FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended September 30, 2008
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
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Address: 667 Madison Avenue New York New York 10065
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(Street) (City) (State) (Zip)
Form 13F File Number: 28-217
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists and tables are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Gary W. Garson
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Title: General Counsel and Senior Vice President
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Phone: 212-521-2932
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Signature, Place, and Date of Signing:
/s/ Gary W. Garson
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(Signature)
Place: 667 Madison Avenue New York New York 10065
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(Street) (City) (State) (Zip)
Date: November 12, 2008
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Page 1 of 17
Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is CNA
Plaza, Chicago, Illinois 60685 ("CNA"), may be deemed to have investment
discretion regarding certain securities (the "CNA Securities") as to which
investment discretion is deemed to be exercised by CNA. CNA is reporting on
behalf of Loews regarding the CNA Securities.
Report Type:
[ ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[X] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager.
Form 13F File Number: 28-346
Name: CNA Financial Corporation
Page 2 of 17
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 166
Form 13F Information Table Value Total: $15,326.7 (million)
List of Other Included Managers: NONE.
Page 3 of 17
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3COM CORP Common 885535104 1,631 700,000 SH Sole 700,000
3M CO Common 88579Y101 2,049 30,000 SH Sole 30,000
AFFILIATED COMPUTER Common 008190100 16,574 327,349 SH Sole 327,349
SERVICES
ALCATEL-LUCENT- Common 013904305 199 51,952 SH Sole 51,952
SPONSORED ADR
ALCOA INC Common 013817101 499 22,100 SH Sole 22,100
ALLSTATE CORP Common 020002101 4,805 104,193 SH Sole 104,193
AMERICAN EQUITY INVT Common 025676206 79 10,544 SH Sole 10,544
LIFE HL
AMERICAN EXPRESS CO Common 025816109 5,390 152,143 SH Sole 152,143
AMERICAN NATL INS CO Common 028591105 345 3,991 SH Sole 3,991
AMGEN INC Common 031162100 4,859 81,983 SH Sole 81,983
ANADARKO PETE CORP Common 032511107 1,319 27,200 SH Sole 27,200
APACHE CORP Common 037411105 425 4,080 SH Sole 4,080
APEX SILVER MINES LTD Common G04074103 565 328,419 SH Sole 328,419
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TOTAL $ 38,739
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Page 4 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
AURIZON MINES LTD Common 05155P106 1,436 536,305 SH Sole 536,305
AUTOLIV INC Common 052800109 1,836 54,400 SH Sole 54,400
AVIS BUDGET GROUP Common 053774105 10,363 1,805,400 SH Sole 1,805,400
INC
BANK OF AMERICA Common 060505104 721 20,603 SH Sole 20,603
CORPORATION
BARRICK GOLD CORP Common 067901108 12,533 341,136 SH Sole 341,136
BED BATH & BEYOND Common 075896100 628 20,000 SH Sole 20,000
INC
BLACK & DECKER CORP Common 091797100 2,007 33,043 SH Sole 33,043
BOARDWALK PIPELINE Common 096627104 1,097,076 53,256,122 SH Sole 53,256,122
PARTNERS
BOOKHAM INC Common 09856E105 678 600,000 SH Sole 600,000
BROCADE Common 111621306 1,164 200,000 SH Sole 200,000
COMMUNICATIONS SYS
INC
CAMECO CORP Common 13321L108 4,424 198,300 SH Sole 198,300
CAPITAL ONE FINL CORP Common 14040H105 302 5,916 SH Sole 5,916
CHENIERE ENERGY INC Common 16411R208 1,683 747,800 SH Sole 747,800
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TOTAL $ 1,134,851
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Page 5 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CIBER INC Common 17163B102 77 11,041 SH Sole 11,041
CIT GROUP INC Common 125581108 3,967 570,000 SH Sole 570,000
CITIGROUP INC Common 172967101 12,707 619,544 SH Sole 619,544
CLIFFS NATURAL Common 185896107 1,059 20,000 SH Sole 20,000
RESOURCES INC.
(FKA: CLEVELAND
CLIFFS INC.)
CNA FINL CORP Common 126117100 6,336,534 241,483,773 SH Sole 241,483,773
COEUR D'ALENE MINES Common 192108108 504 329,250 SH Sole 329,250
CORP
COMCAST CORP NEW Common 20030N200 10,008 507,539 SH Sole 507,539
CONEXANT SYSTEMS Common 207142308 1,363 340,000 SH Sole 340,000
CONSOL ENERGY INC Common 20854P109 2,295 50,000 SH Sole 50,000
D R HORTON INC Common 23331A109 1,042 80,000 SH Sole 80,000
DIAMOND OFFSHORE Common 25271C102 7,224,982 70,104,620 SH Sole 70,104,620
DRILLING INC
DIAMONDS TR Common 252787106 27,090 250,000 SH Sole 250,000
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TOTAL $ 13,621,628
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Page 6 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
DISNEY WALT CO Common 254687106 4,297 140,000 SH Sole 140,000
DU PONT E I DE Common 263534109 3,224 80,000 SH Sole 80,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G102 15,345 4,286,200 SH Sole 4,286,200
EBAY INC Common 278642103 4,476 200,000 SH Sole 200,000
ENSCO INTL INC Common 26874Q100 686 11,900 SH Sole 11,900
FEDERAL HOME LN MTG Common 313400301 19 11,228 SH Sole 11,228
CORP
FINISAR Common 31787A101 404 400,000 SH Sole 400,000
GAMMON GOLD INC Common 36467T106 2,216 299,500 SH Sole 299,500
GOLDCORP INC NEW Common 380956409 2,404 76,000 SH Sole 76,000
GOLDEN STAR Common 38119T104 772 507,820 SH Sole 507,820
RESOURCES LTD
GOODYEAR TIRE & Common 382550101 5,374 351,012 SH Sole 351,012
RUBR CO
GRIFFON CORPORATION Common 398433102 100 11,127 SH Sole 11,127
HOME DEPOT INC Common 437076102 3,299 127,420 SH Sole 127,420
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TOTAL $ 42,616
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Page 7 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
IAMGOLD CORPORATION Common 450913108 1,956 354,633 SH Sole 354,633
IMA EXPLORATION INC Common 449664101 172 571,886 SH Sole 571,886
IMS HEALTH INC Common 449934108 5,143 271,950 SH Sole 271,950
INGERSOLL-RAND Common G4776G101 555 17,795 SH Sole 17,795
COMPANY LTD
INTERNATIONAL Common 459200101 1,610 13,769 SH Sole 13,769
BUSINESS MACHS
ISHARES INC MSCI Common 464286848 23,985 2,250,000 SH Sole 2,250,000
JAPAN
J P MORGAN CHASE & CO Common 46625H100 240 5,133 SH Sole 5,133
JDS UNIPHASE CORP Common 46612J507 2,965 350,000 SH Sole 350,000
JOHNSON & JOHNSON Common 478160104 375 5,418 SH Sole 5,418
JOY GLOBAL INC Common 481165108 3,611 80,000 SH Sole 80,000
KIMBER RESOURCES INC Common 49435N101 633 641,515 SH Sole 641,515
LEAR CORP Common 521865105 116 11,003 SH Sole 11,003
LEXMARK INTL NEW Common 529771107 7,817 240,000 SH Sole 240,000
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TOTAL $ 49,178
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Page 8 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
LOUISIANA-PACIFIC CORPCommon 546347105 1,395 150,000 SH Sole 150,000
LOWES COS INC Common 548661107 1,862 78,600 SH Sole 78,600
MAGNA INTL INC Common 559222401 7,272 142,056 SH Sole 142,056
MEDIACOM Common 58446K105 201 34,000 SH Sole 34,000
COMMUNICATIONS CORP
MEMC ELECTRONIC Common 552715104 2,826 100,000 SH Sole 100,000
MATERIALS
MICROSOFT CORP Common 594918104 39,636 1,485,057 SH Sole 1,485,057
MIDWAY GOLD CORP Common 598153104 204 197,679 SH Sole 197,679
MINDSPEED Common 602682205 904 380,000 SH Sole 380,000
TECHNOLOGIES INC
MINEFINDERS CORP Common 602900102 1,140 152,687 SH Sole 152,687
MOTOROLA INC Common 620076109 130 18,268 SH Sole 18,268
NATIONAL CITY CORP Common 635405103 48 27,225 SH Sole 27,225
NEW GOLD INC Common 644535106 3,802 768,173 SH Sole 768,173
NEWS CORP INC Common 65248E104 510 42,570 SH Sole 42,570
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TOTAL $ 59,930
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Page 9 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
NOVAGOLD Common 66987E206 634 97,318 SH Sole 97,318
RESOURCES INC
NRG ENERGY INC Common 629377508 9,974 402,994 SH Sole 402,994
OCCIDENTAL Common 674599105 838 11,900 SH Sole 11,900
PETROLEUM CORP
ORACLE CORP Common 68389X105 12,652 622,950 SH Sole 622,950
OWENS CORNING INC Common 690742101 4,543 190,000 SH Sole 190,000
PFIZER INC Common 717081103 2,980 161,600 SH Sole 161,600
PIONEER NAT RES CO Common 723787107 800 15,300 SH Sole 15,300
POPULAR INC Common 733174106 188 22,629 SH Sole 22,629
PRG-SCHULTZ Common 69357C503 896 100,000 SH Sole 100,000
INTERNATIONAL INC
PRIMUS GUARANTY LTD Common G72457107 1,048 400,000 SH Sole 400,000
QUEST RESOURCE CORP Common 748349305 1,064 400,000 SH Sole 400,000
RADIOSHACK CORP Common 750438103 5,184 300,000 SH Sole 300,000
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TOTAL $ 40,801
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Page 10 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
RENAISSANCE RE Common G7496G103 229 4,403 SH Sole 4,403
HLDGS LTD
RENT A CTR INC NEW Common 76009N100 270 12,102 SH Sole 12,102
RF MICRODEVICES INC Common 749941100 1,285 440,000 SH Sole 440,000
ROCKWELL Common 773903109 238 6,375 SH Sole 6,375
AUTOMATION INC
ROWAN COS INC Common 779382100 338 11,050 SH Sole 11,050
SCHERING PLOUGH Common 806605101 21,362 1,156,575 SH Sole 1,156,575
SEAGATE TECHNOLOGY Common G7945J104 9,454 780,000 SH Sole 780,000
SEMPRA ENERGY Common 816851109 5,713 113,199 SH Sole 113,199
SILICON IMAGE INC Common 82705T102 2,243 420,000 SH Sole 420,000
SLM CORP Common 78442P106 17,893 1,450,000 SH Sole 1,450,000
SMURFIT-STONE Common 832727101 7,627 1,622,770 SH Sole 1,622,770
CONTAINER CORP
SPDR KBW BANK ETF Common 78464A797 23,520 700,000 SH Sole 700,000
STILLWATER MNG CO Common 86074Q102 1,558 268,128 SH Sole 268,128
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TOTAL $ 91,730
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Page 11 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
TALISMAN ENERGY INC Common 87425E103 689 48,450 SH Sole 48,450
THORATEC CORP Common 885175307 11,025 420,000 SH Sole 420,000
TITAN INTERNATIONAL INCommon 88830M102 4,051 190,000 SH Sole 190,000
TREX COMPANY INC Common 89531P105 3,484 192,375 SH Sole 192,375
TRICO MARINE SERVICES Common 896106200 2,562 150,000 SH Sole 150,000
INC
TYCO ELECTRONICS Common G9144P105 7,593 274,500 SH Sole 274,500
LTD-W/I
UNITED STATES STL Common 912909108 776 10,000 SH Sole 10,000
CORP NEW
WACHOVIA CORP 2ND Common 929903102 41 11,797 SH Sole 11,797
NEW
WALTER INDUSTRIES INC Common 93317Q105 2,373 50,000 SH Sole 50,000
WELLS FARGO & CO Common 949746101 2,931 78,100 SH Sole 78,100
WHITING PETE CORP Common 966387102 363 5,100 SH Sole 5,100
NEW
WHOLE FOODS MKT INC Common 966837106 1,652 82,500 SH Sole 82,500
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TOTAL $ 37,540
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Page 12 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
WIDEPOINT CORP Common 967590100 400 1,000,000 SH Sole 1,000,000
WILLIAMS COS INC DEL Common 969457100 240 10,142 SH Sole 10,142
WILLIAMS PIPELINE Common 96950K103 2,756 197,400 SH Sole 197,400
PARTNERS L
XEROX CORP Common 984121103 21,803 1,891,000 SH Sole 1,891,000
ZHONE TECHNOLOGIES Common 98950P108 490 2,577,000 SH Sole 2,577,000
INC
ZOLTEK COMPANIES INC Common 98975W104 5,664 331,050 SH Sole 331,050
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TOTAL $ 31,353
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Page 13 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y951 4,099 60,000 SH Put Sole 60,000
ALLSTATE CORP Common 020002951 4,612 100,000 SH Put Sole 100,000
AUTOMATIC DATA Common 053015953 5,130 120,000 SH Put Sole 120,000
PROCESSING
BARRICK GOLD CORP Common 067901908 3,674 100,000 SH Call Sole 100,000
BARRICK GOLD CORP Common 067901958 4,409 120,000 SH Put Sole 120,000
BED BATH & BEYOND Common 075896950 3,141 100,000 SH Put Sole 100,000
INC
BLACK & DECKER CORP Common 091797950 5,468 90,000 SH Put Sole 90,000
BROADCOM CORP Common 111320957 1,863 100,000 SH Put Sole 100,000
BROCADE Common 111621906 2,328 400,000 SH Call Sole 400,000
COMMUNICATIONS SYS
INC
BROCADE Common 111621956 1,164 200,000 SH Put Sole 200,000
COMMUNICATIONS SYS
INC
CIENA CORP Common 171779959 1,008 100,000 SH Put Sole 100,000
CLIFFS NATURAL Common 185896957 8,470 160,000 SH Put Sole 160,000
RESOURCES INC.
(FKA: CLEVELAND
CLIFFS INC.)
D R HORTON INC Common 23331A909 260 20,000 SH Call Sole 20,000
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TOTAL $ 45,626
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Page 14 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
D R HORTON INC Common 23331A959 1,042 80,000 SH Put Sole 80,000
DISNEY WALT CO Common 254687956 4,297 140,000 SH Put Sole 140,000
DU PONT E I DE Common 263534909 4,836 120,000 SH Call Sole 120,000
NEMOURS & CO
DU PONT E I DE Common 263534959 6,448 160,000 SH Put Sole 160,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G902 286 80,000 SH Call Sole 80,000
DYNEGY INC NEW Common 26817G952 286 80,000 SH Put Sole 80,000
EATON CORP Common 278058952 5,618 100,000 SH Put Sole 100,000
FORD MTR CO DEL Common 345370900 11,204 2,154,600 SH Call Sole 2,154,600
GOLDCORP INC NEW Common 380956909 1,898 60,000 SH Call Sole 60,000
GOLDMAN SACHS Common 38141G904 2,560 20,000 SH Call Sole 20,000
GROUP INC
HOME DEPOT INC Common 437076952 5,178 200,000 SH Put Sole 200,000
JDS UNIPHASE CORP Common 46612J957 4,659 550,000 SH Put Sole 550,000
JOY GLOBAL INC Common 481165958 3,611 80,000 SH Put Sole 80,000
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TOTAL $ 51,923
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Page 15 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
LOWES COS INC Common 548661957 1,895 80,000 SH Put Sole 80,000
MASTERCARD INC- Common 57636Q954 12,413 70,000 SH Put Sole 70,000
CLASS A
MERRILL LYNCH & CO Common 590188958 2,530 100,000 SH Put Sole 100,000
INC
MICROSOFT CORP Common 594918954 2,669 100,000 SH Put Sole 100,000
MOTOROLA INC Common 620076909 1,714 240,000 SH Call Sole 240,000
NEWMONT MINING CORP Common 651639906 5,426 140,000 SH Call Sole 140,000
OWENS CORNING INC Common 690742901 2,391 100,000 SH Call Sole 100,000
OWENS CORNING INC Common 690742951 956 40,000 SH Put Sole 40,000
PFIZER INC Common 717081953 4,086 221,600 SH Put Sole 221,600
PPL CORP Common 69351T906 5,183 140,000 SH Call Sole 140,000
SEAGATE TECHNOLOGY Common G7945J954 1,697 140,000 SH Put Sole 140,000
TARGET CORP Common 87612E956 1,962 40,000 SH Put Sole 40,000
THE ST JOE COMPANY Common 790148950 3,909 100,000 SH Put Sole 100,000
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TOTAL $ 46,831
-------------
Page 16 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
UNITED PARCEL SERVICE Common 911312956 5,031 80,000 SH Put Sole 80,000
INC
UNITED STATES STL Common 912909958 5,433 70,000 SH Put Sole 70,000
CORP NEW
VULCAN MATERIALS CO Common 929160959 16,390 220,000 SH Put Sole 220,000
WELLS FARGO & CO Common 949746951 3,753 100,000 SH Put Sole 100,000
WHOLE FOODS MKT INC Common 966837956 2,003 100,000 SH Put Sole 100,000
ZOLTEK COMPANIES INC Common 98975W904 684 40,000 SH Call Sole 40,000
ZOLTEK COMPANIES INC Common 98975W954 684 40,000 SH Put Sole 40,000
---------------
TOTAL $ 33,978
---------------
AGGREGATE TOTAL $ 15,326,724
===============
Page 17 of 17 Pages
