related objectives.
Boardwalk Pipelines relies primarily on the revenues generated from its natural gas transportation and storage services. Negative developments in these services have a significantly greater impact on Boardwalk Pipelines’ financial condition and results of operations than if it maintained more diverse assets.
Boardwalk Pipelines may not be successful in executing its strategy to grow and diversify its business. Boardwalk Pipelines relies primarily on the revenues generated from its natural gas transportation and storage services. Negative developments in these services have a significantly greater impact on Boardwalk Pipelines’ financial condition and results of operations than if it maintained more diverse assets.
The cumulative amount ceded under the loss portfolio transfer as of December 31, 2024 was $3.7 billion.
The cumulative amount ceded under the loss portfolio transfer as of December 31, 2025 was $3.9 billion.
Consequently, changes in consumer preferences for products in the industries that Altium Packaging serves or the packaging formats in which such products are delivered, whether as a result of changes in cost, convenience or health, environmental and social concerns, perceptions regarding plastics or otherwise, may result in a decline in the demand for Altium Packaging’s plastic container products. 39 Table of Contents Fluctuations in raw material prices and raw material availability may materially affect Altium Packaging’s results of operations.
Consequently, changes in consumer preferences for products in the industries that Altium Packaging serves or the packaging formats in which such products are delivered, whether as a result of changes in cost, convenience or health, environmental and social concerns, perceptions regarding plastics or otherwise, may result in a decline in the demand for Altium Packaging’s plastic container products.
Our subsidiaries, CNA Financial Corporation and Boardwalk Pipeline Partners, LP, also file reports with the SEC. You are also cautioned to carefully review and consider the information contained in the reports filed by those subsidiaries with the SEC and the information they make available to the public before investing in any of their securities.
You are also cautioned to carefully review and consider the information contained in the reports filed by those subsidiaries with the SEC and the information they make available to the public before investing in any of their securities.
In addition, CNA may not receive regulatory approval for the level of premium rate increases it requests. Any adverse deviation between the level of future premium rate increases approved and the level included in CNA’s reserving assumptions may require an increase to its reserves. CNA is vulnerable to material losses from natural and man-made disasters.
In addition, CNA may not receive regulatory approval for the level of premium rate increases it requests. Any adverse deviation between the level of premium rate actions approved and the level included in CNA’s reserving assumptions may require an increase to its reserves.
CNA has made, and continues to make, investments to improve its security and infrastructure. If CNA’s business continuity plans or system security do not sufficiently address these risks, they could have a material adverse effect on CNA’s business, results of operations and financial condition.
If CNA’s business continuity plans or system security do not sufficiently address these risks, they could have a material adverse effect on CNA’s business, results of operations and financial condition.
CNA’s or its third party service providers’ controls may not be able to detect all possible circumstances of such non-compliant activity and the internal structures in place to prevent this activity may not be effective in all cases. Any losses relating to such non-compliant activity could materially adversely affect CNA’s business, results of operations and financial condition.
CNA’s or its third party service providers’ controls may not be able to detect all possible circumstances of such non-compliant activity and the internal structures in place to prevent this activity may not be effective in all cases.
If such utilization is more effective than how CNA uses its data and information, CNA will be at a competitive disadvantage. There can be no assurance that CNA will continue to compete effectively with its industry peers due to technological changes; accordingly this may have a material adverse effect on CNA’s business, results of operations and financial condition.
There can be no assurance that CNA will continue to compete effectively with its industry peers due to technological changes; accordingly this may have a material adverse effect on CNA’s business, results of operations and financial condition.
The foregoing risks could expose CNA to monetary and reputational damages. Potential additional exposures relating to significant interruptions to CNA’s operations may include substantially increased compliance costs, as well as increased costs relating to investments in computer system and security-related upgrades, and such costs may not be recoverable under its relevant insurance coverage.
Potential additional exposures relating to significant interruptions to CNA’s operations may include substantially increased compliance costs, as well as increased costs relating to investments in computer system and security-related upgrades, and such costs may not be recoverable under its relevant insurance coverage. CNA has made, and continues to make, investments to improve its security and infrastructure.
Many of such laws have become increasingly stringent in recent years and may in some cases impose strict liability, which could be substantial, rendering a person liable for environmental damage without regard to negligence or fault on the part of that person.
Many of such laws have become increasingly stringent and may in some cases impose strict liability, which could be substantial, rendering a person liable for environmental damage without regard to negligence or fault on the part of that person. For example, Boardwalk Pipelines is subject to extensive federal, state and local laws and regulations relating to protection of the environment.
CNA’s underwriting strategies currently rely on the effectiveness of reinsurance arrangements and CNA accordingly faces risks relating to reinsurance, including obtaining reinsurance at a cost or on terms and conditions it deems acceptable, reinsurance counterparty risk and ineffective reinsurance coverage.
As a result, CNA’s business volume and results of operations could be materially adversely impacted. 22 Table of Contents CNA’s underwriting strategies currently rely on the effectiveness of reinsurance arrangements and CNA accordingly faces risks relating to reinsurance, including obtaining reinsurance at a cost or on terms and conditions it deems acceptable, reinsurance counterparty risk and ineffective reinsurance coverage.
The threat of climate change continues to attract considerable attention in the U.S. and in other countries. Numerous proposals have been made and could continue to be made at the international, national, regional, state and local levels of government to monitor, limit and eliminate both existing and future emissions of GHGs.
Numerous proposals have been made and could continue to be made at the international, national, regional, state and local levels of government to monitor, limit and eliminate both existing and future emissions of GHGs.
Some institutional lenders who provide financing to fossil fuel energy companies also have become more attentive to sustainable lending practices that favor alternative power sources (such as wind, solar, geothermal, tidal and biofuels), making those sources more attractive, and some of them may elect not to provide funding for fossil fuel energy companies.
Some institutional lenders who provide financing to fossil fuel energy companies also have become more attentive to sustainable lending practices that favor alternative power sources (such as wind, solar, geothermal, tidal and biofuels), making those sources more attractive, and some of them may elect not to provide funding for fossil fuel energy companies, although this trend has decreased in recent times and is impacted by complex factors, including regional, political and legal considerations.
Changes in the debt markets and increases in interest rates could adversely affect Boardwalk Pipelines’ business. Boardwalk Pipelines anticipates funding its capital and other spending requirements through its available financing options, including cash generated from operations, borrowings under its revolving credit facility and issuances of additional debt.
Boardwalk Pipelines anticipates funding its capital and other spending requirements through its available financing options, including cash generated from operations, borrowings under its revolving credit facility and issuances of additional debt.
The risks relating to future breaches in CNA’s, or its vendors’ data security infrastructure or systems, including in connection with cyber incidents, could have a material adverse effect on its business, results of operations or financial condition or may result in significant operational impairments and financial losses, as well as significant harm to CNA’s reputation.
The risks relating to future breaches in CNA’s, or its vendors’ data security infrastructure or systems, including in connection with cyber incidents, could have a material adverse effect on its business, results of operations or financial condition or may result in significant operational impairments and financial losses, as well as significant harm to CNA’s reputation. 25 Table of Contents Inability to detect and prevent significant employee or third party service provider misconduct, inadvertent errors and omissions, or exposure relating to functions performed on CNA’s behalf could result in a material adverse effect on CNA’s business, results of operations and financial condition.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective entities, including as may be required by applicable law or regulation.
Biggest changeAs with the management of risks generally, given our holding company structure, the management of cybersecurity risks involves coordination between the parent company and our subsidiaries. 46 Table of Contents The parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective entities, including as may be required by applicable law or regulation.
Senior IT leadership (generally, chief information officers and/or chief information security officers) at the parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective 43 Table of Contents entities, including as may be required by applicable law or regulation.
Senior IT leadership (generally, chief information officers and/or chief information security officers) at the parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective entities, including as may be required by applicable law or regulation.
Risks from cybersecurity threats, in the future may, among other things, cause material disruptions to our or our subsidiaries’ operations, which may materially affect our and/or their business, results of operations, cash flows, financial condition and/or equity.
Risks from cybersecurity threats, in the future may, among other things, cause material disruptions to our or our subsidiaries’ operations, which may materially affect our and/or their business, results of operations, cash flows, financial condition and/or equity. For more information, see Item 1A. Risk Factors of this Report.
Item 1C. Cybersecurity. Risk Management and Strategy Identifying, assessing, and managing material cybersecurity risks is an important component of our overall enterprise risk management program. As with the management of risks generally, given our holding company structure, the management of cybersecurity risks involves coordination between the parent company and our subsidiaries.
Item 1C. Cybersecurity. Risk Management and Strategy Identifying, assessing, and managing material cybersecurity risks is an important component of our overall enterprise risk management program.
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For more information about these risks, see the risk factor titled “ Failures or interruptions in or breaches to our or our subsidiaries’ computer systems or information technology or communication infrastructure or those of our third party vendors could materially and adversely affect our or our subsidiaries’ operations ” under Item 1A.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe graph assumes that the value of the investment in our Common Stock, the S&P 500 Index and the Loews Peer Group was $100 on December 31, 2019 and that all dividends were reinvested. 44 Table of Contents 2019 2020 2021 2022 2023 2024 Loews Common Stock 100.0 86.31 111.24 112.81 135.12 164.97 S&P 500 Index 100.0 118.40 152.39 124.79 157.59 197.02 Loews Peer Group (a) 100.0 86.29 110.22 130.49 137.70 186.25 (a) The Loews Peer Group consists of the following companies that are industry peers of our principal operating subsidiaries or our investment in Altium Packaging: Berry Global, Inc., Chubb Limited, Diamond Rock Hospitality Company, Enbridge Inc., Energy Transfer LP, Kinder Morgan, Inc., Ryman Hospitality Properties, Inc., Silgan Holdings Inc., Sunstone Hotel Investors, Inc., The Hartford Financial Services Group, Inc., The Travelers Companies, Inc., W.R.
Biggest changeThe graph assumes that the value of the investment in our Common Stock, the S&P 500 Index and the Loews Peer Group was $100 on December 31, 2020 and that all dividends were reinvested. 2020 2021 2022 2023 2024 2025 Loews Common Stock 100.0 128.89 130.70 156.56 191.14 238.31 S&P 500 Index 100.0 128.71 105.40 133.10 166.40 196.16 Loews Peer Group (a) 100.0 127.73 151.23 159.59 215.85 239.26 (a) The Loews Peer Group consists of the following companies that are industry peers of our principal operating subsidiaries or our investment in Altium Packaging: Berry Global, Inc.
The following graph compares annual total return of our Common Stock, the Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”) and our peer group set forth below (“Loews Peer Group”) for the five years ended December 31, 2024.
The following graph compares annual total return of our Common Stock, the Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”) and our peer group set forth below (“Loews Peer Group”) for the five years ended December 31, 2025.
During the fourth quarter of 2024 , we purchased shares of our common stock as follows: Period (a) Total number of shares purchased (b) Average price paid per share (c) Total number of shares purchased as part of publicly announced plans or programs (d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions) October 1, 2024 - October 31, 2024 1,104,392 $ 79.39 N/A N/A November 1, 2024 - November 30, 2024 649,709 $ 80.13 N/A N/A December 1, 2024 - December 31, 2024 2,487,084 $ 84.33 N/A N/A
During the fourth quarter of 2025 , we purchased shares of our common stock as follows: Period (a) Total number of shares purchased (b) Average price paid per share (c) Total number of shares purchased as part of publicly announced plans or programs (d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions) October 1, 2025 - October 31, 2025 289,911 $ 99.26 N/A N/A November 1, 2025 - November 30, 2025 467,038 $ 104.33 N/A N/A December 1, 2025 - December 31, 2025 200,000 $ 104.53 N/A N/A
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Berkley Corporation and Xenia Hotels & Resorts, Inc. 45 Table of Contents Securities Authorized for Issuance Under Equity Compensation Plans The following table provides certain information as of December 31, 2024 with respect to our equity compensation plans under which our equity securities are authorized for issuance.
Added
(included through April 30, 2025 when it was acquired by Amcor plc), Chubb Limited, Diamond Rock Hospitality Company, Enbridge Inc., Energy Transfer LP, Kinder Morgan, Inc., Ryman Hospitality Properties, Inc., Silgan Holdings Inc., Sunstone Hotel Investors, Inc., The Hartford Financial Services Group, Inc., The Travelers Companies, Inc., W.R.
Removed
Plan category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) Equity compensation plans approved by security holders (a) 727,518 $ 38.59 5,094,015 Equity compensation plans not approved by security holders (b) N/A N/A N/A (a) Reflects 192,000 outstanding stock appreciation rights awarded under the Loews Corporation 2000 Stock Option Plan and 381,375 outstanding unvested time-based and/or performance-based restricted stock units (“RSUs”) and 154,143 deferred vested RSUs awarded under the Loews Corporation 2016 Incentive Compensation Plan.
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Berkley Corporation and Xenia Hotels & Resorts, Inc. 48 Table of Contents Approximate Number of Equity Security Holders As of February 2, 2026, we had approximately 510 holders of record of our common stock. Common Stock Repurchases Our Board of Directors has authorized our management, as it deems appropriate, to purchase our outstanding common stock.
Removed
The weighted average exercise price does not take into account RSUs as they do not have an exercise price. (b) We do not have equity compensation plans that have not been approved by our shareholders. Approximate Number of Equity Security Holders As of February 3, 2025, we had approximately 540 holders of record of our common stock.
Added
Depending on market and other conditions, we may purchase shares of our common stock in the open market ( including in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise.
Removed
Common Stock Repurchases Our Board of Directors has authorized our management, as it deems appropriate, to purchase, in the open market, through privately negotiated transactions or otherwise, our outstanding common stock.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeYear Ended December 31, 2024 Specialty Commercial International Total (In millions, except %) Gross written premiums $ 6,932 $ 6,964 $ 1,483 $ 15,379 Gross written premiums excluding third-party captives 3,895 6,816 1,483 12,194 Net written premiums 3,445 5,469 1,262 10,176 Net earned premiums 3,361 5,158 1,256 9,775 Underwriting gain 249 171 76 496 Net investment income 626 733 131 1,490 Core income 694 702 153 1,549 Other performance metrics: Loss ratio 59.5 % 68.3 % 60.9 % 64.3 % Expense ratio 32.8 27.9 33.1 30.2 Dividend ratio 0.3 0.5 0.4 Combined ratio 92.6 % 96.7 % 94.0 % 94.9 % Less: Effect of catastrophe impacts 6.2 3.2 3.6 Less: Effect of favorable development-related items (0.3) (0.1) (0.4) (0.2) Underlying combined ratio 92.9 % 90.6 % 91.2 % 91.5 % Underlying loss ratio 59.8 % 62.2 % 58.1 % 60.9 % Rate 1 % 6 % (1) % 4 % Renewal premium change 2 7 5 Retention 89 84 82 85 New business $ 462 $ 1,512 $ 288 $ 2,262 Year Ended December 31, 2023 Gross written premiums $ 7,113 $ 6,120 $ 1,485 $ 14,718 Gross written premiums excluding third-party captives 3,800 5,994 1,485 11,279 Net written premiums 3,329 4,880 1,237 9,446 Net earned premiums 3,307 4,547 1,176 9,030 Underwriting gain 317 182 86 585 Net investment income 558 645 103 1,306 Core income 708 652 145 1,505 Other performance metrics: Loss ratio 58.2 % 65.9 % 61.4 % 62.5 % Expense ratio 32.0 29.6 31.2 30.7 Dividend ratio 0.2 0.5 0.3 Combined ratio 90.4 % 96.0 % 92.6 % 93.5 % Less: Effect of catastrophe impacts 4.5 2.5 2.6 Less: Effect of (favorable) unfavorable development- related items (0.3) (0.1) 1.1 Underlying combined ratio 90.7 % 91.6 % 89.0 % 90.9 % Underlying loss ratio 58.5 % 61.5 % 57.8 % 59.9 % Rate 7 % 3 % 5 % Renewal premium change 1 % 10 6 7 Retention 88 84 83 85 New business $ 481 $ 1,297 $ 302 $ 2,080 52 Table of Contents 2024 Compared with 2023 Gross written premiums, excluding third-party captives, for Specialty increased $95 million in 2024 as compared with 2023 driven by retention and favorable renewal premium change.
Biggest changeYear Ended December 31, 2025 Specialty Commercial International Total (In millions, except %) Net written premiums 3,515 5,821 1,347 10,683 Net earned premiums 3,472 5,695 1,311 10,478 Underwriting gain 164 272 115 551 Net investment income 650 775 156 1,581 Core income 637 820 207 1,664 Other performance metrics: Loss ratio 61.5 % 67.9 % 58.4 % 64.6 % Expense ratio 33.5 26.8 32.8 29.7 Dividend ratio 0.3 0.5 0.4 Combined ratio 95.3 % 95.2 % 91.2 % 94.7 % Less: Effect of catastrophe impacts 3.8 1.8 2.3 Less: Effect of unfavorable (favorable) development- related items 1.1 0.9 (1.9) 0.6 Underlying combined ratio 94.2 % 90.5 % 91.3 % 91.8 % Underlying loss ratio 60.4 % 63.2 % 58.5 % 61.7 % Rate 3 % 5 % (4) % 3 % Renewal premium change 4 6 (1) 4 Retention 86 82 86 83 New business $ 487 $ 1,491 $ 370 $ 2,348 Year Ended December 31, 2024 Net written premiums 3,445 5,469 1,262 10,176 Net earned premiums 3,361 5,158 1,256 9,775 Underwriting gain 249 171 76 496 Net investment income 626 733 131 1,490 Core income 694 702 153 1,549 Other performance metrics: Loss ratio 59.5 % 68.3 % 60.9 % 64.3 % Expense ratio 32.8 27.9 33.1 30.2 Dividend ratio 0.3 0.5 0.4 Combined ratio 92.6 % 96.7 % 94.0 % 94.9 % Less: Effect of catastrophe impacts 6.2 3.2 3.6 Less: Effect of favorable development-related items (0.3) (0.1) (0.4) (0.2) Underlying combined ratio 92.9 % 90.6 % 91.2 % 91.5 % Underlying loss ratio 59.8 % 62.2 % 58.1 % 60.9 % Rate 1 % 6 % (1) % 4 % Renewal premium change 2 7 5 Retention 89 84 82 85 New business $ 462 $ 1,512 $ 288 $ 2,262 54 Table of Contents 2025 Compared with 2024 Net written premiums for Specialty increased $70 million in 2025 as compared with 2024 driven by rate partially offset by lower retention.
The pricing contained in the purchase and sales agreements associated with the supply services is generally based on the same ethane commodity index, plus a fixed delivery fee.
The pricing contained in the purchase and sales agreements associated with the ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee.
The carried case and IBNR reserves as of each balance sheet date are provided in the discussion that follows and in Note 8 of the Notes to Consolidated Financial Statements included under Item 8. There is a risk that CNA’s recorded reserves are insufficient to cover its estimated ultimate unpaid liability for claims and claim adjustment expenses.
The carried case and IBNR reserves as of each balance sheet date are provided in the discussion that follows and in Note 7 of the Notes to Consolidated Financial Statements included under Item 8. There is a risk that CNA’s recorded reserves are insufficient to cover its estimated ultimate unpaid liability for claims and claim adjustment expenses.
Further information on CNA’s reserves is provided in Note 8 of the Notes to Consolidated Financial Statements included under Item 8. In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes.
Further information on CNA’s reserves is provided in Note 7 of the Notes to Consolidated Financial Statements included under Item 8. In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes.
The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 15 of the Notes to Consolidated Financial Statements included under Item 8) and compliance with covenants in their respective loan agreements.
The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 14 of the Notes to Consolidated Financial Statements included under Item 8) and compliance with covenants in their respective loan agreements.
CNA’s products and services are primarily marketed through independent agents, brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting.
CNA’s products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting.
CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases.
CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional premium rate actions.
CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.
CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.
See the Insurance Reserves section of this MD&A for further information. (b) The future policy benefit reserves reflected above are not discounted, include maintenance costs, represent CNA’s estimate of the ultimate amount and timing of the settlement of benefits net of expected premiums and are based on its assessment of facts and circumstances known as of December 31, 2024.
See the Insurance Reserves section of this MD&A for further information. (b) The future policy benefit reserves reflected above are not discounted, include maintenance costs, represent CNA’s estimate of the ultimate amount and timing of the settlement of benefits net of expected premiums and are based on its assessment of facts and circumstances known as of December 31, 2025.
As a result of this variability, CNA’s long-term care reserves may be subject to material increases if actual experience develops adversely to its expectations. The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its liability for future policyholder benefits reserve assumptions.
As a result of this variability, CNA’s long-term care reserves may be subject to material increases if actual experience develops adversely to its expectations. 72 Table of Contents The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its liability for future policyholder benefits reserve assumptions.
CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability. 63 Table of Contents Net Investment Income The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.
CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability. 64 Table of Contents Net Investment Income The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.
Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown.
Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Premium rate actions are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown.
All layers of the treaty provide for one full reinstatement. Group Workers’ Compensation Treaty CNA also purchased corporate Workers’ Compensation catastrophe excess-of-loss treaty reinsurance for the period January 1, 2025 to January 1, 2026 providing $275 million of coverage for the accumulation of covered losses related to natural catastrophes above CNA’s per occurrence retention of $25 million.
All layers of the treaty provide for one full reinstatement. Group Workers’ Compensation Treaty CNA also purchased corporate workers’ compensation catastrophe excess-of-loss treaty reinsurance for the period January 1, 2026 to January 1, 2027 providing $275 million of coverage for the accumulation of covered losses related to natural catastrophes above CNA’s per occurrence retention of $25 million.
Under the current provisions of the program, in 2025 the federal government will reimburse 80% of CNA’s covered losses in excess of its applicable deductible up to a total industry program cap of $100 billion. CNA’s deductible is based on eligible commercial property and casualty earned premiums for the preceding calendar year.
Under the current provisions of the program, in 2026 the federal government will reimburse 80% of CNA’s covered losses in excess of its applicable deductible up to a total industry program cap of $100 billion. CNA’s deductible is based on eligible commercial property and casualty earned premiums for the preceding calendar year.
CNA considers all available evidence when determining whether a security requires a credit allowance to be recorded, including the financial condition 77 Table of Contents and expected near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions, industry, sector or other specific factors and whether CNA expects to receive cash flows sufficient to recover the entire amortized cost basis of the security.
CNA considers all available evidence when determining whether a security requires a credit allowance to be recorded, including the financial condition and expected near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions, industry, sector or other specific factors and whether CNA expects to receive cash flows sufficient to recover the entire amortized cost basis of the security.
CNA has an insurer financial strength rating of A and senior debt rating of bbb+ from A.M. Best Company (“A.M.
CNA has an insurer financial strength rating of A+ and senior debt rating of a- from A.M. Best Company (“A.M.
For events outside of the U.S., CNA defines a catastrophe as an industry recognized event that generates an accumulation of claims amounting to more than $1 million for the International line of business. 75 Table of Contents Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in CNA’s results of operations and/or equity.
For events outside of the U.S., CNA defines a catastrophe as an industry recognized event that generates an accumulation of claims amounting to more than $1 million for the International line of business. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in CNA’s results of operations and/or equity.
CNA conducts an ongoing review of its risk and catastrophe reinsurance coverages and from time to time makes changes as it deems appropriate. The following discussion summarizes CNA’s most significant catastrophe reinsurance coverage at January 1, 2025.
CNA conducts an ongoing review of its risk and catastrophe reinsurance coverages and from time to time makes changes as it deems appropriate. The following discussion summarizes CNA’s most significant catastrophe reinsurance coverage at January 1, 2026.
Further information on the A&EP LPT and net prior year loss reserve development is included in Note 8 of the Notes to Consolidated Financial Statements included under Item 8. The cash flow assumption updates from the annual reserve review for 2024 and 2023 resulted in a pretax increase in long-term care reserves of $15 million and $8 million.
Further information on net prior year loss reserve development and the A&EP LPT is included in Note 7 of the Notes to Consolidated Financial Statements included under Item 8. The cash flow assumption updates from the annual reserve review for 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million.
Boardwalk Pipelines Overview Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids (“NGLs”) industry, providing transportation and storage for those commodities. It also provides ethane supply and transportation services for industrial customers in Louisiana and Texas.
Boardwalk Pipelines Overview Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids (“NGLs”) industry, providing transportation and storage for those commodities. It also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.
Claim and claim adjustment expense reserves for structured settlement obligations are discounted as discussed in Note 1 to the Consolidated Financial Statements included under Item 8. The actuarial assumptions related to future policy benefit reserves for long-term care policies that management believes are subject to the most variability are morbidity, persistency and anticipated future premium rate increases.
Claim and claim adjustment expense reserves for structured settlement obligations are discounted as discussed in Note 1 to the Consolidated Financial Statements included under Item 8. The actuarial assumptions related to future policy benefit reserves for long-term care policies that management believes are subject to the most variability are morbidity, persistency and premium rate actions.
However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results. In assessing its insurance operations, CNA utilizes the core income (loss) financial measure.
However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results. 51 Table of Contents In assessing its insurance operations, CNA utilizes the core income (loss) financial measure.
In developing the future policy benefit reserves, CNA’s actuaries perform a reserve review on an annual basis. During the annual review, historical policyholder morbidity, persistency, anticipated future premium rate increases and expense experience is reviewed and compared to the current best estimate actuarial assumption set for potential revision.
In developing the future policy benefit reserves, CNA’s actuaries perform a reserve review on an annual basis. During the annual review, historical policyholder morbidity, persistency, premium rate actions and expense experience is reviewed and compared to the current best estimate actuarial assumption set for potential revision.
For CNA’s legacy A&EP liabilities, the difference between CNA’s reserves and the actuarial point estimate is primarily driven by the potential tail volatility of run-off exposures. The key assumptions fundamental to the reserving process are often different for various reserve groups and accident or policy years.
For CNA’s legacy A&EP liabilities, the difference between CNA’s reserves and the actuarial point estimate is primarily driven by the potential tail volatility of run-off exposures. The key assumptions fundamental to the reserving process often vary for different reserve groups and accident or policy years.
Reserves are not an exact calculation of liability but instead are complex estimates that CNA derives, generally utilizing a variety of actuarial reserve estimation techniques, from numerous assumptions and expectations about future events, both internal and external, many of which are highly uncertain.
Reserves are not an exact calculation of liability but instead are complex estimates that CNA derives, generally utilizing a variety of actuarial reserve estimation techniques, from numerous assumptions and expectations about future 67 Table of Contents events, both internal and external, many of which are highly uncertain.
For a discussion regarding the obligations related to our and our subsidiaries long-term debt see Note 12 of the Notes to Consolidated Financial Statements included under Item 8.
For a discussion regarding the obligations related to our and our subsidiaries long-term debt see Note 11 of the Notes to Consolidated Financial Statements included under Item 8.
Further information on CNA’s investment gains and losses is set forth in Note 3 of the Notes to Consolidated Financial Statements included under Item 8. 64 Table of Contents Portfolio Quality The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution: December 31, 2024 December 31, 2023 Estimated Fair Value Net Unrealized Gains (Losses) Estimated Fair Value Net Unrealized Gains (Losses) (In millions) U.S.
Further information on CNA’s investment gains and losses is set forth in Note 3 of the Notes to Consolidated Financial Statements included under Item 8. 65 Table of Contents Portfolio Quality The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution: December 31, 2025 December 31, 2024 Estimated Fair Value Net Unrealized Gains (Losses) Estimated Fair Value Net Unrealized Gains (Losses) (In millions) U.S.
This discussion covers the major types of business for which CNA believes a material deviation to its reserves is reasonably possible. There can be no assurance that actual experience will be consistent with the current assumptions or with the variation indicated by the discussion.
This discussion covers the major types of business for which CNA believes a material deviation in its reserves is reasonably possible. There can be no assurance that actual experience will be consistent with the current assumptions or with the variation indicated in the discussion.
Long Term Care Reserves Future policy benefits reserves for long-term care policies are based on certain actuarial assumptions, including morbidity, persistency, anticipated future premium rate increases and expenses. The adequacy of the reserves is contingent upon actual experience and future expectations related to these key assumptions.
Long Term Care Reserves Future policy benefits reserves for long-term care policies are based on certain actuarial assumptions, including morbidity, persistency, premium rate actions and expenses. The adequacy of the reserves is contingent upon actual experience and future expectations related to these key assumptions.
However, the inclusion of case reserves can lead to distortions if changes 70 Table of Contents in case reserving have taken place, and the method typically requires analysis of the same factors that need to be reviewed for the loss ratio and incurred development methods.
However, the inclusion of case reserves can lead to distortions if changes in case reserving have taken place, and the method typically requires analysis of the same factors that need to be reviewed for the loss ratio and incurred development methods.
The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs. Subsidiaries CNA’s cash provided by operating activities was $2.6 billion in 2024 as compared with and $2.3 billion in 2023.
The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs. Subsidiaries CNA’s cash provided by operating activities was $2.5 billion in 2025 as compared with $2.6 billion in 2024.
Terrorism Risk Insurance Program Reauthorization Act of 2019 CNA’s principal reinsurance protection against large-scale terrorist attacks, including nuclear, biological, chemical or radiological attacks, is the coverage currently provided through TRIPRA which runs through the end of 2027.
Terrorism Risk Insurance Program Reauthorization Act of 2019 CNA’s principal reinsurance protection against large-scale terrorist attacks, including nuclear, biological, chemical or radiation events, is the coverage currently provided through TRIPRA which runs through the end of 2027.
For a discussion of changes in results of operations comparing the years ended December 31, 2023 and 2022 for Loews Corporation and its subsidiaries see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 6, 2024.
For a discussion of changes in results of operations comparing the years ended December 31, 2024 and 2023 for Loews Corporation and its subsidiaries see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 11, 2025.
Further information on reserves is provided in Notes 8 and 9 of the Notes to Consolidated Financial Statements included under Item 8.
Further information on reserves is provided in Notes 7 and 8 of the Notes to Consolidated Financial Statements included under Item 8.
Commercial auto liability is also considered long-tail; however, both the frequency of claims and severity of loss assumptions for the latest few accident years are significantly influenced by social inflation, economic inflation, driving habits and attorney involvement. If these trends accelerate beyond expectations, there may be significant deviation in CNA’s net reserves.
Commercial automobile liability is also considered long-tail; however, the frequency of claims and severity of loss assumptions for the latest few accident years are significantly influenced by social and economic inflation, driving habits and attorney involvement. If these trends accelerate beyond expectations, there may be significant deviation in CNA’s recorded reserves.
The rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the available supply, geographical location of natural gas production, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators, petrochemical facilities and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).
The rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the available supply, geographical location of natural gas production, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators (including as a result of increased demand by AI data centers), petrochemical facilities and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).
Most of CNA’s business can be characterized as long-tail. For long-tail business, it will generally be several years between the time the business is written and the time when all claims are settled. CNA’s long-tail exposures include commercial automobile liability, workers’ compensation, general liability, medical professional liability, other professional liability and management liability coverages, assumed reinsurance run-off and products liability.
For long-tail business, it will generally be several years between the time the business is written and the time when all claims are settled. CNA’s long-tail exposures include commercial automobile liability, workers’ compensation, general liability, medical professional liability, other professional liability and management liability coverages, assumed reinsurance run-off and products liability.
TRIPRA provides a U.S. government backstop for insurance-related losses resulting from any “act of terrorism,” which is certified by the Secretary of Treasury in consultation with the Secretary of Homeland Security for losses that exceed a threshold of $200 million industry-wide for the calendar year 2025.
TRIPRA provides a U.S. government backstop for insurance-related losses resulting from any “act of terrorism,” which is certified by the Secretary of Treasury in consultation with the Secretary of Homeland Security and the U.S. Attorney General for losses that exceed a threshold of $200 million industry-wide for the calendar year 2026.
In the first quarter of 2025, we expect to receive cash dividends of $611 million from CNA and $75 million from Boardwalk Pipelines. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations.
In the first quarter of 2026, we expect to receive cash dividends of $616 million from CNA and $75 million from Boardwalk Pipelines. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations.
Results of Operations The following table summarizes the results of operations for Boardwalk Pipelines for the years ended December 31, 2024 and 2023 as presented in Note 20 of the Notes to Consolidated Financial Statements included under Item 8.
Results of Operations The following table summarizes the results of operations for Boardwalk Pipelines for the years ended December 31, 2025 and 2024 as presented in Note 19 of the Notes to Consolidated Financial Statements included under Item 8.
Further information on net prior year loss reserve development is included in Note 8 of the Notes to Consolidated Financial Statements included under Item 8. Specialty’s combined ratio increased 2.2 points in 2024 as compared with 2023 primarily due to a 1.3 point increase in the loss ratio and a 0.8 point increase in the expense ratio.
Further information on net prior year loss reserve development is included in Note 7 of the Notes to Consolidated Financial Statements included under Item 8. Specialty’s combined ratio increased 2.7 points in 2025 as compared with 2024 due to a 2.0 point increase in the loss ratio and a 0.7 point increase in the expense ratio.
The maximum allowable dividend CCC could pay during 2025 that would not be subject to the Department’s prior approval is $1.1 billion , less dividends paid during the preceding twelve months measured at that point in time. CCC paid dividends of $995 million in 2024 .
The maximum allowable dividend CCC could pay during 2026 that would not be subject to the Department’s prior approval is $1.3 billion , less dividends paid during the preceding twelve months measured at that point in time. CCC paid dividends of $1.1 billion in 2025 .
The treaty has a term of June 1, 2024 to June 1, 2025 and provides coverage for the accumulation of covered losses from catastrophe occurrences above CNA’s per occurrence retention of $250 million up to $1.4 billion for all losses. Losses stemming from terrorism events are covered unless they are due to a nuclear, biological or chemical attack.
The treaty has a term of June 1, 2025 to June 1, 2026 and provides coverage for the accumulation of covered losses from catastrophe occurrences above CNA’s per occurrence retention of $275 million up to $1.4 billion for all losses. Losses stemming from terrorism events are covered unless they are due to a nuclear, biological, chemical or radiation event.
Additionally, ordinary dividends may only be 60 Table of Contents paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2024, CCC was in a positive earned surplus position.
Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2025, CCC was in a positive earned surplus position.
During 2024 , Boardwalk Pipelines entered into $6.0 billion of new firm agreements, of which approximately 78% were associated with new growth projects executed in 2024. For firm agreements associated with new growth projects, the associated assets may not be placed into commercial service until sometime in the future.
During 2025 , Boardwalk Pipelines entered into $7.0 billion of new firm agreements, of which approximately 82% were associated with new growth projects executed in 2025. For firm agreements associated with new growth projects, the associated assets may not be placed into commercial service until sometime in the future.
Since the method does not rely on case reserves, it is not directly influenced by changes in their adequacy. For many reserve groups, paid loss data for recent periods may be too immature or erratic for accurate predictions. This situation often exists for long-tail exposures. In addition, changes in the factors described above may result in inconsistent payment patterns.
Since the method does not rely on case reserves, it is not directly influenced by changes in their adequacy. For many reserve groups, paid loss data for recent periods may be too immature or erratic for accurate predictions. This situation often exists for long-tail exposures.
CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time. Boardwalk Pipelines’ cash provided by operating activities increased $83 million in 2024 compared to 2023, primarily due to changes in net income adjusted for depreciation and amortization.
CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time. Boardwalk Pipelines’ cash provided by operating activities increased $142 million in 2025 compared to 2024, primarily due to changes in net income.
The Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP, applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Consolidated Financial Statements.
Actual results could differ from those estimates. The Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP, applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Consolidated Financial Statements.
The increase in cash provided by operating activities was driven by an increase in premiums collected and higher earnings from fixed income securities, partially offset by an increase in net claim payments and higher operating expenses. CNA paid cash dividends of $3.76 per share on its common stock, including a special cash dividend of $2.00 per share, in 2024 .
The decrease in cash provided by operating activities was driven by an increase in net claim payments and higher operating expenses, partially offset by an increase in premiums collected and higher cash from investment earnings. CNA paid cash dividends of $3.84 per share on its common stock, including a special cash dividend of $2.00 per share, in 2025 .
LIQUIDITY AND CAPITAL RESOURCES Parent Company Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion at December 31, 2024 as compared to $2.6 billion at December 31, 2023.
LIQUIDITY AND CAPITAL RESOURCES Parent Company Parent Company cash and investments, net of receivables and payables, totaled $3.9 billion at December 31, 2025 as compared to $3.3 billion at December 31, 2024.
The table below shows a rollforward of projected operating revenues under committed firm agreements in place as of December 31, 2023 to December 31, 2024, including agreements for transportation, storage, ethane supply and other services, over the remaining term of those agreements: As of December 31, 2024 (In millions) Total projected operating revenues under committed firm agreements as of December 31, 2023 $ 9,672 Adjustments for: Actual revenues recognized from firm agreements in 2024 (a) (1,504) Firm agreements entered into in 2024 6,016 Total projected operating revenues under committed firm agreements as of December 31, 2024 $ 14,184 (a) Reflects an increase of $114 million in Boardwalk Pipelines’ actual 2024 revenues recognized from fixed fees under firm agreements as compared with its expected 2024 revenues from fixed fees under firm agreements, including agreements for transportation, storage and other services as of December 31, 2023, primarily due to an increase from contract renewals at higher rates that occurred in 2024.
The table below shows a rollforward of projected operating revenues under committed firm agreements in place as of December 31, 56 Table of Contents 2024 to December 31, 2025, including agreements for transportation, storage, ethane supply and other services, over the remaining term of those agreements: As of December 31, 2025 (In millions) Total projected operating revenues under committed firm agreements as of December 31, 2024 $ 14,184 Adjustments for: Actual revenues recognized from firm agreements in 2025 (a) (1,639) Firm agreements entered into in 2025 7,011 Total projected operating revenues under committed firm agreements as of December 31, 2025 $ 19,556 (a) Reflects an increase of $128 million in Boardwalk Pipelines’ actual 2025 revenues recognized from fixed fees under firm agreements as compared with its expected 2025 revenues from fixed fees under firm agreements, including agreements for transportation, storage and other services as of December 31, 2024, primarily due to an increase from contract renewals at higher rates that occurred in 2025.
The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT resulted in an after-tax charge of $6 million in 2024 compared to an after-tax benefit of $6 million in 2023, both of which have no economic impact.
The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT resulted in after-tax charges of $36 million in 2025 as compared with an after-tax charge of $6 million in 2024 , both of which have no economic impact.
In 2025, Boardwalk Pipelines expects to spend approximately $504 million to maintain its pipeline systems, comply with regulations and monitor, control and reduce its GHG emissions, of which approximately $203 million is expected to be maintenance capital. In 2024 , Boardwalk Pipelines spent $513 million on these matters, of which $202 million was recorded as maintenance capital.
In 2026, Boardwalk Pipelines expects to spend approximately $530 million to maintain its pipeline systems, comply with regulations and monitor, control and reduce its GHG emissions, of which approximately $225 million is expected to be maintenance capital. In 2025, Boardwalk Pipelines spent $516 million on these matters, of which $194 million was recorded as maintenance capital.
Investment Gains (Losses) The components of CNA’s investment gains (losses) are presented in the following table: Year Ended December 31 2024 2023 (In millions) Investment gains (losses): Fixed maturity securities: Corporate and other bonds $ (57) $ (57) States, municipalities and political subdivisions 1 10 Asset-backed (46) (44) Total fixed maturity securities (102) (91) Non-redeemable preferred stock 21 4 Derivatives, short-term and other (12) Total investment losses (81) (99) Income tax benefit 17 20 Amounts attributable to noncontrolling interests 5 8 Investment losses attributable to Loews Corporation $ (59) $ (71) CNA’s pretax investment losses decreased $18 million in 2024 as compared with 2023, driven by the favorable change in fair value of non-redeemable preferred stock and lower net losses on disposals of fixed maturity securities, partially offset by higher impairment losses.
Investment Gains (Losses) The components of CNA’s investment gains (losses) are presented in the following table: Year Ended December 31 2025 2024 (In millions) Investment gains (losses): Fixed maturity securities: Corporate and other bonds $ (64) $ (57) States, municipalities and political subdivisions (1) 1 Asset-backed (18) (46) Total fixed maturity securities (83) (102) Non-redeemable preferred stock 7 21 Derivatives, short-term and other (5) Total investment losses (81) (81) Income tax benefit 17 17 Amounts attributable to noncontrolling interests 5 5 Investment losses attributable to Loews Corporation $ (59) $ (59) CNA’s pretax investment losses were consistent with 2024 as lower impairment losses were offset by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities.
As of December 31, 2024, Boardwalk Pipelines’ top ten customers under committed firm agreements comprised approximately 62% of its total projected operating revenues and the credit profile associated with Boardwalk Pipelines’ customers comprising the total projected operating revenues under committed firm agreements was 82% rated as investment grade, 3% rated as non-investment grade and 15% not rated.
As of December 31, 2025, Boardwalk Pipelines’ top ten customers under committed firm agreements comprised approximately 66% of its total projected operating revenues and the credit profile associated with Boardwalk Pipelines’ customers comprising the total projected operating revenues under committed firm agreements was 87% rated as investment grade, 2% rated as non-investment grade and 11% not rated.
As of February 7, 2025, Boardwalk Pipelines also has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time.
As of February 6, 2026, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC, which expires in September 2026, under which it may publicly issue up to $350 million of debt securities, warrants or rights from time to time.
Income tax expense increased $2 million in 2024 as compared with 2023, and includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025.
Income tax expense increased $48 million in 2025 as compared with 2024, primarily due to a $36 million income tax benefit recorded in 2024 from an adjustment to deferred state income taxes for a rate reduction effective in 2025.
Best and Moody’s maintain positive outlooks across CNA’s insurer financial strength and senior debt ratings. A.M. Best revised its outlook on CNA’s ratings to positive from stable in December 2024. Moody’s revised its outlook on CNA’s ratings to positive from stable in November 2024. S&P and Fitch maintain stable outlooks across CNA’s insurer financial strength and senior debt ratings.
Best upgraded CNA’s insurer financial strength and senior debt ratings and revised the outlook on the ratings to stable from positive in December 2025. Moody’s maintains a positive outlook on CNA’s ratings after revising it to positive from stable in November 2024. S&P and Fitch maintain stable outlooks across CNA’s insurer financial strength and senior debt ratings.
As of December 31, 2024, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and the full borrowing capacity of $1.0 billion available to it. In 2024 , Boardwalk Pipelines paid distributions of $400 million to the Company.
As of December 31, 2025, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and the full borrowing capacity of $1.0 billion available to it. In November 2025, Boardwalk Pipelines amended and restated its $1.0 billion revolving credit facility, extending the term to November 2030. In 2025, Boardwalk Pipelines paid distributions of $500 million to the Company.
Future uses of our cash may include investing in our subsidiaries, new acquisitions, dividends and/or purchases of our and our subsidiaries’ outstanding common stock.
Future uses of our cash may include purchases of our and our subsidiaries’ outstanding common stock, dividends, investing in our subsidiaries and/or to make opportunistic investments.
Year Ended December 31 2024 2023 (In millions) Fixed income securities: Taxable fixed income securities $ 1,940 $ 1,798 Tax-exempt fixed income securities 144 178 Total fixed income securities 2,084 1,976 Limited partnership and common stock investments 320 202 Other, net of investment expense 93 86 Net investment income $ 2,497 $ 2,264 Effective income yield for the fixed income securities portfolio 4.8 % 4.7 % Limited partnership and common stock return for the period 13.3 % 9.4 % CNA’s net investment income increased $233 million in 2024 as compared with 2023, driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.
Year Ended December 31 2025 2024 (In millions) Fixed income securities: Taxable fixed income securities $ 2,012 $ 1,940 Tax-exempt fixed income securities 165 144 Total fixed income securities 2,177 2,084 Limited partnership and common stock investments 302 320 Other, net of investment expense 78 93 Net investment income $ 2,557 $ 2,497 Effective income yield for the fixed income securities portfolio 4.9 % 4.8 % Limited partnership and common stock return for the period 11.1 % 13.3 % CNA’s net investment income increased $60 million in 2025 as compared with 2024, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, partially offset by lower common stock returns.
In 2024 , we received $1.3 billion in cash dividends from our subsidiaries, including a special cash dividend of $497 million from CNA and distributions of $400 million from Boardwalk Pipelines. Cash outflows in 2024 included the payment of $608 million to fund treasury stock purchases and $55 million of cash dividends to our shareholders.
In 2025 , we received $1.5 billion in cash dividends from our subsidiaries: $954 million from CNA, including a special cash dividend of $497 million, and distributions of $500 million from Boardwalk Pipelines. Cash outflows in 2025 included the payment of $806 million to fund treasury stock purchases and $52 million of cash dividends to our shareholders.
The following tables summarize policyholder reserves for CNA’s long-term care operations: December 31, 2024 Claim and claim adjustment expenses Future policy benefits Total (In millions) Long-term care $ 13,158 $ 13,158 Structured settlement and other $ 541 541 Total 541 13,158 13,699 Ceded reserves 81 81 Total gross reserves $ 622 $ 13,158 $ 13,780 December 31, 2023 Long-term care $ 13,959 $ 13,959 Structured settlement and other $ 582 582 Total 582 13,959 14,541 Ceded reserves 93 93 Total gross reserves $ 675 $ 13,959 $ 14,634 CATASTROPHES AND RELATED REINSURANCE Various events can cause catastrophe losses.
The following tables summarize policyholder reserves for CNA’s long-term care operations: December 31, 2025 Claim and claim adjustment expenses Future policy benefits Total (In millions) Long-term care $ 13,448 $ 13,448 Structured settlement and other $ 535 535 Total 535 13,448 13,983 Ceded reserves 56 56 Total gross reserves $ 591 $ 13,448 $ 14,039 December 31, 2024 Long-term care $ 13,158 $ 13,158 Structured settlement and other $ 541 541 Total 541 13,158 13,699 Ceded reserves 81 81 Total gross reserves $ 622 $ 13,158 $ 13,780 73 Table of Contents CATASTROPHES AND RELATED REINSURANCE Various events can cause catastrophe losses.
Net written premiums for Commercial increased $589 million in 2024 as compared with 2023. The increase in net earned premiums was consistent with the trend in net written premiums for Commercial. Gross written premiums for International decreased $2 million in 2024 as compared with 2023.
The increase in net earned premiums was consistent with the trend in net written premiums for Commercial. Net written premiums for International increased $85 million in 2025 as compared with 2024.
In order to provide an indication of the variability associated with CNA’s net reserves, the following discussion provides a sensitivity analysis that shows the approximate estimated impact of variations in significant factors affecting CNA’s reserve estimates for particular types of business. These significant factors are the ones that CNA believes could most likely materially affect the reserves.
CNA’s recorded reserves are management’s best estimate. To indicate the variability associated with CNA’s recorded reserves, the following discussion provides a sensitivity analysis showing the approximate estimated impact of variations in significant factors affecting CNA’s reserve estimates for particular types of business. These significant factors are those that CNA believes could most likely materially affect the reserves.
In 2024 and 2023, Specialty recorded favorable net prior year loss reserve development of $9 million and $14 million, Commercial recorded favorable net prior year loss reserve development of $16 million and $22 million and International recorded favorable net prior year loss reserve development of $6 million and unfavorable net prior year loss reserve development of $13 million.
In 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $37 million and favorable net prior year loss reserve development of $9 million, Commercial recorded unfavorable net prior year loss reserve development of $39 million and favorable net prior year loss reserve development of $16 million and International recorded favorable net prior year loss reserve development of $25 million and $6 million.
Years Ended December 31 2024 2023 (In millions) Net earned premiums $ 437 $ 451 Net investment income 1,007 958 Core loss (233) (221) 2024 Compared with 2023 Core results decreased by $12 million in 2024 as compared with 2023.
Years Ended December 31 2025 2024 (In millions) Net earned premiums $ 423 $ 437 Net investment income 976 1,007 Core loss (322) (233) 2025 Compared with 2024 Core results decreased by $89 million in 2025 as compared with 2024.
Boardwalk Pipelines may seek to access the debt markets to fund some or all capital expenditures for growth projects or acquisitions, to refinance maturing debt or for general partnership purposes.
Boardwalk Pipelines intends to update its shelf registration statement and access the debt markets to fund some or all capital expenditures for growth projects or acquisitions, to refinance maturing debt or for general partnership purposes.
The annual structured settlement reserve review resulted in a pretax reduction in claim reserves of $9 million and $6 million for 2024 and 2023. In addition, results in 2024 include a $16 million after-tax charge related to office consolidation as compared with a $19 million after-tax charge in 2023.
The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for 2025 and a reduction in claim reserves of $9 million for 2024 . Results in 2024 included a $16 million after-tax charge related to office consolidation.
For other more complex reserve groups where the above methods may not produce reliable indications, CNA uses additional methods tailored to the characteristics of the specific situation. Periodic Reserve Reviews The reserve analyses performed by CNA’s actuaries result in point estimates.
However, CNA may also use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods for short-tail exposures. For other more complex reserve groups where the above methods may not produce reliable indications, CNA uses additional methods tailored to the characteristics of the specific situation. Periodic Reserve Reviews The reserve analyses performed by CNA’s actuaries result in point estimates.
On February 7, 2025, CNA’s Board of Directors declared a quarterly cash dividend of $0.46 per share and a special cash dividend of $2.00 per share payable March 13, 2025 to shareholders of record on February 24, 2025.
On February 6, 2026, CNA’s Board of Directors declared a quarterly cash dividend of $0.48 per share and a special cash dividend of $2.00 per share, payable March 12, 2026 to shareholders of record on February 23, 2026.
The data is organized at a reserve group level. A reserve group typically can be a line of business covering a subset of insureds such as commercial automobile liability for small or middle market customers, or it can be a particular type of claim such as construction defect.
A reserve group typically can be a line of business covering a subset of insureds such as commercial automobile liability for small or middle market customers, or it can be a particular type of claim such as construction defect. Every reserve group is reviewed at least once during the year, but most are reviewed more frequently.
Catastrophe losses, net of reinsurance, of $358 million and $236 million were recorded for the years ended December 31, 2024 and 2023. Catastrophe losses for the years ended December 31, 2024 and 2023 were driven by severe weather related events, including $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024.
Catastrophe losses for the years ended December 31, 2025 and 2024 were driven by severe weather related events, including $64 million for the California wildfires in 2025 and $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024.
Total revenues increased $429 million in 2024 as compared with 2023.
Total revenues increased $259 million in 2025 as compared with 2024.
For short-tail exposures, the paid and incurred development methods can often be relied on sooner primarily because CNA’s history includes a sufficient number of years to cover the entire period over which paid and incurred losses are expected to change. However, CNA may also use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods for short-tail exposures.
For short-tail exposures, the paid and incurred development methods can often be relied on sooner primarily because CNA’s history includes a sufficient number of years 69 Table of Contents to cover the entire period over which paid and incurred losses are expected to change.
The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts. 74 Table of Contents For the year ended December 31, 2024 Estimated Reduction to Pretax Income (In millions) Hypothetical revisions Morbidity: 2.5% increase in morbidity $ 290 5% increase in morbidity 590 Persistency: 5% decrease in active life mortality and lapse $ 160 10% decrease in active life mortality and lapse 310 Premium rate actions: 25% decrease in anticipated future premium rate increases $ 10 50% decrease in anticipated future premium rate increases 20 As part of the annual reserve review, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination.
For the year ended December 31, 2025 Estimated Reduction to Pretax Income (In millions) Hypothetical revisions Morbidity: 2.5% increase in morbidity $ 300 5% increase in morbidity 620 Persistency: 5% decrease in active life mortality and lapse $ 180 10% decrease in active life mortality and lapse 350 Premium rate actions: 25% decrease in anticipated future premium rate increases $ 30 50% decrease in anticipated future premium rate increases 50 As part of the annual reserve review completed in the third quarter of each year, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination.
Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ 49 Table of Contents benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure.
CNA also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses.
For contractual payment obligations related to the claim and claim adjustment expense reserves and future policy benefit reserves see the table below: Payments Due by Period December 31, 2024 Total Less than 1 year 1-3 years 3-5 years More than 5 years (In millions) Claim and claim adjustment expense reserves (a) $ 25,524 $ 5,737 $ 6,977 $ 3,944 $ 8,866 Future policy benefit reserves (b) 27,028 801 1,570 1,738 22,919 (a) The claim and claim adjustment expense reserves reflected above are not discounted and represent CNA’s estimate of the amount and timing of the ultimate settlement and administration of gross claims based on its assessment of facts and circumstances known as of December 31, 2024.
For contractual payment obligations related to the claim and claim adjustment expense reserves and future policy benefit reserves see the table below: Payments Due by Period December 31, 2025 Total Less than 1 year 1-3 years 3-5 years More than 5 years (In millions) Claim and claim adjustment expense reserves (a) $ 27,111 $ 5,983 $ 7,362 $ 4,145 $ 9,621 Future policy benefit reserves (b) 26,880 862 1,633 1,793 22,592 (a) The claim and claim adjustment expense reserves reflected above are not discounted and represent CNA’s estimate of the amount and timing of the ultimate settlement and administration of gross claims based on its assessment of facts and circumstances known as of December 31, 2025.
Boardwalk Pipelines has a senior debt rating of BBB with a stable outlook from S&P, a senior debt rating of Baa2 with a stable outlook from Moody’s and a senior debt rating of BBB with a stable outlook from Fitch.
Boardwalk Pipelines has a senior debt rating of BBB with a stable outlook from S&P, a senior debt rating of Baa2 with a stable outlook from Moody’s and a senior debt rating of BBB with a stable outlook from Fitch. In 2025, Loews Hotels & Co refinanced $363 million in loans.
CNA’s mortgage loan portfolio is subject to the expected credit loss model, which requires immediate recognition of estimated credit losses over the life of the asset and the presentation of the asset at the net amount expected to be collected.
CNA’s mortgage loan portfolio is subject to the expected credit loss model, which requires immediate recognition of estimated credit losses over the life of the asset and the presentation of the asset at the net amount expected to be collected. 75 Table of Contents Significant judgment is required in the determination of estimated credit losses and any changes in CNA’s expectation of the net amount to be collected are recognized in earnings.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

12 edited+1 added−1 removed18 unchanged
Biggest changeThe following tables present the estimated effects on the fair value of our and our subsidiaries’ financial instruments as of December 31, 2024 and 2023 due to an increase in yield rates of 100 basis points, a 20% decline in foreign currency exchange rates and a 25% decline in the S&P 500, with all other variables held constant, on the basis of those entered into for trading purposes and other than trading purposes. 79 Table of Contents Trading portfolio: Increase (Decrease) December 31, 2024 Fair Value Asset (Liability) Interest Rate Risk Equity Price Risk (In millions) Fixed maturities – long $ 716 $ (6) Equity securities – long 403 $ (101) – short (88) 22 Options – purchased 2 44 Other invested assets 10 Short-term investments 2,180 (5) Other than trading portfolio: Increase (Decrease) December 31, 2024 Fair Value Asset (Liability) Interest Rate Risk Foreign Currency Risk Equity Price Risk (In millions) Fixed maturities $ 41,111 $ (2,684) $ (651) Equity securities 659 (15) $ (45) Limited partnership investments 2,520 (2) (252) Other invested assets 85 (16) Mortgage loans 987 (30) Short-term investments 2,426 (1) (45) Other derivatives 6 1 40 80 Table of Contents Trading portfolio: Increase (Decrease) December 31, 2023 Fair Value Asset (Liability) Interest Rate Risk Equity Price Risk (In millions) Fixed maturities – long $ 201 $ (3) Equity securities – long 366 $ (91) – short (62) 15 Options – purchased 1 35 Other invested assets 8 Short-term investments 2,109 (6) Other than trading portfolio: Increase (Decrease) December 31, 2023 Fair Value Asset (Liability) Interest Rate Risk Foreign Currency Risk Equity Price Risk (In millions) Fixed maturities $ 40,425 $ (2,779) $ (638) Equity securities 683 (14) $ (48) Limited partnership investments 2,174 (1) (217) Other invested assets 81 (15) Mortgage loans 997 (34) Short-term investments 2,287 (2) (38) Other derivatives 14 4 3 29 Changes in discount rates used to measure CNA’s liability for future policyholder benefits (“LFPB”) would reduce the impact of the decrease in Fixed maturity securities within Other comprehensive income.
Biggest changeTrading portfolio: Increase (Decrease) December 31, 2025 Fair Value Asset (Liability) Interest Rate Risk Equity Price Risk (In millions) Fixed maturities – long $ 582 $ (4) Equity securities – long 522 $ (131) – short (43) 11 Options – purchased 1 19 Other invested assets 12 Short-term investments 2,659 (6) Other than trading portfolio: Increase (Decrease) December 31, 2025 Fair Value Asset (Liability) Interest Rate Risk Foreign Currency Risk Equity Price Risk (In millions) Fixed maturities $ 43,402 $ (2,869) $ (798) Equity securities 769 (22) $ (59) Limited partnership investments 2,861 (5) (299) Other invested assets 105 (20) Mortgage loans 1,072 (34) Short-term investments 3,385 (2) (49) Other derivatives 3 62 78 Table of Contents Trading portfolio: Increase (Decrease) December 31, 2024 Fair Value Asset (Liability) Interest Rate Risk Equity Price Risk (In millions) Fixed maturities – long $ 716 $ (6) Equity securities – long 403 $ (101) – short (88) 22 Options – purchased 2 44 Other invested assets 10 Short-term investments 2,180 (5) Other than trading portfolio: Increase (Decrease) December 31, 2024 Fair Value Asset (Liability) Interest Rate Risk Foreign Currency Risk Equity Price Risk (In millions) Fixed maturities $ 41,111 $ (2,684) $ (651) Equity securities 659 (15) $ (45) Limited partnership investments 2,520 (2) (252) Other invested assets 85 (16) Mortgage loans 987 (30) Short-term investments 2,426 (1) (45) Other derivatives 6 1 40 Changes in discount rates used to measure CNA’s liability for future policyholder benefits (“LFPB”) would reduce the impact of the decrease in Fixed maturity securities within Other comprehensive income.
Changes in the trading portfolio are recognized in the Consolidated Statements of Income. Market risk exposure is presented for each class of financial instrument held by us and our subsidiaries at December 31, assuming immediate adverse market movements of the magnitude described below.
Changes in the trading portfolio are recognized in the Consolidated Statements of Income. Market risk exposure is presented below for each class of financial instrument held by us and our subsidiaries at December 31, assuming immediate adverse market movements of the magnitude described below.
Accordingly, the analysis may not be indicative of, is not intended to provide, and does not provide a precise forecast of the effect of changes of market interest rates on our 78 Table of Contents earnings or shareholders’ equity. Further, the computations do not contemplate any actions that could be undertaken in response to changes in interest rates.
Accordingly, the analysis may not be indicative 76 Table of Contents of, is not intended to provide, and does not provide a precise forecast of the effect of changes of market interest rates on our earnings or shareholders’ equity. Further, the computations do not contemplate any actions that could be undertaken in response to changes in interest rates.
The sensitivity analysis estimates the change in the fair value of interest sensitive assets and liabilities that were held on December 31, 2024 and 2023 due to an instantaneous change in the yield of the security at the end of the period of 100 basis points, with all other variables held constant.
The sensitivity analysis below estimates the change in the fair value of interest sensitive assets and liabilities that were held on December 31, 2025 and 2024 due to an instantaneous change in the yield of the security at the end of the period of 100 basis points, with all other variables held constant.
The change in the carrying value of the LFPB due to interest rate changes was estimated by discounting the expected future cash flows. 81 Table of Contents
The change in the carrying value of the LFPB due to interest rate changes was estimated by discounting the expected future cash flows. 79 Table of Contents
Equity price risk was measured assuming an instantaneous 25% decrease in the underlying reference price or index from its level at December 31, 2024 and 2023, with all other variables held constant.
Equity price risk was measured below assuming an instantaneous 25% decrease in the underlying reference price or index from its level at December 31, 2025 and 2024, with all other variables held constant.
In addition to our exposure to tightening investment grade credit spreads as a result of these transactions, carrying costs associated with maintaining the positions could adversely affect returns.
In addition to our exposure to tightening investment grade credit spreads as a result of these transactions, carrying costs associated with maintaining the positions could have adversely affected returns.
The impact of a 100 basis point increase in interest rates on fixed rate debt would result in a decrease in market value of $381 million and $341 million at December 31, 2024 and 2023.
The impact of a 100 basis point increase in interest rates on fixed rate debt would result in a decrease in market value of $432 million and $381 million at December 31, 2025 and 2024.
At December 31, 2024 and 2023, the impact of a 100 basis point increase in interest rates on variable rate debt, net of the effects of the swaps, would result in a $2 million increase interest expense.
At December 31, 2025 and 2024, the impact of a 100 basis point increase in interest rates on variable rate debt, net of the effects of the swaps, would result in no impact to interest expense and an increase of $2 million to interest expense.
The impact of a 100 basis point decrease would result in an increase in market value of $401 million and $363 million at December 31, 2024 and 2023.
The impact of a 100 basis point decrease would result in an increase in market value of $451 million and $401 million at December 31, 2025 and 2024.
The carrying value of the LFPB was $13.2 billion and $14.0 billion as of December 31, 2024 and 2023 . The estimated decrease in the carrying value of the LFPB as of December 31, 2024 and 2023 due to an increase in yield rates of 100 basis points was $1.3 billion and $1.5 billion.
The carrying value of the LFPB was $13.4 billion and $13.2 billion as of December 31, 2025 and 2024 . The estimated decrease in the carrying value of the LFPB as of December 31, 2025 and 2024 due to an increase in yield rates of 100 basis points was $1.3 billion.
The sensitivity analysis assumes an instantaneous 20% decrease in the foreign currency exchange rates versus the U.S. dollar from their levels at December 31, 2024 and 2023, with all other variables held constant. Commodity Price Risk – We and our subsidiaries have exposure to price risk as a result of our investments in commodities.
The sensitivity analysis below assumes an instantaneous 20% decrease in the foreign currency exchange rates versus the U.S. dollar from their levels at December 31, 2025 and 2024, with all other variables held constant.
Removed
Commodity price risk results from changes in the level or volatility of commodity prices that impact instruments which derive their value from such commodities. Commodity price risk was measured assuming an instantaneous decrease of 20% from their levels at December 31, 2024 and 2023.
Added
The position was closed during the second quarter of 2025. 77 Table of Contents The following tables present the estimated effects on the fair value of our and our subsidiaries’ financial instruments as of December 31, 2025 and 2024 due to an increase in yield rates of 100 basis points, a 20% decline in foreign currency exchange rates and a 25% decline in the S&P 500, with all other variables held constant, on the basis of those entered into for trading purposes and other than trading purposes.

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