Loews Corporation (L) Business Profile

What it does

Loews Corporation is a holding company with four reportable segments: CNA Financial Corporation, Boardwalk Pipeline Partners, LP, Loews Hotels Holding Corporation and Corporate. It has 13,100 employees.

CNA is the largest operating business. It provides commercial property and casualty insurance: coverage that helps businesses manage losses involving property damage, liability, workers’ compensation, vehicles, professional services and other risks. Its Specialty unit covers management and professional liability, surety, warranty and alternative-risk products. Its Commercial unit serves small businesses, construction, middle-market and other commercial customers. Its International business writes property and casualty coverage in Canada, the United Kingdom, continental Europe and through a Lloyd’s syndicate.

Boardwalk Pipelines transports and stores natural gas, natural gas liquids and other hydrocarbons. It also supplies and transports ethane for petrochemical customers in Louisiana and Texas. Customers use its pipelines, storage fields and salt-dome caverns to move or hold these commodities.

Loews Hotels & Co operates a chain of hotels. Separately, the Corporate segment includes Loews Corporation outside its consolidated subsidiaries and its equity-method investment in Altium Packaging LLC. Loews owns approximately 53% of Altium Packaging, which makes rigid plastic packaging solutions.

How it makes money

Loews earns most of its revenue through CNA. CNA Financial Corporation generated $15.0 billion in FY2025, equal to 81.2% of Loews revenue. It collects premiums for commercial insurance policies, earns investment income on its invested assets, and provides related services including warranty, risk management, information services and claims administration. CNA’s underwriting result reflects premiums earned less claims, claim-adjustment expenses, acquisition costs and insurance-related administrative expenses. Its insurance operations also include long-term care and certain property and casualty businesses in run-off.

Boardwalk Pipeline Partners, LP generated $2.3 billion in FY2025, or 12.6% of revenue. It earns fees for transportation, storage, parking and lending services for natural gas, as well as NGL transportation and storage, ethane supply and brine services. Its ethane purchase and sale arrangements are generally based on the same commodity index plus a fixed delivery fee. The business is not generally a trader of natural gas or NGLs, apart from system-management needs and ethane supply operations.

Loews Hotels Holding Corporation generated $945.0 million in FY2025, or 5.12% of revenue, from hotel operations. Corporate revenue was $196.0 million in FY2025. The company relies on invested cash balances and distributions from subsidiaries to meet parent-company obligations and pay shareholder dividends. Subsidiary creditors generally have priority over subsidiary assets, and Loews does not guarantee subsidiary liabilities.

For FY2025, the disclosed segment revenue figures are $15.0 billion for CNA, $2.3 billion for Boardwalk Pipelines, $945.0 million for Loews Hotels and $196.0 million for Corporate; no quarterly total is provided here.

Customers and how it sells

CNA markets primarily through independent agents, retail and wholesale brokers, and managing general underwriters. Its customers include small, medium and large businesses, insurance companies, associations, professionals and other groups. Specialty addresses professional firms, public and private companies, not-for-profit organizations, health-care organizations and consumers buying warranty-related coverage through automobile dealerships and retailers. Commercial targets small business, construction, middle-market and other commercial customers.

CNA has U.S. field underwriting and claims locations, and underwriting operations in Canada, the United Kingdom and continental Europe. It also accesses business placed at Lloyd’s through Syndicate 382.

Boardwalk serves electric power generators, local distribution companies, industrial and petrochemical users, LNG exporters, natural-gas producers, marketers and other pipelines. Its customers are located across the Gulf Coast, Midwest and Northeast of the United States. Its natural-gas system directly serves customers in thirteen states and connects with unaffiliated pipelines that serve the northeastern and southeastern U.S. Its NGL systems and storage facilities are in Louisiana and Texas.

CNA represented 81.2% of Loews revenue in FY2025, while Boardwalk represented 12.6% and Loews Hotels represented 5.12%.

Suppliers and costs

CNA’s principal costs arise from claims and claim-adjustment expenses, policy acquisition costs, insurance-related administration, and the need to maintain adequate loss reserves. Its results can also be affected by catastrophe losses and by changes in estimates for prior-year claims. CNA leases all of its office space.

Boardwalk is capital intensive. Its operating costs do not vary significantly with volumes transported, except for costs associated with service revenues. Its costs include operation and maintenance, compliance with pipeline-integrity requirements, and efforts to monitor, control and reduce emissions. Growth projects require pipe, compressor facilities, related equipment, land rights, engineering, construction and qualified labor.

Hotel operations face costs for supplies, furniture, fixtures, equipment, labor, workers’ compensation, benefits, insurance, food and beverage, commodities and energy. Hotels can also require periodic owner-funded capital improvements and expenditures to maintain or upgrade properties. No sole-source supplier is identified.

Competitive position

CNA competes in commercial property and casualty insurance for both distributors and customers. The industry is highly competitive in rates and service, and CNA competes with stock insurance companies, mutual insurance companies and other entities. Its routes to market include independent agents, brokers and managing general underwriters, which are also important distribution relationships.

Loews Hotels & Co competes with other hotels, cruise lines and alternative accommodations in the markets where it operates. Airbnb is identified as an alternative accommodation competitor. No named competitor is provided for Boardwalk’s pipeline and storage activities.

Our reading: CNA’s broker, agent and managing-general-underwriter distribution network is a moderate source of competitive position because it provides established routes to a range of commercial customers, but CNA faces many competing insurers for those distributors and customers.

Our reading: Boardwalk’s interconnected pipeline and storage assets are a moderate source of competitive position because they provide transportation and storage across named U.S. regions, while rates and construction are materially regulated.

Our reading: no evidence here establishes a distinct hotel moat; the hotel business faces competition from hotels, cruise lines and Airbnb.

Growth opportunities

CNA’s FY2025 revenue was $15.0 billion, compared with $14.3 billion in FY2024. In 2025, net written premiums increased in Specialty, Commercial and International. Specialty’s increase was driven by rate and partly offset by lower retention. Commercial’s increase was driven by favorable renewal premium change, including rate, and partly offset by lower retention. International’s increase, excluding foreign exchange effects, was driven by higher new business and partly offset by lower rate.

Boardwalk generated $2.3 billion of revenue in FY2025, compared with $2.1 billion in FY2024. It regularly reviews expansion opportunities for transportation and storage demand. Its growth projects with executed precedent or long-term firm transportation agreements are expected to add aggregate capacity of 4.2 Bcf/d and 10 Bcf of working-gas storage capacity, at an expected aggregate cost of approximately $3.3 billion, with completion scheduled through 2030. As of December 31, 2025, it had spent $135 million on those projects.

The projects are linked to LNG-export and power-generation demand, but remain subject to regulatory approvals, permits, construction and other conditions. They will not contribute to earnings and cash flows until they are approved, built and placed into service. Loews Hotels revenue was $945.0 million in FY2025, compared with $933.0 million in FY2024.

Structural risks

• CNA may determine that recorded insurance reserves are insufficient to cover estimated ultimate unpaid claim and claim-adjustment liabilities. It may then need to increase reserves, resulting in a charge to earnings.

• CNA is subject to extensive insurance regulation in domestic and foreign jurisdictions. Regulation covers licensing, policy forms, reserves, capital adequacy, investments, premium rates, dividends and certain intercompany transfers. Its operating environment continues to evolve in areas including climate change, artificial intelligence and cybersecurity.

• Boardwalk’s natural-gas transportation, storage and ethane transportation activities are extensively regulated by the FERC, including the rates it can charge and its ability to construct or abandon facilities. The FERC’s cost-based process considers service costs, transported volumes, rate design, capital structure and permitted returns.

• Boardwalk’s growth projects face permitting, regulatory, land-rights, weather, labor, materials, construction-cost and timing risks. Failure to meet development milestones may give counterparties the ability to terminate contracts.

• Hotel operations face travel-demand, economic, labor, cost, supply-chain, disaster, disease-outbreak, financing, lease and property risks. Competition from hotels, cruise lines and alternative accommodations can also affect hotel demand.

• The parent company depends on invested cash and subsidiary distributions. Subsidiary dividend capacity is constrained by earnings, applicable laws and loan covenants; subsidiary creditors generally rank ahead of the parent, its creditors and shareholders with respect to subsidiary assets.

Bottom line

Our reading

Our reading: Loews is a diversified holding company whose operating base is led by commercial insurance, with pipeline infrastructure and hotels adding businesses with different customers and operating drivers. CNA’s 81.2% FY2025 revenue share makes insurance the central contributor to the group, while Boardwalk provides regulated transportation and storage operations and Loews Hotels adds exposure to hospitality demand. The parent’s cash generation depends on invested cash and distributions from subsidiaries, whose obligations and creditors stand ahead of the parent’s claims.