l-20231231
0000060086FALSE2023FYP1Yhttp://fasb.org/us-gaap/2023#AccountingStandardsUpdate201812Memberhttp://fasb.org/us-gaap/2023#GainLossOnInvestmentshttp://fasb.org/us-gaap/2023#AccountsReceivableNethttp://fasb.org/us-gaap/2023#AccountsReceivableNethttp://fasb.org/us-gaap/2023#ValuationTechniqueDiscountedCashFlowMemberhttp://fasb.org/us-gaap/2023#MeasurementInputCreditSpreadMemberhttp://fasb.org/us-gaap/2023#ValuationTechniqueDiscountedCashFlowMemberhttp://fasb.org/us-gaap/2023#MeasurementInputCreditSpreadMemberhttp://fasb.org/us-gaap/2023#OtherAssetshttp://fasb.org/us-gaap/2023#OtherAssetshttp://fasb.org/us-gaap/2023#OtherLiabilitieshttp://fasb.org/us-gaap/2023#OtherLiabilities11http://fasb.org/us-gaap/2023#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2023#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2023#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2023#FairValueMeasuredAtNetAssetValuePerShareMember00000600862023-01-012023-12-3100000600862023-06-30iso4217:USD00000600862024-02-02xbrli:shares00000600862023-12-3100000600862022-12-31iso4217:USDxbrli:shares00000600862022-01-012022-12-3100000600862021-01-012021-12-310000060086srt:ScenarioPreviouslyReportedMember2020-12-310000060086us-gaap:CommonStockMembersrt:ScenarioPreviouslyReportedMember2020-12-310000060086us-gaap:AdditionalPaidInCapitalMembersrt:ScenarioPreviouslyReportedMember2020-12-310000060086us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2020-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2020-12-310000060086srt:ScenarioPreviouslyReportedMemberus-gaap:TreasuryStockCommonMember2020-12-310000060086us-gaap:NoncontrollingInterestMembersrt:ScenarioPreviouslyReportedMember2020-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000060086us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:NoncontrollingInterestMember2020-12-3100000600862020-12-310000060086us-gaap:CommonStockMember2020-12-310000060086us-gaap:AdditionalPaidInCapitalMember2020-12-310000060086us-gaap:RetainedEarningsMember2020-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000060086us-gaap:TreasuryStockCommonMember2020-12-310000060086us-gaap:NoncontrollingInterestMember2020-12-310000060086us-gaap:RetainedEarningsMember2021-01-012021-12-310000060086us-gaap:NoncontrollingInterestMember2021-01-012021-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000060086us-gaap:TreasuryStockCommonMember2021-01-012021-12-310000060086us-gaap:CommonStockMember2021-01-012021-12-310000060086us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-3100000600862021-12-310000060086us-gaap:CommonStockMember2021-12-310000060086us-gaap:AdditionalPaidInCapitalMember2021-12-310000060086us-gaap:RetainedEarningsMember2021-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000060086us-gaap:TreasuryStockCommonMember2021-12-310000060086us-gaap:NoncontrollingInterestMember2021-12-310000060086us-gaap:RetainedEarningsMember2022-01-012022-12-310000060086us-gaap:NoncontrollingInterestMember2022-01-012022-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000060086us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-310000060086us-gaap:TreasuryStockCommonMember2022-01-012022-12-310000060086us-gaap:CommonStockMember2022-12-310000060086us-gaap:AdditionalPaidInCapitalMember2022-12-310000060086us-gaap:RetainedEarningsMember2022-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000060086us-gaap:TreasuryStockCommonMember2022-12-310000060086us-gaap:NoncontrollingInterestMember2022-12-310000060086us-gaap:RetainedEarningsMember2023-01-012023-12-310000060086us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000060086us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000060086us-gaap:TreasuryStockCommonMember2023-01-012023-12-310000060086us-gaap:CommonStockMember2023-12-310000060086us-gaap:AdditionalPaidInCapitalMember2023-12-310000060086us-gaap:RetainedEarningsMember2023-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000060086us-gaap:TreasuryStockCommonMember2023-12-310000060086us-gaap:NoncontrollingInterestMember2023-12-310000060086l:CnaFinancialCorporationMember2023-12-31xbrli:pure00000600862021-04-012021-04-010000060086l:AltiumPackagingLlcMember2021-04-010000060086l:AltiumPackagingLlcMember2021-04-010000060086us-gaap:OtherNoncurrentAssetsMember2023-12-310000060086us-gaap:OtherNoncurrentAssetsMember2022-12-310000060086srt:MinimumMember2023-01-012023-12-310000060086srt:MaximumMember2023-01-012023-12-310000060086l:CnaFinancialCorporationMember2023-12-310000060086l:CnaFinancialCorporationMember2022-12-310000060086l:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:CnaFinancialCorporationMember2022-01-012022-12-310000060086l:CnaFinancialCorporationMember2021-01-012021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberl:CnaFinancialCorporationMember2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberl:CnaFinancialCorporationMember2022-12-310000060086us-gaap:PipelinesMembersrt:MinimumMember2023-12-310000060086srt:MaximumMemberus-gaap:PipelinesMember2023-12-310000060086l:HotelPropertiesAndOtherMembersrt:MinimumMember2023-12-310000060086srt:MaximumMemberl:HotelPropertiesAndOtherMember2023-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForTheReclassificationOfReservesForPolicyholdersOnClaimToFuturePolicyBenefitsMember2020-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForTheRemovalOfShadowAdjustmentsMember2020-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812EffectOfRemeasurementUsingAnUpperMediumGradeFixedInstrumentYieldDiscountRateMember2020-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812OtherAdjustmentsMember2020-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMemberl:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForTheRemovalOfShadowAdjustmentsMember2020-12-310000060086us-gaap:RetainedEarningsMemberl:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForTheRemovalOfShadowAdjustmentsMember2020-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForTheRemovalOfShadowAdjustmentsMemberus-gaap:NoncontrollingInterestMember2020-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812EffectOfRemeasurementUsingAnUpperMediumGradeFixedInstrumentYieldDiscountRateMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812EffectOfRemeasurementUsingAnUpperMediumGradeFixedInstrumentYieldDiscountRateMemberus-gaap:RetainedEarningsMember2020-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812EffectOfRemeasurementUsingAnUpperMediumGradeFixedInstrumentYieldDiscountRateMemberus-gaap:NoncontrollingInterestMember2020-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMemberl:EffectOfApplicationOfAccountingStandardsUpdate201812OtherAdjustmentsMember2020-12-310000060086us-gaap:RetainedEarningsMemberl:EffectOfApplicationOfAccountingStandardsUpdate201812OtherAdjustmentsMember2020-12-310000060086l:EffectOfApplicationOfAccountingStandardsUpdate201812OtherAdjustmentsMemberus-gaap:NoncontrollingInterestMember2020-12-310000060086srt:ScenarioPreviouslyReportedMember2022-01-012022-12-310000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-01-012022-12-310000060086srt:ScenarioPreviouslyReportedMember2021-01-012021-12-310000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2021-01-012021-12-310000060086srt:ScenarioPreviouslyReportedMember2022-12-310000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000060086srt:ScenarioPreviouslyReportedMemberl:CnaFinancialCorporationMember2022-01-012022-12-310000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberl:CnaFinancialCorporationMember2022-01-012022-12-310000060086l:CnaFinancialCorporationMember2022-01-012022-12-310000060086srt:ScenarioPreviouslyReportedMemberl:CnaFinancialCorporationMember2021-01-012021-12-310000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberl:CnaFinancialCorporationMember2021-01-012021-12-310000060086l:CnaFinancialCorporationMember2021-01-012021-12-310000060086l:BoardwalkPipelinesMemberl:WilliamsOlefinsPipelineHoldcoLLCBayouEthaneMember2023-09-290000060086l:BoardwalkPipelinesMemberl:WilliamsOlefinsPipelineHoldcoLLCBayouEthaneMember2023-09-292023-09-290000060086l:WilliamsOlefinsPipelineHoldcoLLCBayouEthaneMember2023-09-29l:pipeline0000060086l:BoardwalkPipelinesMember2023-09-290000060086l:LoewsHotelsAndCoMember2023-01-012023-12-310000060086l:LoewsHotelsAndCoMemberl:JointVentureMember2023-01-012023-12-310000060086l:LoewsHotelsAndCoMemberl:JointVentureMember2023-12-310000060086l:LoewsHotelsHoldingCorporationMember2021-01-012021-12-310000060086us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberl:AltiumPackagingLlcMember2021-04-010000060086us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberl:AltiumPackagingLlcMember2021-04-012021-04-010000060086us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberl:AltiumPackagingLlcMember2021-01-012021-12-310000060086us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberl:AltiumPackagingLlcMember2021-12-310000060086us-gaap:FixedMaturitiesMember2023-01-012023-12-310000060086us-gaap:FixedMaturitiesMember2022-01-012022-12-310000060086us-gaap:FixedMaturitiesMember2021-01-012021-12-310000060086srt:PartnershipInterestMember2023-01-012023-12-310000060086srt:PartnershipInterestMember2022-01-012022-12-310000060086srt:PartnershipInterestMember2021-01-012021-12-310000060086us-gaap:ShortTermInvestmentsMember2023-01-012023-12-310000060086us-gaap:ShortTermInvestmentsMember2022-01-012022-12-310000060086us-gaap:ShortTermInvestmentsMember2021-01-012021-12-310000060086us-gaap:EquitySecuritiesMember2023-01-012023-12-310000060086us-gaap:EquitySecuritiesMember2022-01-012022-12-310000060086us-gaap:EquitySecuritiesMember2021-01-012021-12-310000060086l:IncomeLossFromTradingPortfolioMember2023-01-012023-12-310000060086l:IncomeLossFromTradingPortfolioMember2022-01-012022-12-310000060086l:IncomeLossFromTradingPortfolioMember2021-01-012021-12-310000060086l:InvestmentsOtherMember2023-01-012023-12-310000060086l:InvestmentsOtherMember2022-01-012022-12-310000060086l:InvestmentsOtherMember2021-01-012021-12-31l:Investment0000060086us-gaap:DerivativeMember2023-01-012023-12-310000060086us-gaap:DerivativeMember2022-01-012022-12-310000060086us-gaap:DerivativeMember2021-01-012021-12-310000060086l:ShortTermInvestmentsAndOtherMember2023-01-012023-12-310000060086l:ShortTermInvestmentsAndOtherMember2022-01-012022-12-310000060086l:ShortTermInvestmentsAndOtherMember2021-01-012021-12-310000060086l:JointVentureMember2023-01-012023-12-310000060086l:JointVentureMember2022-01-012022-12-310000060086l:JointVentureMember2021-01-012021-12-310000060086l:AltiumPackagingLlcMember2023-01-012023-12-310000060086l:AltiumPackagingLlcMember2022-01-012022-12-310000060086l:AltiumPackagingLlcMember2021-01-012021-12-310000060086us-gaap:NonredeemablePreferredStockMember2023-01-012023-12-310000060086us-gaap:NonredeemablePreferredStockMember2022-01-012022-12-310000060086us-gaap:NonredeemablePreferredStockMember2021-01-012021-12-310000060086us-gaap:CorporateDebtSecuritiesMember2023-01-012023-12-310000060086us-gaap:CorporateDebtSecuritiesMember2022-01-012022-12-310000060086us-gaap:CorporateDebtSecuritiesMember2021-01-012021-12-310000060086us-gaap:AssetBackedSecuritiesMember2023-01-012023-12-310000060086us-gaap:AssetBackedSecuritiesMember2022-01-012022-12-310000060086us-gaap:AssetBackedSecuritiesMember2021-01-012021-12-310000060086us-gaap:MortgageReceivablesMember2023-01-012023-12-310000060086us-gaap:MortgageReceivablesMember2022-01-012022-12-310000060086us-gaap:MortgageReceivablesMember2021-01-012021-12-310000060086us-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000060086us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000060086us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMember2023-12-310000060086us-gaap:USTreasurySecuritiesMember2023-12-310000060086us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000060086l:FixedMaturitiesAvailableForSaleMember2023-12-310000060086l:FixedMaturitiesTradingMember2023-12-310000060086us-gaap:CorporateDebtSecuritiesMember2022-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000060086us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000060086us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2022-12-310000060086us-gaap:AssetBackedSecuritiesMember2022-12-310000060086us-gaap:USTreasurySecuritiesMember2022-12-310000060086us-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310000060086us-gaap:RedeemablePreferredStockMember2022-12-310000060086l:FixedMaturitiesAvailableForSaleMember2022-12-310000060086l:FixedMaturitiesTradingMember2022-12-310000060086us-gaap:FixedMaturitiesMember2023-12-310000060086us-gaap:FixedMaturitiesMember2022-12-310000060086us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310000060086us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-12-310000060086srt:FitchAAARatingMember2023-12-310000060086srt:FitchAAARatingMember2022-12-310000060086srt:FitchAARatingMember2023-12-310000060086srt:FitchAARatingMember2022-12-310000060086srt:FitchARatingMember2023-12-310000060086srt:FitchARatingMember2022-12-310000060086srt:FitchBBBRatingMember2023-12-310000060086srt:FitchBBBRatingMember2022-12-310000060086us-gaap:InternalNoninvestmentGradeMember2023-12-310000060086us-gaap:InternalNoninvestmentGradeMember2022-12-310000060086us-gaap:CorporateDebtSecuritiesMember2021-12-310000060086us-gaap:AssetBackedSecuritiesMember2021-12-310000060086l:PrivateDebtAndEquityMember2023-12-310000060086l:PrivateDebtAndEquityMember2022-12-310000060086us-gaap:HedgeFundsMember2023-12-310000060086us-gaap:HedgeFundsMember2022-12-31l:Position0000060086l:TenLargestLimitedPartnershipHoldingsMember2023-12-310000060086l:TenLargestLimitedPartnershipHoldingsMember2022-12-310000060086l:DebtServiceCoverageRatioOneLoanToValueLessThan55PercentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioOneLoanToValue55To65PercentMember2023-12-310000060086l:DebtServiceCoverageRatioOneLoanToValueGreaterThan65PercentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioTwoLoanToValueLessThan55PercentMember2023-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioTwoLoanToValue55To65PercentMember2023-12-310000060086l:DebtServiceCoverageRatioTwoLoanToValueGreaterThan65PercentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioThreeLoanToValueLessThan55PercentMember2023-12-310000060086l:DebtServiceCoverageRatioThreeLoanToValue55To65PercentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioThreeLoanToValueGreaterThan65PercentMember2023-12-310000060086us-gaap:ExchangeTradedOptionsMemberus-gaap:LongMemberus-gaap:NondesignatedMember2023-12-310000060086us-gaap:ExchangeTradedOptionsMemberus-gaap:LongMemberus-gaap:NondesignatedMember2022-12-310000060086us-gaap:ExchangeTradedOptionsMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2023-12-310000060086us-gaap:ExchangeTradedOptionsMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2022-12-310000060086us-gaap:WarrantMemberus-gaap:NondesignatedMember2023-12-310000060086us-gaap:WarrantMemberus-gaap:NondesignatedMember2022-12-310000060086us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2023-12-310000060086us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2022-12-310000060086us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2023-12-310000060086us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-12-310000060086l:InvestmentsInAssetsRequiringFuturePurchaseSaleOrFundingCommitmentsMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMember2023-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000060086us-gaap:FairValueMeasurementsRecurringMember2022-12-310000060086us-gaap:CorporateDebtSecuritiesMember2022-12-310000060086us-gaap:CorporateDebtSecuritiesMember2023-01-012023-12-310000060086us-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2023-01-012023-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMember2022-12-310000060086us-gaap:AssetBackedSecuritiesMember2023-01-012023-12-310000060086us-gaap:AssetBackedSecuritiesMember2023-12-310000060086l:FixedMaturitiesAvailableForSaleMember2022-12-310000060086l:FixedMaturitiesAvailableForSaleMember2023-01-012023-12-310000060086l:FixedMaturitiesAvailableForSaleMember2023-12-310000060086us-gaap:EquitySecuritiesMember2022-12-310000060086us-gaap:EquitySecuritiesMember2023-01-012023-12-310000060086us-gaap:EquitySecuritiesMember2023-12-310000060086us-gaap:CorporateDebtSecuritiesMember2021-12-310000060086us-gaap:CorporateDebtSecuritiesMember2022-01-012022-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2022-01-012022-12-310000060086us-gaap:AssetBackedSecuritiesMember2021-12-310000060086us-gaap:AssetBackedSecuritiesMember2022-01-012022-12-310000060086l:FixedMaturitiesAvailableForSaleMember2021-12-310000060086l:FixedMaturitiesAvailableForSaleMember2022-01-012022-12-310000060086us-gaap:EquitySecuritiesMember2021-12-310000060086us-gaap:EquitySecuritiesMember2022-01-012022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FixedMaturitiesMembersrt:MinimumMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FixedMaturitiesMember2023-12-310000060086us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FixedMaturitiesMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FixedMaturitiesMember2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FixedMaturitiesMembersrt:MinimumMember2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FixedMaturitiesMember2022-12-310000060086us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FixedMaturitiesMember2022-12-310000060086us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000060086us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000060086us-gaap:PipelinesMember2023-12-310000060086us-gaap:PipelinesMember2022-12-310000060086l:HotelPropertiesMember2023-12-310000060086l:HotelPropertiesMember2022-12-310000060086us-gaap:PropertyPlantAndEquipmentOtherTypesMember2023-12-310000060086us-gaap:PropertyPlantAndEquipmentOtherTypesMember2022-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2022-01-012022-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2021-01-012021-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2022-01-012022-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2021-01-012021-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2022-01-012022-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2021-01-012021-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMember2023-01-012023-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMember2022-01-012022-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMember2021-01-012021-12-310000060086l:LoewsHotelsHoldingCorporationMember2023-01-012023-12-31l:Property0000060086l:LoewsHotelsHoldingCorporationMember2022-01-012022-12-310000060086l:CnaFinancialCorporationMember2021-12-310000060086l:BoardwalkPipelinePartnersLpMember2021-12-310000060086l:BoardwalkPipelinePartnersLpMember2022-01-012022-12-310000060086l:CnaFinancialCorporationMember2022-12-310000060086l:BoardwalkPipelinePartnersLpMember2022-12-310000060086l:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMember2023-01-012023-12-310000060086l:CnaFinancialCorporationMember2023-12-310000060086l:BoardwalkPipelinePartnersLpMember2023-12-310000060086us-gaap:CustomerRelationshipsMember2023-12-310000060086us-gaap:CustomerRelationshipsMember2022-12-310000060086us-gaap:OtherIntangibleAssetsMember2023-12-310000060086us-gaap:OtherIntangibleAssetsMember2022-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-12-310000060086us-gaap:OtherInsuranceProductLineMember2023-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2022-12-310000060086us-gaap:OtherInsuranceProductLineMember2022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2023-01-012023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2022-01-012022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2021-01-012021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-01-012023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2022-01-012022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2021-01-012021-12-310000060086us-gaap:SuretySegmentMember2023-01-012023-12-310000060086us-gaap:SuretySegmentMember2022-01-012022-12-310000060086us-gaap:SuretySegmentMember2021-01-012021-12-310000060086l:WarrantyInsuranceMember2023-01-012023-12-310000060086l:WarrantyInsuranceMember2022-01-012022-12-310000060086l:WarrantyInsuranceMember2021-01-012021-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-01-012023-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-01-012022-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2021-01-012021-12-310000060086us-gaap:GeneralLiabilityMember2023-01-012023-12-310000060086us-gaap:GeneralLiabilityMember2022-01-012022-12-310000060086us-gaap:GeneralLiabilityMember2021-01-012021-12-310000060086us-gaap:WorkersCompensationInsuranceMember2023-01-012023-12-310000060086us-gaap:WorkersCompensationInsuranceMember2022-01-012022-12-310000060086us-gaap:WorkersCompensationInsuranceMember2021-01-012021-12-310000060086l:PropertyAndCasualtyOperationsOtherMember2023-01-012023-12-310000060086l:PropertyAndCasualtyOperationsOtherMember2022-01-012022-12-310000060086l:PropertyAndCasualtyOperationsOtherMember2021-01-012021-12-310000060086l:OtherInsuranceOperationsMember2023-01-012023-12-310000060086l:OtherInsuranceOperationsMember2022-01-012022-12-310000060086l:OtherInsuranceOperationsMember2021-01-012021-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-01-012023-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2022-01-012022-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2021-01-012021-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-12-310000060086us-gaap:SuretySegmentMember2023-12-310000060086l:WarrantyInsuranceMember2023-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-12-310000060086us-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:WorkersCompensationInsuranceMember2023-12-310000060086l:PropertyAndCasualtyOperationsOtherMember2023-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2014-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2015-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-31l:Claim0000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2015-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberl:MedicalProfessionalLiabilityInsuranceMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberl:MedicalProfessionalLiabilityInsuranceMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberl:MedicalProfessionalLiabilityInsuranceMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberl:MedicalProfessionalLiabilityInsuranceMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberl:MedicalProfessionalLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberl:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:MedicalProfessionalLiabilityInsuranceMember2017-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:MedicalProfessionalLiabilityInsuranceMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:MedicalProfessionalLiabilityInsuranceMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:MedicalProfessionalLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:MedicalProfessionalLiabilityInsuranceMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:MedicalProfessionalLiabilityInsuranceMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:MedicalProfessionalLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberl:MedicalProfessionalLiabilityInsuranceMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberl:MedicalProfessionalLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberl:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberl:MedicalProfessionalLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberl:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2021Memberl:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2021Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2021Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberl:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2023Memberl:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2021-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2014-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2015-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2016-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2017-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2018-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2019-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2015-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2016-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2017-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2018-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2019-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2016-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2017-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2018-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2019-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2017-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2023Memberl:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2014-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2015-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2016-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2017-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2018-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2019-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2020-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2015-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2016-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2017-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2018-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2019-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2020-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2023-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:SuretySegmentMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:SuretySegmentMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:SuretySegmentMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:SuretySegmentMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:SuretySegmentMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:SuretySegmentMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:SuretySegmentMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:SuretySegmentMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:SuretySegmentMember2017-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:SuretySegmentMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:SuretySegmentMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:SuretySegmentMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:SuretySegmentMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:SuretySegmentMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:SuretySegmentMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:SuretySegmentMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:SuretySegmentMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:SuretySegmentMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:SuretySegmentMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:SuretySegmentMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:SuretySegmentMember2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:SuretySegmentMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:SuretySegmentMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:SuretySegmentMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:SuretySegmentMember2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberus-gaap:SuretySegmentMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberus-gaap:SuretySegmentMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2023Memberus-gaap:SuretySegmentMember2023-12-310000060086us-gaap:SuretySegmentMember2021-12-310000060086us-gaap:SuretySegmentMember2022-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2014-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2015-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2016-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2017-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2018-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2019-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2020-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2021-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2022-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2014Member2023-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2015-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2016-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2017-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2018-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2019-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2020-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2021-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2022-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2023-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2016-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2017-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2018-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2019-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2020-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2021-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2022-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2017-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2023Memberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2021-12-310000060086us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2014-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2015-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2015-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2015Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:GeneralLiabilityMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:GeneralLiabilityMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:GeneralLiabilityMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:GeneralLiabilityMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:GeneralLiabilityMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:GeneralLiabilityMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:GeneralLiabilityMember2017-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:GeneralLiabilityMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:GeneralLiabilityMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:GeneralLiabilityMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:GeneralLiabilityMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:GeneralLiabilityMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:GeneralLiabilityMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:GeneralLiabilityMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:GeneralLiabilityMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberus-gaap:GeneralLiabilityMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberus-gaap:GeneralLiabilityMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberus-gaap:GeneralLiabilityMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberus-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2019Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:GeneralLiabilityMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:GeneralLiabilityMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberus-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2023Memberus-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:GeneralLiabilityMember2021-12-310000060086us-gaap:GeneralLiabilityMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2014-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2015-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2014Memberus-gaap:WorkersCompensationInsuranceMember2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2015-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2016-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2017-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2018-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2019-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2020-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2015Member2023-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:WorkersCompensationInsuranceMember2016-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:WorkersCompensationInsuranceMember2017-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:WorkersCompensationInsuranceMember2018-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:WorkersCompensationInsuranceMember2019-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:WorkersCompensationInsuranceMember2020-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:WorkersCompensationInsuranceMember2021-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:WorkersCompensationInsuranceMember2022-12-310000060086us-gaap:ShortdurationInsuranceContractsAccidentYear2016Memberus-gaap:WorkersCompensationInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:WorkersCompensationInsuranceMember2017-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:WorkersCompensationInsuranceMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:WorkersCompensationInsuranceMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:WorkersCompensationInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:WorkersCompensationInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:WorkersCompensationInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2017Memberus-gaap:WorkersCompensationInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:WorkersCompensationInsuranceMember2018-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:WorkersCompensationInsuranceMember2019-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:WorkersCompensationInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:WorkersCompensationInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:WorkersCompensationInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractsAccidentYear2018Memberus-gaap:WorkersCompensationInsuranceMember2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:WorkersCompensationInsuranceMember2020-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:WorkersCompensationInsuranceMember2021-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:WorkersCompensationInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:WorkersCompensationInsuranceMember2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberus-gaap:WorkersCompensationInsuranceMember2022-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2022Memberus-gaap:WorkersCompensationInsuranceMember2023-12-310000060086us-gaap:ShortDurationInsuranceContractAccidentYear2023Memberus-gaap:WorkersCompensationInsuranceMember2023-12-310000060086us-gaap:WorkersCompensationInsuranceMember2021-12-310000060086us-gaap:WorkersCompensationInsuranceMember2022-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2010-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2010-01-012010-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2022-01-012022-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2021-01-012021-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2023-01-012023-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2023-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2022-12-310000060086l:CnaFinancialCorporationMemberl:LossPortfolioTransferForWorkersCompensationLiabilitiesMember2020-01-010000060086l:CnaFinancialCorporationMemberl:LossPortfolioTransferForWorkersCompensationLiabilitiesMembersrt:MaximumMember2020-01-010000060086l:CnaFinancialCorporationMemberl:LossPortfolioTransferForWorkersCompensationLiabilitiesMember2021-02-052021-02-050000060086l:CnaFinancialCorporationMemberl:LossPortfolioTransferForWorkersCompensationLiabilitiesMember2021-01-012021-03-310000060086l:CnaFinancialCorporationMemberl:LossPortfolioTransferForWorkersCompensationLiabilitiesMember2023-12-3100000600862023-07-012023-09-3000000600862022-07-012022-09-300000060086l:CnaFinancialCorporationMember2023-10-012023-12-310000060086l:CnaFinancialCorporationMembersrt:MinimumMember2023-12-310000060086us-gaap:OtherAssetsMember2023-12-310000060086us-gaap:OtherAssetsMember2022-12-310000060086us-gaap:ForeignCountryMember2023-12-310000060086us-gaap:StateAndLocalJurisdictionMember2023-01-012023-12-310000060086l:SeniorNotesDue2023Membersrt:ParentCompanyMember2023-12-310000060086l:SeniorNotesDue2023Membersrt:ParentCompanyMember2023-01-012023-12-310000060086l:SeniorNotesDue2023Membersrt:ParentCompanyMember2022-12-310000060086srt:ParentCompanyMemberl:SeniorNotesDue2026Member2023-12-310000060086srt:ParentCompanyMemberl:SeniorNotesDue2026Member2023-01-012023-12-310000060086srt:ParentCompanyMemberl:SeniorNotesDue2026Member2022-12-310000060086srt:ParentCompanyMemberl:SeniorNotesDue20300515Member2023-12-310000060086srt:ParentCompanyMemberl:SeniorNotesDue20300515Member2023-01-012023-12-310000060086srt:ParentCompanyMemberl:SeniorNotesDue20300515Member2022-12-310000060086l:SeniorNotesDue2035Membersrt:ParentCompanyMember2023-12-310000060086l:SeniorNotesDue2035Membersrt:ParentCompanyMember2023-01-012023-12-310000060086l:SeniorNotesDue2035Membersrt:ParentCompanyMember2022-12-310000060086l:SeniorNotesDues2043Membersrt:ParentCompanyMember2023-12-310000060086l:SeniorNotesDues2043Membersrt:ParentCompanyMember2023-01-012023-12-310000060086l:SeniorNotesDues2043Membersrt:ParentCompanyMember2022-12-310000060086l:SeniorDebenturesDue2023Memberl:CnaFinancialCorporationMember2023-12-310000060086l:SeniorDebenturesDue2023Memberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:SeniorDebenturesDue2023Memberl:CnaFinancialCorporationMember2022-12-310000060086l:SeniorNotesDue2024Memberl:CnaFinancialCorporationMember2023-12-310000060086l:SeniorNotesDue2024Memberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:SeniorNotesDue2024Memberl:CnaFinancialCorporationMember2022-12-310000060086l:SeniorNotes2Due2026Memberl:CnaFinancialCorporationMember2023-12-310000060086l:SeniorNotes2Due2026Memberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:SeniorNotes2Due2026Memberl:CnaFinancialCorporationMember2022-12-310000060086l:CnaFinancialCorporationMemberl:SeniorNotesDue2027Member2023-12-310000060086l:CnaFinancialCorporationMemberl:SeniorNotesDue2027Member2023-01-012023-12-310000060086l:CnaFinancialCorporationMemberl:SeniorNotesDue2027Member2022-12-310000060086l:SeniorNotesDue2029Memberl:CnaFinancialCorporationMember2023-12-310000060086l:SeniorNotesDue2029Memberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:SeniorNotesDue2029Memberl:CnaFinancialCorporationMember2022-12-310000060086l:SeniorNotesDue20300815Memberl:CnaFinancialCorporationMember2023-12-310000060086l:SeniorNotesDue20300815Memberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:SeniorNotesDue20300815Memberl:CnaFinancialCorporationMember2022-12-310000060086l:SeniorNotesDue2033Memberl:CnaFinancialCorporationMember2023-12-310000060086l:SeniorNotesDue2033Memberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:SeniorNotesDue2033Memberl:CnaFinancialCorporationMember2022-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorVariableRateRevolvingCreditFacilityDue2028Member2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorVariableRateRevolvingCreditFacilityDue2028Member2023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorVariableRateRevolvingCreditFacilityDue2028Member2022-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2024Member2023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2024Member2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2024Member2022-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes3Due2026Member2023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes3Due2026Member2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes3Due2026Member2022-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2027Member2023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2027Member2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2027Member2022-12-310000060086l:SeniorDebenturesDue2027Memberl:BoardwalkPipelinePartnersLpMember2023-12-310000060086l:SeniorDebenturesDue2027Memberl:BoardwalkPipelinePartnersLpMember2023-01-012023-12-310000060086l:SeniorDebenturesDue2027Memberl:BoardwalkPipelinePartnersLpMember2022-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2029Member2023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2029Member2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotes2Due2029Member2022-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotesDue20310215Member2023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotesDue20310215Member2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorNotesDue20310215Member2022-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:A36SeniorNotesDue2032Member2023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:A36SeniorNotesDue2032Member2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMemberl:A36SeniorNotesDue2032Member2022-12-310000060086l:BoardwalkPipelinePartnersLpMember2023-12-310000060086l:BoardwalkPipelinePartnersLpMember2022-12-310000060086l:SeniorDebtPrincipallyMortgagesMemberl:LoewsHotelsHoldingCorporationMember2023-12-310000060086l:SeniorDebtPrincipallyMortgagesMemberl:LoewsHotelsHoldingCorporationMember2022-12-310000060086srt:ParentCompanyMember2023-12-310000060086l:LoewsHotelsHoldingCorporationMember2023-12-310000060086l:SeniorUnsecuredRevolvingCreditFacilityMemberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:SeniorUnsecuredRevolvingCreditFacilityMemberl:CnaFinancialCorporationMember2023-12-31l:Extension0000060086l:BoardwalkPipelinePartnersLpMemberus-gaap:SubsequentEventMemberl:SeniorVariableRateRevolvingCreditFacilityMembersrt:ScenarioForecastMember2027-05-270000060086l:BoardwalkPipelinePartnersLpMemberus-gaap:SubsequentEventMemberl:SeniorVariableRateRevolvingCreditFacilityMembersrt:ScenarioForecastMember2028-05-260000060086l:BoardwalkPipelinePartnersLpMemberl:SeniorVariableRateRevolvingCreditFacilityMember2023-12-310000060086l:SeniorNotesDue2023Membersrt:ParentCompanyMemberus-gaap:SeniorNotesMember2023-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2020-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2020-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000060086us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2020-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000060086us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310000060086us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2021-01-012021-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2021-01-012021-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2021-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2021-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000060086us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2022-01-012022-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2022-01-012022-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-01-012022-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2022-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2022-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000060086us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2023-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2023-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000060086us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000060086us-gaap:OperatingSegmentsMemberl:NonInsuranceWarrantyMemberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:NonInsuranceWarrantyMemberl:CnaFinancialCorporationMember2022-01-012022-12-310000060086us-gaap:OperatingSegmentsMemberl:NonInsuranceWarrantyMemberl:CnaFinancialCorporationMember2021-01-012021-12-310000060086l:TransportationAndStorageOfNaturalGasAndNGLsAndEthaneSupplyAndTransportationServicesMemberus-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2023-01-012023-12-310000060086l:TransportationAndStorageOfNaturalGasAndNGLsAndEthaneSupplyAndTransportationServicesMemberus-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2022-01-012022-12-310000060086l:TransportationAndStorageOfNaturalGasAndNGLsAndEthaneSupplyAndTransportationServicesMemberus-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2021-01-012021-12-310000060086us-gaap:OperatingSegmentsMemberl:LodgingAndRelatedServicesMemberl:LoewsHotelsHoldingCorporationMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:LodgingAndRelatedServicesMemberl:LoewsHotelsHoldingCorporationMember2022-01-012022-12-310000060086us-gaap:OperatingSegmentsMemberl:LodgingAndRelatedServicesMemberl:LoewsHotelsHoldingCorporationMember2021-01-012021-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMemberl:RigidPlasticPackagingAndRecycledResinMember2023-01-012023-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMemberl:RigidPlasticPackagingAndRecycledResinMember2022-01-012022-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMemberl:RigidPlasticPackagingAndRecycledResinMember2021-01-012021-12-310000060086l:AccountsReceivablesMember2023-12-310000060086l:AccountsReceivablesMember2022-12-310000060086us-gaap:OtherLiabilitiesMember2023-12-310000060086us-gaap:OtherLiabilitiesMember2022-12-310000060086l:DeferredNonInsuranceWarrantyAcquisitionExpensesMember2023-12-310000060086l:DeferredNonInsuranceWarrantyAcquisitionExpensesMember2022-12-3100000600862024-01-012023-12-3100000600862025-01-012023-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2023-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2023-01-012023-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2022-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2022-01-012022-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2021-01-012021-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2021-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMember2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMember2021-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2021-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMember2023-01-012023-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2023-01-012023-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMember2022-01-012022-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2022-01-012022-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MinimumMember2021-01-012021-12-310000060086us-gaap:PensionPlansDefinedBenefitMembersrt:MaximumMember2021-01-012021-12-310000060086srt:MinimumMember2023-12-310000060086srt:MaximumMember2023-12-310000060086srt:MinimumMember2022-12-310000060086srt:MaximumMember2022-12-310000060086srt:MinimumMember2021-12-310000060086srt:MaximumMember2021-12-310000060086srt:MinimumMember2022-01-012022-12-310000060086srt:MaximumMember2022-01-012022-12-310000060086srt:MinimumMember2021-01-012021-12-310000060086srt:MaximumMember2021-01-012021-12-310000060086srt:ParentCompanyMemberl:RetireesAndCertainParticipantsMember2023-01-012023-12-310000060086srt:ParentCompanyMemberl:CertainOtherParticipantsMember2023-01-012023-12-310000060086l:CNARetirementPlanMember2023-01-012023-12-310000060086us-gaap:DefinedBenefitPlanEquitySecuritiesMembersrt:MinimumMember2023-12-310000060086srt:MaximumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2023-12-310000060086l:PostretirementHealthcareAndLifeInsuranceBenefitPlansMember2023-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2023-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086l:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086l:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberl:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086l:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:EquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberl:LimitedPartnershipsMember2023-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2022-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086l:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086l:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberl:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086l:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:EquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000060086us-gaap:PensionPlansDefinedBenefitMemberl:LimitedPartnershipsMember2022-12-310000060086us-gaap:HedgeFundsEquityMember2023-12-310000060086us-gaap:HedgeFundsMultistrategyMember2023-12-310000060086us-gaap:HedgeFundsEventDrivenMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel12And3Member2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel12And3Member2023-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Member2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel12And3Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberl:DefinedBenefitPlanOtherLiabilitiesMember2023-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberl:DefinedBenefitPlanOtherLiabilitiesMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Member2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberl:DefinedBenefitPlanOtherLiabilitiesMember2022-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2022-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberl:DefinedBenefitPlanOtherLiabilitiesMember2022-12-310000060086us-gaap:FairValueInputsLevel3Member2022-12-310000060086us-gaap:FairValueInputsLevel3Member2023-12-310000060086l:LoewsCorporation2016IncentiveCompensationPlanMember2016-12-310000060086l:LoewsCorporation2016IncentiveCompensationPlanMembersrt:MaximumMember2016-12-310000060086l:LoewsCorporation2016IncentiveCompensationPlanMember2016-01-012016-12-310000060086us-gaap:StockAppreciationRightsSARSMember2023-01-012023-12-310000060086us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-12-310000060086us-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-12-310000060086us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-12-310000060086l:PerformanceBasedRestrictedStockUnitsMember2023-01-012023-12-310000060086us-gaap:ShareBasedCompensationAwardTrancheOneMemberl:PerformanceBasedRestrictedStockUnitsMember2023-01-012023-12-310000060086us-gaap:ShareBasedCompensationAwardTrancheTwoMemberl:PerformanceBasedRestrictedStockUnitsMember2023-01-012023-12-310000060086l:RestrictedStockUnitsAndPerformanceStockUnitsMember2023-01-012023-12-310000060086us-gaap:StockAppreciationRightsSARSMember2023-12-310000060086l:InternalCreditAssessmentAMinusToAPlusPlusRatingMember2023-12-310000060086l:InternalCreditAssessmentBMinusToBPlusPlusRatingMember2023-12-310000060086l:InsolventMember2023-12-310000060086l:SubsidiariesOfBerkshireHathawayInsuranceGroupMember2023-12-310000060086l:CavelloBayReinsuranceLimitedMember2023-12-310000060086l:GatewayRiversInsuranceCompanyMember2023-12-310000060086l:LongTermCareMember2023-01-012023-12-310000060086l:LongTermCareMember2022-01-012022-12-310000060086l:LongTermCareMember2021-01-012021-12-310000060086l:SignificantThirdPartyCaptiveProgramMember2023-01-012023-12-310000060086l:SignificantThirdPartyCaptiveProgramMember2022-01-012022-12-310000060086l:SignificantThirdPartyCaptiveProgramMember2021-01-012021-12-3100000600862021-11-120000060086srt:ScenarioPreviouslyReportedMember2022-01-012022-03-310000060086srt:ScenarioPreviouslyReportedMember2022-04-012022-06-300000060086srt:ScenarioPreviouslyReportedMember2022-07-012022-09-300000060086srt:ScenarioPreviouslyReportedMember2022-10-012022-12-310000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-01-012022-03-310000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-04-012022-06-300000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-07-012022-09-300000060086srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-10-012022-12-3100000600862022-01-012022-03-3100000600862022-04-012022-06-3000000600862022-10-012022-12-31l:Segmentl:subsidiaryutr:mil:Hotel0000060086country:USl:LoewsHotelsHoldingCorporationMember2023-01-012023-12-310000060086l:LoewsHotelsHoldingCorporationMemberus-gaap:NonUsMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2023-01-012023-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMember2023-01-012023-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2023-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2023-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2023-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMember2023-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2022-01-012022-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2022-01-012022-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2022-01-012022-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMember2022-01-012022-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2022-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2022-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2022-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMember2022-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2021-01-012021-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2021-01-012021-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2021-01-012021-12-310000060086us-gaap:MaterialReconcilingItemsMemberus-gaap:CorporateAndOtherMember2021-01-012021-12-310000060086srt:ParentCompanyMember2022-12-310000060086srt:ParentCompanyMember2023-01-012023-12-310000060086srt:ParentCompanyMember2022-01-012022-12-310000060086srt:ParentCompanyMember2021-01-012021-12-310000060086srt:ParentCompanyMember2021-12-310000060086srt:ParentCompanyMember2020-12-31
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

LOEWS CORPORATION
(Exact name of registrant as specified in its charter)

Delaware13-2646102
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

9 West 57th Street, New York, NY 10019-2714
(Address of principal executive offices) (Zip Code)

(212) 521-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareLNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes ☒
No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
 Yes No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes ☒ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
  

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 
  

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 Yes No

The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, 2023, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $10,926,000,000.

As of February 2, 2024, there were 222,201,139 shares of the registrant’s common stock outstanding.

Documents Incorporated by Reference:

Portions of the registrant’s definitive proxy statement for the 2024 annual meeting of shareholders, intended to be filed by the registrant with the Commission not later than 120 days after the close of its fiscal year, are incorporated by reference into Part III of this Report.
1

Table of Contents
LOEWS CORPORATION

INDEX TO ANNUAL REPORT ON
FORM 10-K FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION

For the Year Ended December 31, 2023
Item
No.
 Page
No.
   
 
 
 
 
 
 
 
1C
   
  
   
9C
   
  
   
   
  
   

2

Table of Contents

FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this Report as well as in other filings with the Securities and Exchange Commission (“SEC”) and periodic press releases made by us and our subsidiaries and certain statements made by us and our subsidiaries and our and their officers during presentations may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include any statement that does not directly relate to any historical or current fact. Forward-looking statements may project, indicate or imply future results, events, performance or achievements, and such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our or our subsidiaries’ control, that could cause actual results to differ materially from those anticipated or projected.

Developments in any of the risks or uncertainties facing us or our subsidiaries, including those summarized under the heading “Risk Factors Summary” below and described more fully under Item 1A, Risk Factors of this Report and in our and our subsidiaries’ other filings with the SEC, could cause our and our subsidiaries’ results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made and we and our subsidiaries expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.

Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms as used herein mean Loews Corporation excluding its subsidiaries and the term “subsidiaries” means our consolidated subsidiaries.

RISK FACTORS SUMMARY

Our business and the businesses of our subsidiaries face many risks and uncertainties. These risks and uncertainties could lead to events or circumstances that have a material adverse effect on our business, results of operations, cash flows, financial condition or equity and/or the business, results of operations, cash flows, financial condition or equity of one or more of our subsidiaries. You should carefully review and consider the full discussion of our risk factors described under Item 1A, Risk Factors of this Report, before investing in any security issued by us. Principal risks facing us and our subsidiaries include those relating to:

Risks Related to Us and Our Subsidiary, CNA Financial Corporation (“CNA”)

CNA may need to increase its insurance reserves if it determines that its recorded reserves are insufficient;
CNA’s actual experience could vary from the key assumptions used to determine future policy benefit reserves for its long-term care policies;
CNA’s vulnerability to material losses from natural and man-made disasters or other catastrophes;
The impact of the coronavirus disease (“COVID-19”), including new or emerging variants, and other potential pandemics on CNA;
CNA’s exposure related to asbestos and environmental pollution (“A&EP”) claims;
CNA’s exposure to mass tort product liability claims, 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;
Intense competition in CNA’s industry; the cyclical nature of the property and casualty business and the evolving landscape of its distribution network;
Risks relating to CNA’s reliance on reinsurance, including risks related to its ability to obtain sufficient reinsurance at a cost or on terms and conditions it deems acceptable, reinsurance counterparty risk and ineffective reinsurance coverage;
Technological changes or disruptions in the insurance marketplace;
Potential significant realized and unrealized investment losses and volatility in net investment income;
CNA’s use of analytical models in key areas such as pricing, reserving catastrophe risks and capital modeling;
Any significant interruption in the operation of CNA’s business functions, facilities and systems or its vendors’ facilities and systems could result in a material adverse effect on its operations;
3

Table of Contents
Any significant breach in CNA’s data security infrastructure or its vendors’ facilities and systems could disrupt business, cause financial losses and damage its reputation, and insurance coverage may not be available for claims related to a breach;
CNA’s potential inability to detect and prevent significant employee or service provider misconduct, inadvertent errors and omissions, or exposure relating to functions performed on CNA’s behalf;
Capital adequacy requirements that CNA is subject to;
Regulatory limitations on CNA’s insurance subsidiaries ability to pay dividends to CNA;
Potential downgrades of CNA’s ratings by rating agencies; and
Extensive state, local, federal and foreign governmental regulations to which CNA is subject.

Risks Related to Us and Our Subsidiary, Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”)

Extensive regulation by the Federal Energy Regulatory Commission (“FERC”) of Boardwalk Pipelines’ natural gas transportation and storage operations and ethane transportation services;
Boardwalk Pipelines’ and its customers’ operations are subject to a series of risks regarding climate change;
Climatic conditions could adversely impact Boardwalk Pipelines’ operations, pipelines and facilities, or those of its customers or suppliers;
Reputational risks and risks related to public opinion;
Legislative and regulatory initiatives relating to new or more stringent pipeline safety;
Actual results from Boardwalk Pipelines’ construction and growth projects not meeting its forecasts;
Opposition to the operation of Boardwalk Pipelines’ pipelines and facilities, construction or expansion of facilities and new pipeline projects;
Market conditions, including the price differentials between natural gas supplies and market demand and the potentially resulting reduction in the transportation rates that Boardwalk Pipelines can charge on certain of its pipeline systems;
Changes in energy commodity prices and their impact on the supply of and demand for those commodities;
Boardwalk Pipelines’ exposure to credit risk relating to default or bankruptcy by its customers;
Operating and financial covenants in Boardwalk Pipelines’ revolving credit facility;
Boardwalk Pipelines’ substantial indebtedness;
Limited access to the debt markets and increases in interest rates;
The impact of future pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread on Boardwalk Pipelines;
Boardwalk Pipelines does not own all of the land on which its pipelines and facilities are located;
Boardwalk Pipelines may be unsuccessful in executing its strategy to grow and diversify its business;
The impact of market conditions on Boardwalk Pipelines’ ability to replace expiring storage contracts at attractive rates or on a long-term basis and to sell short-term services at attractive rates or at all; and
Boardwalk Pipelines’ operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which it may not be adequately insured.

Risks Related to Us and Our Subsidiary, Loews Hotels Holding Corporation (“Loews Hotels & Co”)

Operating risks common to the hospitality industry, many of which are beyond Loews Hotels & Co’s control;
Loews Hotels & Co’s exposure to risks resulting from significant investments in owned and leased real estate, including through ownership interests in partnerships and joint ventures;
Seasonal and cyclical volatility in the hospitality industry;
The high level of competition in the hospitality industry, both for customers and for the acquisition and/or development of new properties;
The risk of deterioration in the quality or reputation of Loews Hotels & Co’s brands, including brands used in its joint ventures and those it licenses;
The potential for delays or increased costs in connection with developing and renovating properties;
Investing in hotel properties through ownership interests in partnerships and joint ventures is subject to inherent risk due to Loews Hotels & Co’s lack of unilateral control over the investment;
The geographic concentration of Loews Hotels & Co’s properties;
The impact pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread have had and could have on Loews Hotels & Co;
The growth and use of third-party reservation channels;
The adequacy of Loews Hotels & Co’s insurance coverage;
Potential labor shortages; and
Portions of Loews Hotels & Co’s labor force are covered by collective bargaining agreements.

4

Table of Contents
Risks Related to Us and Our Unconsolidated Subsidiary, Altium Packaging LLC (“Altium Packaging”)

Altium Packaging’s substantial indebtedness;
Altium Packaging’s exposure to changes in consumer preferences;
Fluctuations in raw material prices and raw material availability; and
Self-manufacturing by Altium Packaging’s customers.

Risks Related to Us and Our Subsidiaries Generally

Failures or interruptions in or breaches to our or our subsidiaries’ computer systems or those of third party vendors;
Litigation to which we and our subsidiaries may be subject from time to time;
Acts of terrorism;
Compliance with environmental laws;
Potential loss of key vendor relationships or issues relating to the transitioning of vendor relationships;
Impairment charges related to the carrying value of long-lived assets and goodwill of our subsidiaries;
Pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread have had, and could in the future have, widespread impacts on the way we and our subsidiaries operate;
We are a holding company and derive substantially all of our income and cash flow from our subsidiaries;
Competition for senior executives and qualified specialized talent; and
Increasing scrutiny and changing expectations from stakeholders with respect to environmental, social and governance (“ESG”) practices may impose additional costs on us and our subsidiaries or expose us and our subsidiaries to new or additional risks.

PART I

Item 1. Business.

Loews Corporation was incorporated in 1969 and is a holding company. 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).

We also own approximately 53% of Altium Packaging LLC, an unconsolidated subsidiary, which is engaged in the manufacture of rigid plastic packaging solutions.

We have four reportable segments comprised of three individual operating subsidiaries, CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation excluding its subsidiaries and the operations of Altium Packaging LLC (“Altium Packaging”) through March 31, 2021. On April 1, 2021, we sold approximately 47% of Altium Packaging and following the transaction deconsolidated Altium Packaging. Subsequent to deconsolidation, our investment in Altium Packaging is accounted for under the equity method of accounting. Additional financial information on each of our segments is included under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”). For further information on the deconsolidation of Altium Packaging see Note 2 of the Notes to Consolidated Financial Statements included under Item 8.

CNA FINANCIAL CORPORATION

CNA Financial Corporation (together with its subsidiaries, “CNA”) is an insurance holding company. CNA’s property and casualty and remaining life and group insurance operations are primarily conducted by Continental Casualty Company (“CCC”), The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited, Hardy Underwriting Bermuda Limited and its subsidiaries (“Hardy”) and CNA Insurance Company (Europe) S.A. CNA accounted for 83.6%, 84.6% and 81.2% of our consolidated total revenue for the years ended December 31, 2023, 2022 and 2021.

5

Table of Contents
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’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. The property and casualty insurance industry is highly competitive, both as it relates to rate and service. CNA competes with a large number of stock and mutual insurance companies, as well as other entities, for both distributors and customers.

Property & Casualty Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) includes its Specialty, Commercial and International lines of business.

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 includes the following business groups:

Management & Professional Liability: Management & Professional Liability consists of the following coverages and products:

professional liability coverages and risk management services to various professional firms, including architects, real estate agents, accounting firms and law firms;

directors and officers (“D&O”), errors and omissions (“E&O”), employment practices, fiduciary, fidelity and cyber coverages. Specific areas of focus include small and mid-size firms, public as well as privately held firms and not-for-profit organizations;

insurance products to serve the health care industry, including professional and general liability as well as associated casualty coverages. Key customer groups include aging services, allied medical facilities, dentists, physicians, nurses and other medical practitioners.

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 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. 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. 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.

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. Casualty products include standard casualty insurance products such as workers’ compensation, general and product liability, commercial auto, umbrella, and excess and surplus coverages. Most insurance programs are provided on a guaranteed cost basis; however, CNA also offers specialized loss-sensitive insurance programs and total risk management services relating to claim and information services to the large commercial insurance marketplace.

International

International underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the United Kingdom and Luxembourg and Hardy, CNA’s Lloyd’s of London (“Lloyd’s”) syndicate.

6

Table of Contents
Property & Casualty Structure

CNA’s commercial property & casualty underwriting operations presence in the United States of America (“U.S.”) consists of field underwriting locations and centralized processing operations which handle policy processing, billing and collection activities and also act as call centers to optimize service. CNA’s claim operations presence in the U.S. consists of primary locations where it handles multiple claim types and key business functions, as well as regional claim offices which are aligned with CNA’s underwriting field structure. CNA also has property & casualty underwriting operations in Canada, the United Kingdom (“U.K.”) and Continental Europe, as well as access to business placed at Lloyd’s through Syndicate 382.

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.

Regulation

Current Regulation: The insurance industry is subject to comprehensive and detailed regulation and supervision. Regulatory oversight by applicable agencies is exercised through review of submitted filings and information, examinations (both financial and market conduct), direct inquiries and interviews. Each domestic and foreign jurisdiction has established supervisory agencies with broad administrative powers relative to licensing insurers and agents, approving policy forms, establishing reserve requirements, prescribing the form and content of statutory financial reports and regulating capital adequacy and the type, quality and amount of investments permitted. Such regulatory powers also extend to premium rate regulations requiring rates not be excessive, inadequate or unfairly discriminatory. In addition to regulation of dividends by insurance subsidiaries, intercompany transfers of assets or payments may be subject to prior notice or approval by insurance regulators, depending on the size of such transfers and payments in relation to the financial position of the insurance subsidiaries making the transfers or payments.

As CNA’s insurance operations are conducted in both domestic and foreign jurisdictions, CNA is subject to a number of regulatory agency requirements applicable to a portion, or all, of CNA’s operations. These include but are not limited to, the State of Illinois Department of Insurance (which is CNA’s global group-wide supervisor), the U.K. 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. Each state dictates the types of insurance and the level of coverage that must be provided to such involuntary risks. 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 state.

Further, domestic insurance companies are subject to state guaranty fund and other insurance-related assessments. Guaranty funds are governed by state insurance guaranty associations which levy assessments to meet the funding needs of insolvent insurer estates. Other insurance-related assessments are generally levied by state agencies to fund various organizations including disaster relief funds, rating bureaus, insurance departments, and workers’ compensation second injury funds, and by industry organizations that assist in the statistical analysis and ratemaking process and CNA has the ability to recoup certain of these assessments from policyholders.

Although the U.S. federal government does not currently directly regulate the business of insurance, federal legislative and regulatory initiatives can affect the insurance industry. These initiatives and legislation include proposals relating to terrorism and natural catastrophe exposures, federal financial services reforms and certain tax reforms.

Hardy, a specialized Lloyd’s underwriter, is also supervised by the Council of Lloyd’s, which is the franchisor for all Lloyd’s operations. The Council of Lloyd’s has wide discretionary powers to regulate Lloyd’s underwriting, such as establishing the capital requirements for syndicate participation. 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.

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.”). Additionally, the
7

Table of Contents
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. As part of ComFrame, the IAIS has developed a global capital standard that, if adopted in the U.S., would be applicable to U.S.-based IAIGs. Certain elements of ComFrame were incorporated into regulatory guidelines issued by the National Association of Insurance Commissioners (“NAIC”) for application by regulators beginning in 2023. 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”). 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. Alongside the GCC, the NAIC has also developed the Aggregation Method (“AM”) approach to assessing group capital as an alternative to the Insurance Capital Standard (“ICS”) developed by the IAIS. The AM is influenced by the GCC and calculated in a similar manner. A decision by the IAIS on whether the AM provides comparable outcomes to the ICS is expected in 2024.

In addition, the U.S. and foreign regulatory environment in which CNA operates is continuously evolving, with both existing and prospective regulations that implicate aspects of its corporate governance, risk management practices, public disclosures, ESG related issues, artificial intelligence and cybersecurity.

Properties: CNA’s principal executive offices are based in Chicago, Illinois. CNA’s subsidiaries maintain office space in various cities throughout the United States and various countries. CNA leases all of its office space.

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 and hydrocarbons (herein referred to together as “NGLs”). Boardwalk Pipelines also provides ethane supply and transportation services for industrial customers in Louisiana and Texas. Boardwalk Pipelines accounted for 10.3%, 10.3% and 9.2% of our consolidated total revenue for the years ended December 31, 2023, 2022 and 2021.

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.

On September 29, 2023, Boardwalk Pipelines acquired 100% of the equity interests of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) from Williams Field Services Group, LLC for $355 million in cash. For further information, see the Boardwalk Pipelines portion of the Operating Results section of MD&A in Item 7.

Boardwalk Pipelines owns and operates approximately 13,455 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. Boardwalk Pipelines also owns and operates approximately 855 miles of NGL pipelines in Louisiana and Texas. In 2023, its pipeline systems transported approximately 3.7 trillion cubic feet of natural gas and approximately 98.5 million barrels (“MMBbls”) of NGLs. Average daily throughput on Boardwalk Pipelines’ natural gas pipeline systems during 2023 was approximately 10.0 billion cubic feet (“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 and Boardwalk Pipelines’ NGL storage facilities consist of eleven salt dome caverns located in Louisiana with an aggregate storage capacity of approximately 31.2 MMBbls. Boardwalk Pipelines also owns nine salt dome caverns and related brine infrastructure for use in providing brine supply services and to support the NGL storage operations.

Boardwalk Pipelines’ principal pipeline and storage systems are described below:

The Gulf South Pipeline Company, LLC (“Gulf South”) pipeline system runs approximately 7,210 miles along the Gulf Coast in the states of Oklahoma, Texas, Louisiana, Mississippi, Alabama and Florida. The pipeline system has a peak-day delivery capacity of 10.9 Bcf per day and average daily throughput for the year ended December 31, 2023 was 6.5 Bcf per day. 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
8

Table of Contents
caverns in Mississippi have approximately 46.0 Bcf of total storage capacity, of which approximately 29.6 Bcf is working gas capacity. Gulf South also owns undeveloped land which is suitable for up to five additional storage caverns.

The Texas Gas Transmission, LLC (“Texas Gas”) pipeline system, a bi-directional pipeline, runs approximately 5,970 miles and is located in Louisiana, East Texas, Arkansas, Mississippi, Tennessee, Kentucky, Indiana and Ohio with smaller diameter lines extending into Illinois. The pipeline system has a peak-day delivery capacity of 6.1 Bcf per day and average daily throughput for the year ended December 31, 2023 was 3.3 Bcf per day. Texas Gas owns nine natural gas storage fields with 84.3 Bcf of working gas storage capacity.

Boardwalk Louisiana Midstream, LLC, Boardwalk Petrochemical Pipeline, LLC and Boardwalk Ethane Pipeline Company, LLC (collectively “Louisiana Midstream”) provide transportation and storage services for natural gas, NGLs and ethylene, ethane supply services, fractionation services for NGLs and brine supply services. These assets provide approximately 47.9 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. Louisiana Midstream owns and operates the Evangeline Pipeline (“Evangeline”), which is an approximately 180-mile interstate ethylene pipeline that is capable of transporting approximately 4.2 billion pounds of ethylene per year between Texas and Louisiana, with interconnections with its ethylene distribution system. Louisiana Midstream also owns and operates the Bayou Ethane Pipeline, an approximately 380-mile pipeline system originating in Texas, that transports ethane to Southeast Texas and Louisiana. The Bayou Ethane Pipeline provides interstate and intrastate transportation services, with interconnections with its NGL storage facilities. The Bayou Ethane Pipeline has the ability to deliver approximately 55.0 MMBbls of ethane per year. Throughput for Louisiana Midstream was 98.5 MMBbls for the year ended December 31, 2023, including Bayou Ethane Pipeline’s throughput of 9.2 MMBbls from the date of acquisition.

In 2023, Boardwalk Pipelines placed into service approximately $166 million of growth projects which represents approximately 0.3 Bcf per day of firm natural gas transportation capacity and additional capacity on its ethylene pipeline systems. As discussed above, in 2023 Boardwalk Pipelines also acquired Bayou Ethane for $355 million in cash. Boardwalk Pipelines expects to spend approximately $310 million on its growth projects currently under construction through 2025. These projects are expected to add another approximately 0.5 Bcf per day of firm natural gas transportation capacity and additional NGLs capacity. These projects are expected to serve increased natural gas demand from power generation plants and liquids demand from petrochemical facilities. All of Boardwalk Pipelines’ growth projects are secured by long-term firm contracts.

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. These customers are located throughout the Gulf Coast, Midwest and Northeast regions of the U.S. Boardwalk Pipelines’ delivery market has diversified over time, with increased deliveries to end-use customers, whereas, historically its delivery markets were primarily to other pipelines who then delivered to end-use customers.

Governmental Regulation: The FERC regulates Boardwalk Pipelines’ interstate natural gas transmission operating subsidiaries under the Natural Gas Act of 1938 (“NGA”) and the Natural Gas Policy Act of 1978 (“NGPA”). The FERC regulates, among other things, the rates and charges for the transportation and storage of natural gas in interstate commerce and the construction, extension, enlargement or abandonment of facilities under its jurisdiction. Where required, Boardwalk Pipelines’ natural gas pipeline subsidiaries hold certificates of public convenience and necessity issued by the FERC covering certain of their facilities, activities and services. The maximum applicable rates that Boardwalk Pipelines’ FERC-regulated subsidiaries may charge for all aspects of the natural gas transportation services they provide, are established through the FERC’s cost-based rate-making process; however, the FERC also allows for discounted or negotiated rates as an alternative to cost-based rates. Key determinants in the FERC’s cost-based rate-making process are the costs of providing service, the volumes of gas being transported, the rate design, the allocation of costs between services, the capital structure and the rate of return a pipeline is permitted to earn. The maximum applicable rates that may be charged by Boardwalk Pipelines 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 FERC has authorized Boardwalk Pipelines to charge market-based rates for its firm and interruptible storage services for the majority of its other natural gas storage facilities. None of Boardwalk Pipelines’ FERC-regulated entities currently have an obligation to file a new rate case.

Some of Boardwalk Pipelines’ other subsidiaries transport natural gas in intrastate commerce under the rules and regulations established by the Texas Railroad Commission and in interstate commerce that is subject to FERC jurisdiction under Section 311 of the NGPA. The maximum rates for services are established under Section 311 of the NGPA and are generally subject to review every five years by the FERC. The rates and terms of service on Boardwalk Pipelines’ interstate
9

Table of Contents
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. There were no major policy changes announced by the FERC during 2023.

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 2024 is approximately $1.5 million per day per violation. Should Boardwalk Pipelines fail to comply with applicable statutes, rules, regulations and orders administered by the FERC, it could be subject to substantial penalties and fines, in addition to reputational damage.

The Surface Transportation Board (“STB”) regulates the rates Boardwalk Pipelines charges for interstate service on its ethylene pipeline systems. The Louisiana Public Service Commission (“LPSC”) regulates the rates Boardwalk Pipelines charges for intrastate service within the state of Louisiana on its petrochemical and NGL pipelines. The STB and LPSC require that Boardwalk Pipelines’ transportation rates are reasonable and that its practices cannot unreasonably discriminate among its shippers.

Boardwalk Pipelines is also regulated by the U.S. Department of Transportation (“DOT”) through the Pipeline and Hazardous Materials Safety Administration (“PHMSA”) under the Natural Gas Pipeline Safety Act of 1968, as amended (“NGPSA”) and the Hazardous Liquids Pipeline Safety Act of 1979, as amended (“HLPSA”). The NGPSA and HLPSA govern the design, installation, testing, construction, operation, replacement and management of interstate natural gas and NGL pipeline facilities. Boardwalk Pipelines has authority from PHMSA to operate certain natural gas pipeline assets under issued permits with specific conditions that allow it to operate those pipeline assets at higher than normal operating pressures of up to 0.80 of the pipeline’s Specified Minimum Yield Strength (“SMYS”). Operating at these pressures allows these pipelines to transport all the existing natural gas volumes Boardwalk Pipelines has contracted for on those facilities with its customers. PHMSA retains discretion whether to grant or maintain authority for Boardwalk Pipelines to operate its natural gas pipeline assets at higher pressures and, in the event that PHMSA should elect not to allow Boardwalk Pipelines to operate at these higher pressures, it could affect its ability to transport all of its contracted quantities of natural gas on these pipeline assets, and Boardwalk Pipelines could incur significant additional costs to reinstate this authority or to develop alternate ways to meet its contractual obligations. PHMSA’s regulations also require transportation pipeline operators to implement integrity management programs to comprehensively evaluate certain high risk areas, known as high consequence areas (“HCAs”) and moderate consequence areas (“MCAs”), along pipelines and take additional safety measures to protect people and property in these areas. The HCAs for natural gas pipelines are predicated on high-population density areas (which, for natural gas transmission lines, include Class 3 and 4 areas and, depending on the potential impacts of a risk event, may include Class 1 and 2 areas) whereas HCAs along Boardwalk Pipelines’ NGL pipelines are based on high-population density areas, areas near certain drinking water sources and unusually sensitive ecological areas.

Legislation has resulted in more stringent mandates for pipeline safety and has charged PHMSA with developing and adopting regulations that impose increased pipeline safety requirements on pipeline operators. In particular, the NGPSA and HLPSA were amended by the Pipeline Safety, Regulatory Certainty, and Job Creation Act of 2011 (“2011 Act”), the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2016 (“2016 Act”) and, most recently, the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2020 (“2020 Act”). Each of these laws imposed increased pipeline safety obligations on pipeline operators. The 2011 Act increased the penalties for safety violations, established additional safety requirements for newly constructed pipelines and required studies of safety issues that could result in the adoption of new regulatory requirements by PHMSA for existing pipelines. The 2016 Act, among other things, required PHMSA to complete its outstanding mandates under the 2011 Act and develop new safety standards for natural gas storage facilities. 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.

As a result of the 2011 Act, the 2016 Act and the 2020 Act, PHMSA has issued a series of significant rulemakings. In October of 2019, PHMSA published a final rule imposing numerous new requirements on onshore gas transmission pipelines, also known as the Mega Rule, relating to maximum allowable operating pressure (“MAOP”) reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage found in MCAs and Class 3 and Class 4 non-HCAs by 2033, and the consideration of seismicity as a risk factor in integrity management. PHMSA published a second final rule in October of 2019 for hazardous liquid transmission and gathering pipelines that significantly extends and expands the reach of certain of its integrity management requirements, and that requires the accommodation of in-line inspection tools by 2039 unless the pipeline cannot be modified to permit such accommodation, increased annual, accident
10

Table of Contents
and safety-related conditional reporting requirements, and expanded use of leak detection systems beyond HCAs. Certain aspects of that rule are currently in court review. PHMSA also published final rules during February and July of 2020 that amended the minimum safety requirements related to natural gas storage facilities, including wells, wellbore tubing and casing, and added applicable reporting requirements. In June 2021, PHMSA issued an Advisory Bulletin advising pipeline and pipeline facility operators of applicable requirements to update their inspection and maintenance plans for the elimination of hazardous leaks and minimization of natural gas released from pipeline facilities. PHMSA and state regulators reportedly began their review of these plans in 2022 and in May 2023, published a proposed rule that would enhance requirements for detecting and repairing leaks on new and existing natural gas distribution, gas transmission and gas gathering pipelines. In August 2022, PHMSA published another final rule expanding the Management of Change process, extending corrosion control requirements for gas transmission pipelines, adding requirements that operators ensure no conditions exist following an extreme weather event that could adversely affect the safe operation of the pipeline, and adopting repair criteria for non-HCAs similar to those applicable to HCAs. In September 2023, PHMSA published a proposed rule that would enhance the safety requirements for gas distribution pipelines and would require updates to distribution integrity management programs, emergency response plans, operations and maintenance manuals, and other safety practices. 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.

In 2022 and 2023, the Department of Homeland Security’s Transportation Safety Administration (“TSA”) issued a series of security directives applicable to 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 critical U.S. infrastructure. The security directives require, among other things, that pipeline owners and operators designate a cybersecurity coordinator, establish and implement a Cybersecurity Implementation Plan; develop, maintain and test no less than annually through tabletop exercises a Cybersecurity Incident Response Plan; and establish a Cybersecurity Assessment Plan (“CAP”) including a schedule for assessing and auditing the CAP. The directives also contain requirements for reporting cybersecurity incidents and the results of certain assessments and audits. Boardwalk Pipelines has implemented tools, policies and practices designed to comply with the security directives. Other regulators, such as PHMSA and the Securities and Exchange Commission (“SEC”), have also established requirements for reporting cybersecurity incidents.

Boardwalk Pipelines’ operations are also subject to extensive federal, state, and local laws and regulations relating to protection of the environment and occupational health and safety. Such laws and regulations impose, among other things, restrictions, liabilities and obligations in connection with the generation, handling, use, storage, transportation, treatment and disposal of various substances including hazardous substances and waste and in connection with spills, releases, discharges and emissions of various substances into the environment. Environmental regulations also require that Boardwalk Pipelines’ facilities, sites and other properties be operated, maintained, abandoned and reclaimed to the satisfaction of applicable regulatory authorities. Occupational health and safety regulations establish standards protective of workers, both generally and within the pipeline industry.

Many state and local governments where Boardwalk Pipelines operates also have, or are developing, similar environmental or occupational health and safety legal requirements governing many of the same types of activities, and those requirements can be more stringent than those adopted under federal laws and regulations. Failure to comply with these federal, state and local laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of corrective or remedial obligations, the incurrence of capital expenditures, the occurrence of delays, denials or cancellations in permitting or the development or expansion of projects and the issuance of orders enjoining performance of some or all of Boardwalk Pipelines’ operations in the affected areas.

President Biden continues to pursue additional action to bolster environmental regulations, which may impact Boardwalk Pipelines’ operations. For example, the Biden Administration has revised various rules to be more stringent, repealed various rules issued by the Trump Administration, and has announced forthcoming actions or released proposed or final rules regarding restrictions on methane emissions from oil and gas operations, ground level ozone emission standards, and Nationwide Permit (“NWP”) 12. The Biden Administration has also signaled a strong focus on directing agency action to mitigate climate change and further limit greenhouse gas (“GHG”) emissions. 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”). The guidance followed the publication of a final rule in April 2022 revoking some modifications made to the regulations under the Trump Administration and reincorporating consideration of direct, indirect, and cumulative effects of major federal actions. In July 2023, the CEQ announced another proposed rule which revises the implementing regulations of the procedural provisions of NEPA and implements amendments to NEPA included in the Fiscal Responsibility Act of 2023. The final rule is expected in the second quarter of 2024. The CEQ's guidance, effective upon publication, alongside the proposed and final rules, could result in additional challenges to NEPA reviews performed in connection with Boardwalk Pipelines’
11

Table of Contents
projects, which in turn could result in further permitting and approval delays. For more information, see Item 1A. Risk Factors of this Report.

Stricter environmental or worker safety laws, regulations or enforcement policies could significantly increase Boardwalk Pipelines’ operational or compliance costs and compliance with new or more stringent environmental legal requirements could delay or prohibit its ability to obtain permits for operations or require Boardwalk Pipelines to install additional pollution control equipment. For instance, the construction or expansion of pipelines often requires authorizations under the Clean Water Act, which authorizations may be subject to challenge. For instance, there is ongoing litigation with respect to the status and use of the U.S. Army Corps of Engineers (the “Corps”) Clean Water Act Section 404 NWP 12, which was vacated in April 2020. In January 2021, the Corps reissued a restructured NWP 12 for oil and natural gas pipeline activities. In March 2022, the Corps announced it was seeking stakeholder input on a formal review of NWP 12, although while this review is ongoing, the Corps has resumed permitting decisions. NWP 12, alongside other NWPs, relies upon the Clean Water Act Section 401 certification process, which is also subject to ongoing litigation. In October 2021, the Northern District of California federal court vacated a 2020 rule revising the Section 401 certification process. The Supreme Court stayed the vacatur of Section 404 of NWP 12 and, in September 2023, the Environmental Protection Agency (“EPA”) finalized its Clean Water Act Section 401 Water Quality Certification Improvement Rule, effective on November 27, 2023. While the full extent and impact of these actions is unclear at this time, any disruption in Boardwalk Pipelines’ ability to obtain coverage under NWP 12 or other permits may result in increased costs and project delays if it is forced to seek individual permits from the Corps. 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,” 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. In December 2022, the Biden Administration finalized a new and more expansive definition of “waters of the United States,” which repealed the Trump Administration’s April 2020 rule and largely restored the definition in place prior to 2015, with modifications reflecting Supreme Court decisions issued after 2015. In January 2023, the EPA and the Corps released a final revised definition of “waters of the United States” founded upon the pre-2015 regulations. Judicial developments also add to this uncertainty. The Supreme Court opinion in Sackett v. EPA invalidated certain parts of the January 2023 rule, resulting in a revised rule being issued in September 2023. However, due to injunctions in certain states, the implementation of the September 2023 rule currently varies by state.

Historically, Boardwalk Pipelines’ environmental compliance costs have not had a material adverse effect on its business, but there can be no assurance that future compliance with existing requirements will not materially affect Boardwalk Pipelines, or that the current regulatory standards will not become more onerous in the future, resulting in more significant costs to maintain compliance and increased exposure to significant liabilities.

Climate Change: Climate change continues to attract considerable public, governmental and scientific attention. As a result, numerous proposals have been made and are likely to continue to be made at the international, national, regional, state and local levels of government to monitor and limit emissions of GHGs. These efforts have included consideration of cap-and-trade programs, carbon taxes and GHG reporting and tracking programs, and regulations that directly limit GHG emissions from certain sources. Due to the nature of Boardwalk Pipelines’ business, its operations emit various types of GHGs. Boardwalk Pipelines seeks to carefully monitor its emissions and expects to incur additional costs to mitigate emissions. New legislation or regulations could increase the costs related to operating and maintaining its facilities. Depending on the particular law, regulation or program, Boardwalk Pipelines could be required to incur capital expenditures for installing new monitoring equipment or emission controls on its facilities, acquire and surrender allowances for GHG emissions, pay taxes or fees related to GHG emissions and/or administer and manage a more comprehensive GHG emissions program. While Boardwalk Pipelines may be able to include some or all of the increased costs in the rates charged by its pipelines, recovery of costs is not certain and would require the FERC’s approval of a rate mechanism designed to recover those costs.

Boardwalk Pipelines recognizes that relative to certain other fossil fuels, natural gas has an important role in reducing GHG emissions and may act as a bridge to scaling up renewable energy or other alternative energy sources in the U.S. 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. 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.

Properties: Boardwalk Pipelines is headquartered in leased office space located in Houston, Texas. Boardwalk Pipelines also leases office space in Owensboro, Kentucky. 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.

12

Table of Contents

LOEWS HOTELS HOLDING CORPORATION

Loews Hotels Holding Corporation (together with its subsidiaries, “Loews Hotels & Co”) operates a chain of 25 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. 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 5.4%, 5.1% and 3.3% of our consolidated total revenue for the years ended December 31, 2023, 2022 and 2021. The hotels are described below.

Number of
Name and LocationRooms
  
Owned: 
Live! by Loews, Arlington, Texas*300
Loews Chicago Hotel, Chicago, Illinois400
Loews Chicago O’Hare Hotel, Chicago, Illinois556
Loews Coronado Bay Resort, Coronado, California440
Loews Kansas City Hotel, Kansas City, Missouri*800
Loews Miami Beach Hotel, Miami Beach, Florida790
Loews Minneapolis Hotel, Minneapolis, Minnesota251
Loews Philadelphia Hotel, Philadelphia, Pennsylvania581
Loews Regency New York Hotel, New York, New York379
Loews Vanderbilt Hotel, Nashville, Tennessee339
Loews Ventana Canyon Resort, Tucson, Arizona*398
  
Joint Venture: 
Hard Rock Hotel, at Universal Orlando, Orlando, Florida650
Live! by Loews, St. Louis, Missouri216
Loews Atlanta Hotel, Atlanta, Georgia414
Loews Coral Gables Hotel, Coral Gables, Florida242
Loews Hollywood Hotel, Hollywood, California628
Loews Portofino Bay Hotel, at Universal Orlando, Orlando, Florida750
Loews Royal Pacific Resort, at Universal Orlando, Orlando, Florida1,000
Loews Sapphire Falls Resort, at Universal Orlando, Orlando, Florida1,000
Universal’s Aventura Hotel, Orlando, Florida600
Universal’s Cabana Bay Beach Resort, Orlando, Florida2,200
Universal’s Endless Summer Resort – Dockside Inn and Suites, Orlando, Florida2,050
Universal’s Endless Summer Resort – Surfside Inn and Suites, Orlando, Florida750
  
Managed: 
Bisha Hotel and Residences, Toronto, Canada96
Loews New Orleans Hotel, New Orleans, Louisiana285

*Loews Hotels & Co has a controlling majority equity interest in this property.

Note:    Four owned hotels and eight joint venture hotels are subject to land leases.

13

Table of Contents
Recent Developments and Growth Projects:

In 2023, Loews Santa Monica Beach Hotel’s management agreement ended;

In 2023, Loews Hotels & Co acquired a controlling majority equity interest in Live! by Loews, Arlington, Texas, which had previously been a joint venture property;

In the first quarter of 2024, Loews Arlington Hotel and Convention Center in Arlington, Texas is expected to open with 888 guestrooms and over 250,000 square feet of function space. Loews Hotels & Co will serve as manager and has a controlling majority equity interest in this property; and

In 2025, Universal Stella Nova Resort and Universal Terra Luna Resort at Universal Orlando, each a 750 guestroom hotel, and Universal Helios Grand Hotel, a Loews Hotel, with approximately 500 guestrooms, are expected to open. 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. 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. 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. 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.


HUMAN CAPITAL

Including our subsidiaries, we employed approximately 12,280 persons at December 31, 2023. CNA employed approximately 6,300 persons. Boardwalk Pipelines employed approximately 1,260 persons, approximately 95 of whom were covered under collective bargaining agreements. Loews Hotels & Co employed approximately 4,600 persons, approximately 900 of whom were covered under collective bargaining agreements. We and our subsidiaries believe we have satisfactory labor relations. Separately, unconsolidated entities employ approximately 5,800 persons at properties managed by Loews Hotels & Co and approximately 4,075 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. Each of us has programs in place that are designed to help employees build their knowledge, skills and experience, as well as to guide their career development.

Across the Loews enterprise, a cornerstone of our human capital strategy is our commitment to fostering a diverse, inclusive and engaging work environment, where people are respected and encouraged to contribute their ideas. We believe that by employing individuals with different backgrounds and experiences, we can better meet the diverse needs of our stakeholders.

We and our subsidiaries offer compensation and benefits packages that we believe are appropriate to each of our businesses. These packages may include 401k and other retirement plans, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off and family assistance programs, including paid family leave. 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.







14

Table of Contents
INFORMATION ABOUT OUR EXECUTIVE OFFICERS
First
Became
Name
Position and Offices Held
Age
Executive Officer
Marc A. Alpert
Senior Vice President, General Counsel and Secretary
61
2016
Richard W. Scott
Senior Vice President and Chief Investment Officer
70
2009
Kenneth I. Siegel
Senior Vice President
66
2009
Alexander H. Tisch
Vice President, Loews Corporation; President and Chief Executive Officer, Loews Hotels & Co
45
2023
Benjamin J. Tisch
Senior Vice President, Corporate Development and Strategy
41
2022
James S. Tisch
Office of the President, President and Chief Executive Officer
71
1981
Jonathan M. Tisch
Office of the President and Co-Chairman of the Board; Executive Chairman, Loews Hotels & Co
70
1987
Jane J. Wang
Senior Vice President and Chief Financial Officer
42
2022

All of our executive officers, except Alexander H. Tisch, Benjamin J. Tisch and Jane J. Wang, have served in their current roles at Loews Corporation for at least the past five years.

Alexander H. Tisch has served as Vice President, Loews Corporation, since 2014. 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. Tisch and Jane J. Wang each served as a Vice President of Loews Corporation from 2014 until assuming their current roles in May 2022.

James S. Tisch is the father of Benjamin J. Tisch, the brother of Andrew H. Tisch, Co-Chairman of our Board, the cousin of Jonathan M. Tisch and the uncle of Alexander H. Tisch. Alexander H. Tisch is the son of Andrew H. Tisch. Jonathan M. Tisch is also a cousin of Andrew H. Tisch. None of our other executive officers or directors are related to any other.

Officers are elected annually and hold office until their successors are elected and qualified, and are subject to removal by the Board of Directors.

AVAILABLE INFORMATION

Our website address is www.loews.com. We make available, free of charge, through our website our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after these reports are electronically filed with or furnished to the SEC. Copies of our Code of Business Conduct and Ethics, Corporate Governance Guidelines, Audit Committee charter, Compensation Committee charter and Nominating and Governance Committee charter are also available on our website. Information on or accessible through our website is not incorporated by reference into this Report. This Annual Report on Form 10-K and our other SEC filings are also accessible through the SEC’s website at www.sec.gov.

Item 1A. Risk Factors.

Our business and the businesses of our subsidiaries face many risks and uncertainties. These risks and uncertainties could lead to events or circumstances that have a material adverse effect on our business, results of operations, cash flows, financial condition or equity and/or the business, results of operations, cash flows, financial condition, or equity of one or more of our subsidiaries. We have described below the material risks facing us and our subsidiaries. There may be additional risks that we do not yet know of or that we do not currently perceive to be material that may also materially adversely impact our business or the businesses of one or more of our subsidiaries.

15

Table of Contents
You should carefully consider and evaluate all of the information included in this Report and any subsequent reports we may file with the SEC and the information we make available to the public before investing in any securities issued by us. 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.

Risks Related to Us and Our Subsidiary, CNA

If CNA determines that its recorded insurance reserves are insufficient to cover its estimated ultimate unpaid liability for claim and claim adjustment expenses, CNA may need to increase its insurance reserves which would result in a charge to CNA’s earnings.

CNA maintains insurance reserves to cover its estimated ultimate unpaid liability for claim and claim adjustment expenses, including the estimated cost of the claims adjudication process, for reported and unreported claims. Insurance reserves are not an exact calculation of liability but instead are complex management estimates developed utilizing a variety of actuarial reserve estimation techniques as of a given reporting date. The reserve estimation process involves a high degree of judgment and variability and is subject to a number of factors which are highly uncertain. These factors can be affected by both changes in internal processes and external events. Key variables include frequency of claims, claim severity, mortality, morbidity, discount rates, economic, social and medical inflation, claim handling policies and procedures, case reserving approach, underwriting and pricing policies, changes in the legal and regulatory environment and the lag time between the occurrence of an insured event and the time of its ultimate settlement. Mortality is the relative incidence of death. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted.

There is generally a higher degree of variability in estimating required reserves for long-tail coverages, such as long-term care, workers’ compensation, general liability and professional liability, as they require a relatively longer period of time for claims to be reported and settled. The impact of changes in economic and social inflation, and medical costs are also more pronounced for long-tail coverages due to the longer settlement period. Certain risks and uncertainties associated with CNA’s insurance reserves are outlined in the Insurance Reserves and Critical Accounting Estimates sections of MD&A in Item 7.

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 and other environmental conditions change. Further, the impact of social inflation continues to be significant, and the trajectory of its future impact remains uncertain. In addition, passage of reviver statutes that extend, or eliminate, the statute of limitations for the reporting of claims, including statutes passed in certain states with respect to sexual molestation and sexual abuse, increase the uncertainty of the frequency of claims. These issues have had, and may continue to have, a negative effect on CNA’s business, results of operations and financial condition by either extending coverage beyond the original underwriting intent or by increasing the number or size of claims, resulting in further increases in CNA’s reserves. The effects of unforeseen emerging or potential claim and coverage issues are extremely difficult to predict and may be material.

In light of the many uncertainties associated with establishing the estimates and making the judgments necessary to establish reserve levels, CNA continually reviews and changes its reserve estimates in a regular and ongoing process as experience develops from the actual reporting and settlement of claims and as the legal, regulatory and economic environment evolves. When CNA’s recorded reserves are insufficient for any reason, 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.

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 (inclusive of mortality), anticipated future premium rate increases and expenses. The adequacy of the reserves is contingent upon actual experience and CNA’s future expectations related to these key assumptions. If actual or expected future experience differs from these assumptions, the reserves may not be adequate, requiring CNA to increase reserves. 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 instrument yields as of each reporting date. Discount rates are subject to interest rate and market volatility. See the Life & Group Policyholder Reserves portion of the Insurance Reserves section of MD&A in Item 7 for more information.

16

Table of Contents
Morbidity and persistency experience, inclusive of mortality, can be volatile and may be negatively affected by many factors including, but not limited to, policyholder behavior, judicial decisions regarding policy terms, socioeconomic factors, cost of care inflation, changes in health trends and advances in medical care.

A prolonged period during which investment returns remain at low levels could result in shortfalls in investment income on assets supporting CNA’s obligations under long-term care policies. This risk is more significant for CNA’s long-term care products because the long potential duration of the policy obligations exceeds the duration of the supporting investment assets. 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.

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, fires, floods, riots, strikes, civil unrest, cyber-attacks, pandemics and acts of terrorism. The frequency and severity of these catastrophe events are inherently unpredictable. Exposure to cyber risk is increasing systematically due to greater digital dependence, which increases the potential for, and the potential losses due to, a catastrophic cyber event. Catastrophic cyber-attack scenarios are not bound by time or geographic limitations and cyber-related catastrophic perils do not have well-established definitions or fundamental physical properties. 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, hail and snow. Climate studies by government agencies, academic institutions, catastrophe modeling organizations and other groups indicate that climate change may be altering the frequency and/or severity of catastrophic weather events, such as hurricanes, tornadoes, windstorms, floods and other natural disasters.

The extent of CNA’s losses from catastrophes is a function of the total amount of its insured exposures in the affected areas, the frequency and severity of the events themselves, the level of CNA’s reinsurance coverage, reinsurance reinstatement premiums and state residual market assessments, if any. 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. Further, significant catastrophic events or a series of catastrophic events have the potential to impose financial stress on the reinsurance industry, which could impact CNA’s ability to collect amounts owed to CNA by reinsurers, thereby resulting in higher net incurred losses.

Reinsurance coverage for “unconventional” terrorism events (such as nuclear, biological, chemical or radiological attacks) is provided only in limited circumstances. CNA’s principal reinsurance protection against these large-scale terrorist attacks is the coverage currently provided through the Terrorism Risk Insurance Program Reauthorization Act of 2019 (“TRIPRA”) through December 31, 2027. However, such coverage is subject to a mandatory deductible and other limitations. It is also possible that future legislation could change or eliminate the program, which could adversely affect CNA’s business by increasing its exposure to terrorism losses, or by lowering its business volume through efforts to avoid that exposure. For a further discussion of TRIPRA, see Part II, Item 7, MD&A - Catastrophes and Related Reinsurance.

As a result of the items discussed above, catastrophe losses are particularly difficult to estimate, could cause CNA to exhaust its available reinsurance limits, could lead to large losses and could adversely affect the cost and availability of reinsurance. Accordingly, catastrophic events could have a material adverse effect on CNA’s business, results of operations, financial condition and liquidity.

The COVID-19 pandemic, including new or emerging variants, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to have adverse impacts on its business, results of operations and financial condition and could be material.

CNA has experienced, and may continue to experience, increased claim submissions and litigation related to denial of claims based on policy coverage, or the facts of the claim, in certain lines of business that are implicated by the COVID-19 pandemic and mitigating actions taken by its customers and governmental authorities in response to its spread. These lines include primarily healthcare professional liability, workers’ compensation, commercial property-related business interruption coverage, management liability (directors and officers, employment practices and professional liability lines) and trade credit. CNA recorded significant losses during 2020, a significant portion of which remain classified as incurred but not reported (“IBNR”) reserves, in these areas and may experience continued losses, which could be material.

17

Table of Contents
Increased frequency or severity in any or all of the foregoing lines, or others where the exposure has yet to emerge, relating to long-term effects of COVID-19, new or emerging variants, or other potential pandemics, and related measures to mitigate the spread of the foregoing may have a material impact on CNA’s business, results of operations and financial condition.

CNA has incurred and may continue to incur substantial expenses related to litigation activity in connection with COVID-related legal claims. These actions primarily relate to denial of claims submitted as a result of the pandemic and the mitigating actions taken, including lockdowns and closing of certain businesses. The significance of such litigation or any other litigation relating to new or emerging variants of COVID-19 or other potential pandemics and related measures to mitigate the spread of the foregoing, both in substance and volume, and the resultant CNA-initiated activities, including external counsel engagement, and the costs related thereto, may have a material impact on CNA’s business, results of operations and financial condition.

CNA has exposure related to A&EP claims, which could result in material losses.

CNA’s property and casualty insurance subsidiaries have exposures related to A&EP claims. CNA’s experience has been that establishing claim and claim adjustment expense reserves for casualty coverages relating to A&EP claims is subject to uncertainties that are greater than those presented by more traditional property and casualty claims. 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. On August 31, 2010, CNA completed a retroactive reinsurance transaction under which substantially all of its legacy A&EP liabilities were ceded to National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., subject to an aggregate limit of $4.0 billion (“loss portfolio transfer” or “LPT”). The cumulative amount ceded under the loss portfolio transfer as of December 31, 2023 is $3.6 billion. If the other parties to the loss portfolio transfer do not fully perform their obligations, net losses incurred on A&EP claims covered by the loss portfolio transfer exceed the aggregate limit of $4.0 billion or CNA determines it has exposures to A&EP claims not covered by the loss portfolio transfer, CNA may need to increase its recorded net reserves which would result in a charge against earnings. These charges could be substantial. Additionally, if the A&EP claims exceed the limit of the loss portfolio transfer, CNA will need to assess whether to purchase additional limit or to reassume claim handling responsibility for A&EP claims from an affiliate of NICO. Any additional reinsurance premium or future claim handling costs would also reduce CNA’s earnings.

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 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; 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. Evolving judicial interpretations and new legislation regarding the application of various tort theories and defenses, including application of various theories of joint and several liability, as well as the application of insurance coverage to these claims, give rise to new and potentially more severe claim activity. For example, CNA has recorded, and may continue to record, increases in its mass tort reserves, driven substantially by abuse reviver statutes that have resulted in increased claims. Similar and continuing mass tort claim activity, including activity based on changing judicial interpretations and recent and proposed legislation could have a material adverse effect on CNA’s business, results of operations and financial condition.

CNA faces intense competition in its industry; it may be adversely affected by the cyclical nature of the property and casualty business and the evolving landscape of its distribution network.

All aspects of the insurance industry are highly competitive and CNA must continuously allocate resources to refine and improve its insurance products and services to remain competitive. CNA competes with a large number of stock and mutual insurance companies and other entities, some of which may be larger or have greater financial or other resources than CNA does, for both distributors and customers. This includes agents, brokers and managing general underwriters who may increasingly compete with CNA to the extent that markets continue 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. The competitor landscape has evolved substantially in recent years, with significant consolidation and new market entrants, such as insuretech firms, resulting in increased pressures on CNA’s ability to
18

Table of Contents
remain competitive, particularly in obtaining pricing that is both attractive to CNA’s customer base and risk appropriate to CNA.

In addition, the property and casualty market is cyclical and has experienced periods characterized by relatively high levels of price competition, resulting in less restrictive underwriting standards and relatively low premium rates, followed by periods of relatively lower levels of competition, more selective underwriting standards and relatively high premium rates. CNA may lose business to competitors offering competitive insurance products at lower prices. As a result, CNA’s premium levels and expense ratio could be materially adversely impacted.

CNA markets its insurance products worldwide primarily through independent insurance agents, insurance brokers and managing general underwriters who also promote and distribute the products of CNA’s competitors. 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’ 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.

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.

A primary reason CNA purchases reinsurance is to manage its exposure to risk, thereby facilitating its underwriting strategies in certain key areas. Under CNA’s ceded reinsurance arrangements, a reinsurer assumes a specified portion of its exposure in exchange for a specified portion of policy premiums. The availability and cost of the reinsurance protection CNA purchases, which affects the volatility and profitability of its business, as well as the level and types of risk CNA retains, is determined by many factors, including general economic conditions and conditions in the reinsurance market, such as the occurrence of significant reinsured events or unexpected adverse trends, including those associated with climate change. If CNA is unable to obtain sufficient reinsurance at a cost or on terms and conditions it deems acceptable, CNA’s risk exposure will not be mitigated to the degree desired or it may forego such increased risk, thereby adversely impacting its underwriting strategies. In addition, use of reinsurance exposes CNA to credit risk of the reinsurers, as the reinsurance arrangements do not relieve it of the liability to the customer. If a reinsurer is unable to meet its financial obligations under a reinsurance arrangement, CNA will remain obligated under the original policies issued to its customers. Furthermore, while CNA uses various risk management methods, including the use of reinsurance, to effectively manage risk, there is the possibility that one or more natural catastrophes and/or terrorism or other events could result in claims substantially exceeding expectations, thereby making the reinsurance strategy significantly less effective. Such reinsurance-related risks could have a material adverse effect on CNA’s business, results of operations and financial condition and adversely affect its underwriting strategies in certain lines of business.

CNA may be adversely affected by technological changes or disruptions in the insurance marketplace.

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 “big data” analytics to make underwriting and other decisions that impact product design and pricing. 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.

In addition, agents and brokers, technology companies or other third parties may create alternate distribution channels for commercial business that may adversely impact product differentiation and pricing. For example, they may create a digitally enabled distribution channel that may adversely impact CNA’s competitive position. CNA’s efforts or the efforts of agents and brokers with respect to new products or alternate distribution channels, as well as changes in the way agents and brokers utilize greater levels of data and technology, could adversely impact CNA’s business relationships with independent agents and brokers who currently market its products, resulting in a lower volume and/or profitability of business generated from these sources.

19

Table of Contents
CNA may incur significant realized and unrealized investment losses and volatility in net investment income arising from changes in the financial markets.

CNA’s investment portfolio is exposed to various risks, such as interest rate, credit spread, issuer default, equity prices and foreign currency, which are unpredictable. Financial markets are highly sensitive to changes in economic conditions, monetary policies, tax policies, interest rates, domestic and international geopolitical issues and many other factors. Changes in financial markets, including fluctuations in interest rates, credit, equity prices and foreign currency prices, and many other factors beyond CNA’s control can adversely affect the value of its investments, the realization of investment income and the rate at which it discounts certain liabilities. CNA’s investment portfolio is also subject to increased valuation uncertainties when investment markets are illiquid. The valuation of investments is more subjective when markets are illiquid, thereby increasing the risk that the estimated fair value (i.e., the carrying amount) of the portion of CNA’s investment portfolio that is carried at fair value in the financial statements is not reflective of prices at which actual transactions could occur.

CNA has significant holdings in fixed maturity investments that are sensitive to changes in interest rates. 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”). The value of CNA’s fixed maturity investments is also subject to risk that certain investments may default or become impaired due to deterioration in the financial condition of issuers of the investments CNA holds or in the underlying collateral of the security.

In addition, CNA invests a portion of its assets in limited partnerships and common stock which are subject to greater market volatility than its fixed maturity investments. Limited partnership investments generally provide a lower level of liquidity than fixed maturity or equity investments, which may also limit CNA’s ability to withdraw funds from these investments. The timing and amount of income or losses on such investments is inherently variable and can contribute to volatility in reported earnings.

Further, CNA holds a portfolio of commercial mortgage loans. CNA is subject to risk related to the recoverability of loan balances, which is influenced by declines in the estimated cash flows from underlying property leases, fair value of collateral, refinancing risk and the creditworthiness of tenants of the underlying properties, where lease payments directly service the loan. Any changes in actual or expected collections would result in a charge to earnings.

As a result of these factors, CNA may not earn an adequate return on its investments, may be required to write down the value of its investments and may incur losses on the disposition of its investments, all of which could materially adversely affect CNA’s business, results of operations and financial condition.

CNA uses analytical models to assist its decision making in key areas such as pricing, reserving, catastrophe risks and capital modeling and may be adversely affected if actual results differ materially from the model outputs and related analyses.

CNA uses various modeling techniques and data analytics (e.g., scenarios, predictive, stochastic and forecasting) to analyze and estimate exposures, loss trends and other risks associated with its assets and liabilities. This includes both proprietary and third party modeled outputs and related analyses to assist CNA in decision-making related to underwriting, pricing, capital allocation, reserving, investing, reinsurance and catastrophe risk, among other things. CNA incorporates numerous assumptions and forecasts about the future level and variability of policyholder behavior, loss frequency and severity, interest rates, equity markets, inflation, capital requirements, and currency exchange rates, among others. The modeled outputs and related analyses from both proprietary models and third parties are subject to various assumptions, uncertainties, model design errors and the inherent limitations of any statistical analysis. Further, climate change may make modeled outcomes less certain or produce new, non-modeled risks.

In addition, the effectiveness of any model can be degraded by operational risks, including the improper use of the model, input errors, data errors and human error. As a result, actual results may differ materially from CNA’s modeled results. CNA’s profitability and financial condition substantially depends on the extent to which its actual experience is consistent with the assumptions CNA uses in its models and ultimate model outputs. If, based upon these models or other factors, CNA misprices its products or fails to appropriately estimate the risks it is exposed to, its business, results of operations and financial condition may be materially adversely affected.


20

Table of Contents
Any significant interruption in the operation of CNA’s business functions, facilities and systems or its vendors’ facilities and systems could result in a materially adverse effect on its operations.

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 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, or its vendors’, facilities and systems could become unavailable, inoperable, or otherwise impaired from a variety of causes, including natural events, such as hurricanes, tornadoes, windstorms, earthquakes, severe winter weather and fires, or other events, such as explosions, terrorist attacks, computer security breaches or cyber attacks, riots, hazardous material releases, medical epidemics or pandemics, utility outages, interruptions of data processing and storage systems or unavailability of communications facilities. An interruption in CNA’s system availability occurred in March 2021 as a result of a cybersecurity attack sustained by CNA. Please refer to the immediately following risk factor for further information regarding this incident. Likewise, CNA could experience a significant failure, interruption or corruption of one or more of its vendors’ information technology, telecommunications, or other systems for various reasons, including significant failures or interruptions that might occur as existing systems are replaced or upgraded. The shut-down or unavailability of one or more of CNA’s or its vendors’ systems or facilities for these or any other reasons could significantly impair CNA’s ability to perform critical business functions in a timely basis.

In addition, because CNA and its vendors’ information technology and telecommunications systems interface with and depend on third-party systems, CNA could experience service denials if demand for such service exceeds capacity or a third-party system fails or experiences an interruption. If sustained or repeated, such events could result in a deterioration of CNA’s ability to perform necessary business functions.

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. CNA has made, and continues to make, investments to improve its security and infrastructure. Some of these investments are a direct result of the March 2021 cybersecurity attack, described in the immediately following risk factor, which are not recoverable under existing insurance coverage.

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.

Any significant breach in CNA’s data security infrastructure or its vendors’ facilities and systems could disrupt business, cause financial losses and damage its reputation, and insurance coverage may not be available for claims related to a breach.

A significant breach of CNA’s data security infrastructure may result from actions by its employees, vendors, third-party administrators, or unknown third parties or through cyber attacks. The risk of a breach can exist whether software services are in CNA’s or third party administered data centers or are cloud-based software services. Breaches have occurred, and may occur again, in CNA’s systems and in the systems of its vendors and third party administrators.

Such a breach 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. The breach of confidential information also could give rise to legal liability and regulatory action under data protection and privacy laws, as well as evolving regulation in this regard. During the second quarter of 2023, CNA was notified of a breach in the file transfer software, MOVEit Transfer, used by a vendor of one of its third party administrators. This incident resulted in required breach notifications to CNA’s long-term care policyholders, with such notifications made by the subject vendor. While CNA does not believe such notifications and resultant actions will have a material adverse effect on its business, this or similar incidents, or any other such breach of CNA’s or its vendors’ data security infrastructure could have a material adverse effect on its business, results of operations and financial condition.

As previously disclosed, CNA sustained a sophisticated cybersecurity attack in March 2021 involving ransomware that caused a network disruption and impacted certain of its systems. CNA’s investigation into the incident revealed that an unauthorized third party copied some personal information relating to certain current and former employees, contract workers and their dependents and certain other persons, including some policyholders. Although CNA currently has no indication that the impacted data has been misused, or that CNA or its policyholder data was specifically targeted by the
21

Table of Contents
unauthorized third party, it may be subject to subsequent investigations, claims or actions in addition to other costs, fines, penalties, or other obligations related to impacted data, whether or not such data is misused. In addition, the misuse, or perceived misuse, of sensitive or confidential information regarding its business or policyholders could cause harm to CNA’s reputation and result in the loss of business with existing or potential customers, which could adversely impact its business, results of operations and financial condition.

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. Further, should CNA experience future cyber incidents, or should industry trends drive rate increases resulting from growth in volume and significance of cyber incidents broadly, it may incur higher costs for cybersecurity insurance coverage.

The risks relating to future breaches in CNA’s, or its vendors’ data security infrastructure, 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 operational impairments and financial losses, as well as significant harm to CNA’s reputation.

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.

CNA may incur losses which arise from employees or third party service providers engaging in intentional, negligent or inadvertent misconduct, fraud, errors and omissions, failure to comply with internal guidelines, including with respect to underwriting authority, or failure to comply with regulatory requirements. 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 adversely affect CNA’s business, results of operations and financial condition.

Portions of CNA’s insurance business are underwritten and serviced by third parties. With respect to underwriting, CNA’s contractual arrangements with third parties will typically grant them limited rights to write new and renewal policies, subject to contractual restrictions and obligations, including requiring them to underwrite within the terms of CNA’s licenses. Should these third parties issue policies that exceed these contractual restrictions, CNA could be deemed liable for such policies and subject to regulatory fines and penalties for any breach of licensing requirements. It is possible that in such circumstance CNA might not be fully indemnified for such third parties’ contractual breaches.

Additionally, CNA relies on certain third-party claims administrators, including the administrator of its long-term care claims, to handle policyholder services and perform significant claim administration and claim adjudication functions. Any failure by such administrator to properly perform service functions may result in losses as a result of over-payment of claims, legal claims against CNA and adverse regulatory enforcement exposure.

CNA has also licensed certain systems from third parties. CNA cannot be certain that it will have access to these systems or that its information technology or application systems will continue to operate as intended.

These risks could adversely impact CNA’s reputation and client relationships and have a material adverse effect on its business, results of operations and financial condition.

CNA is subject to capital adequacy requirements and, if it is unable to maintain or raise sufficient capital to meet these requirements, regulatory agencies may restrict or prohibit CNA from operating its business.

Insurance companies such as CNA are subject to capital adequacy standards set by regulators to help identify companies that merit further regulatory attention. In the U.S., these standards apply specified risk factors to various asset, premium and reserve components of CNA’s legal entity statutory basis of accounting financial statements. 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. If CNA does not meet these minimum requirements, CNA may be restricted or prohibited from operating its business in the applicable jurisdictions and specialized markets. If CNA is required to record a material charge against earnings in connection with a change in estimated insurance reserves, or the occurrence of a catastrophic event or otherwise, or if it incurs significant losses related to its investment portfolio, which severely deteriorates its capital position, CNA may violate these minimum capital adequacy requirements unless it is able to raise sufficient additional capital. CNA may be limited in its ability to raise significant amounts of capital on favorable terms or at all.

22

Table of Contents
The IAIS has adopted a ComFrame for the supervision of IAIGs and has developed a global capital standard that, if adopted in the U.S., would be applicable to U.S.-based IAIGs. The NAIC also developed the GCC and AM approach to assessing group capital as an alternative to the ICS developed by the IAIS. The development and adoption of these capital standards could increase CNA’s prescribed capital requirement, the level at which regulatory scrutiny intensifies, as well as significantly increase its cost of regulatory compliance.

CNA’s insurance subsidiaries, upon whom CNA depends for dividends in order to fund its corporate obligations, are limited by insurance regulators in their ability to pay dividends.

CNA is a holding company and is dependent upon dividends, loans and other sources of cash from its subsidiaries in order to meet its obligations. Ordinary dividend payments or dividends that do not require prior approval by the insurance subsidiaries’ domiciliary insurance regulator are generally limited to amounts determined by formulas that vary by jurisdiction. If CNA is restricted from paying or receiving intercompany dividends, by regulatory rule or otherwise, CNA may not be able to fund its corporate obligations and debt service requirements or pay stockholder dividends from available cash. As a result, CNA would need to pursue other sources of capital which may be more expensive or may not be available at all.

Rating agencies may downgrade their ratings of CNA, adversely affecting its ability to write insurance at competitive rates or at all and increasing its cost of capital.

Ratings are an important factor in establishing the competitive position of insurance companies. CNA’s insurance company subsidiaries, as well as CNA’s public debt, are rated by rating agencies, including, A.M. Best Company (“A.M. Best”), Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”). Ratings reflect the rating agency’s opinions of an insurance company’s or insurance holding company’s financial strength, capital adequacy, enterprise risk management practices, operating performance, strategic position and ability to meet its obligations to policyholders and debt holders, and may also reflect opinions on other areas such as information security and climate risk, as well as ESG matters more broadly.

The rating agencies may take action to lower CNA’s ratings in the future as a result of any significant financial loss or changes in the methodology or criteria applied by the rating agencies. The severity of the impact on CNA’s business is dependent on the level of downgrade and, for certain products, which rating agency takes the rating action. Among the adverse effects in the event of such downgrades would be the inability to obtain a material volume of business from certain major insurance brokers, the inability to sell a material volume of CNA’s insurance products to certain markets and the required collateralization of certain future payment obligations or reserves. Further, if one or more of CNA’s corporate debt ratings were downgraded, CNA may find it more difficult to access the capital markets and may incur higher borrowing costs.

In addition, it is possible that a significant lowering of our corporate debt ratings by certain of the rating agencies could result in an adverse effect on CNA’s ratings, independent of any change in CNA’s circumstances.

For further discussion of CNA’s ratings, see the Subsidiaries portion of the Liquidity and Capital Resources section of MD&A in Item 7.

CNA is subject to extensive existing state, local, federal and foreign governmental regulations that restrict its ability to do business and generate revenues; additional regulation or significant modification to existing regulations or failure to comply with regulatory requirements may have a materially adverse effect on CNA’s business, results of operations and financial condition.

The insurance industry is subject to comprehensive and detailed regulation and supervision. Most insurance regulations are designed to protect the interests of CNA’s policyholders and third-party claimants rather than its investors. Each jurisdiction in which CNA does business has established supervisory agencies that regulate the manner in which CNA conducts its business. Any changes in regulation could impose significant burdens on CNA. In addition, the Lloyd’s marketplace sets rules under which its members, including CNA’s Hardy syndicate, operate.

These rules and regulations relate to, among other things, the standards of solvency (including risk-based capital measures), government-supported backstops for certain catastrophic events (including terrorism), investment restrictions, accounting and reporting methodology, establishment of reserves and potential assessments of funds to settle covered claims against impaired, insolvent or failed private or quasi-governmental insurers. In addition, rules and regulations have recently been introduced, or are being considered, in the areas of information security and ESG, which may also affect CNA’s business. CNA also is subject to numerous regulations governing the protection of personal and confidential information of its clients and employees, including medical records, credit card data and financial information. These laws
23

Table of Contents
and regulations, including regulations related to cybersecurity protocols (which continue to evolve in breadth, sophistication and maturity in response to an ever-evolving threat landscape), are increasing in complexity and number, change frequently, sometimes conflict, and could expose CNA to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or more jurisdictions. In response to climate change, regulators at the federal, state and international level also could impose new regulations requiring disclosure of underwriting or investment in certain industry sectors.

Regulatory powers also extend to premium rate regulations which require that rates not be excessive, inadequate or unfairly discriminatory. State jurisdictions ensure compliance with such regulations through market conduct exams, which may result in losses to the extent non-compliance is ascertained, either as a result of failure to document transactions properly or failure to comply with internal guidelines, or otherwise. CNA may also be required by the jurisdictions in which it does business to provide coverage to persons who would not otherwise be considered eligible or restrict CNA from withdrawing from unprofitable lines of business or unprofitable market areas. Each jurisdiction dictates the types of insurance and the level of coverage that must be provided to such involuntary risks. 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.

Risks Related to Us and Our Subsidiary, Boardwalk Pipelines

Boardwalk Pipelines’ natural gas transportation and storage operations and ethane transportation services are subject to extensive regulation by the FERC, including rules and regulations related to the rates it can charge for its services and its ability to construct or abandon facilities. Boardwalk Pipelines may not be able to recover the full cost of operating its pipelines, including earning a reasonable return.

Boardwalk Pipelines’ natural gas transportation and storage operations are subject to extensive regulation by the FERC, including the types, rates and terms of services Boardwalk Pipelines may offer to its customers, construction of new facilities, creation, modification or abandonment of services or facilities and recordkeeping and relationships with affiliated companies. An adverse FERC action in any of these areas could affect Boardwalk Pipelines’ ability to compete for business, construct new facilities, offer new services or recover the full cost of operating its pipelines, including earning a reasonable return. This regulatory oversight can result in longer lead times to develop and complete any future project than competitors that are not subject to the FERC’s regulations. The FERC can also deny Boardwalk Pipelines the right to abandon certain facilities from service.

The FERC regulates the rates Boardwalk Pipelines can charge for its natural gas transportation and storage and interstate ethane transportation operations. For cost-based services, the FERC establishes both the maximum and minimum rates Boardwalk Pipelines can charge. The basic elements that the FERC considers are the costs of providing service, the volumes of gas being transported, the rate design, the allocation of costs between services, the capital structure and the rate of return a pipeline is permitted to earn. Boardwalk Pipelines may not be able to recover its costs, including certain costs associated with pipeline integrity, through existing or future rates.

The FERC and/or Boardwalk Pipelines’ customers could challenge the maximum applicable rates that any of its regulated pipelines can charge in accordance with Section 5 of the NGA. Adoption of potential legislation that would amend Section 5 of the NGA to add refund provisions could increase the likelihood of such a challenge. If such a challenge is successful for any of Boardwalk Pipelines’ pipelines or if its rates are found not to be just and reasonable, then the revenues associated with transportation and storage services the pipeline provides pursuant to cost-of-service rates could materially decrease in the future, which would adversely affect, perhaps substantially, the revenues on that pipeline going forward.

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 2023.

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 2024 is approximately $1.5 million per day per violation. Should Boardwalk Pipelines fail to comply with applicable statutes, rules, regulations and orders administered by the FERC, it could be subject to substantial penalties and fines, in addition to reputational damage. 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 ICA and the Energy Policy Act of 1992.


24

Table of Contents
Boardwalk Pipelines’ operations, and those of Boardwalk Pipelines’ customers, are subject to a series of risks regarding climate change.

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. 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, but President Biden has shown that action to address climate change is an important part of his Administration’s agenda. For example, in August 2022, the Inflation Reduction Act of 2022 (“IRA”) passed which advanced numerous climate-related objectives. Additionally, the EPA has issued several rules regulating GHGs following the U.S. Supreme Court finding that GHGs are air pollutants under the CAA and the EPA’s own endangerment finding for certain GHGs, including carbon dioxide and methane. The EPA regulates GHGs through various requirements, including permitting for GHG emissions from large stationary sources, annual reporting on GHG emissions from oil and gas facilities, New Source Performance Standards restricting methane emissions from new facilities in the natural gas sector, and GHG emissions limits on vehicles (together with the DOT). The EPA’s regulation of methane emissions has undergone significant changes. 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. The presumptive standards established under the final rules are generally the same for both new and existing sources and include enhanced leak detection survey requirements using optical gas imaging and other 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, triggering certain investigation and repair requirements. Fines and penalties for violations of these rules can be substantial. It is likely that the final rules and its requirements will be subject to legal challenges. Compliance with the new rules may affect the amount Boardwalk Pipelines owes under the IRA, which amended the CAA to impose a first-time fee on the emission of methane from sources required to report their GHG emissions to the EPA. The methane emissions fee applies to excess methane emissions from certain facilities and starts at $900 per metric ton of leaked methane in 2024 and increases to $1,200 in 2025 and $1,500 in 2026 and thereafter. Compliance with the EPA’s new final rules and standards would exempt an otherwise covered facility from the requirement to pay the methane fee. The requirements of the EPA’s final methane rules could increase Boardwalk Pipelines’ operating costs and the costs of Boardwalk Pipelines’ customers, thereby adversely affecting its operations.

Governmental entities, including certain states and groups of states, have adopted or are considering legislation, regulations or other initiatives such as GHG cap-and-trade programs, carbon taxes, GHG reporting and tracking programs, and emissions limits. At the international level, in February 2021 the U.S. rejoined the Paris Agreement, which requires member nations to submit non-binding GHG emissions reduction goals every five years. In April 2021, President Biden announced a new target for the U.S. to reduce GHG emissions 50%-52% from 2005 levels by 2030. In November 2021, the U.S. joined other nations for the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26), during which nations including the U.S. made various commitments, including the Global Methane Pledge to reduce methane emissions 30% from 2020 levels by 2030. In December 2023, at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (“COP28”), certain parties signed onto an agreement to transition "away from fossil fuels in energy systems in a just, orderly, and equitable manner" and increase renewable energy capacity so as to achieve net zero by 2050, although no timeline for doing so was set. The impact of the Paris Agreement, COP26, COP28 or other international conventions cannot be predicted at this time, and it is unclear what additional initiatives may be adopted or implemented, or whether similar efforts at future climate conferences will be successful and the potential resultant impact this may have upon Boardwalk Pipelines’ business or financial condition.

Governmental, scientific and public concern over the threat of climate change arising from GHG emissions has resulted in increasing political risks in the U.S. The Biden Administration and future administrations could take various actions to curtail oil and natural gas production and transportation, including limiting fracturing of oil and natural gas wells, restricting flaring and venting during natural gas production on federal properties, limiting or banning oil and gas leases on federal lands and offshore waters, increasing requirements for construction and permitting of pipeline infrastructure and LNG export facilities, and further restricting GHG emissions from oil and gas facilities. For example, on January 26, 2024, President Biden announced a temporary pause on pending decisions on new exports of LNG to countries that the U.S. does not have free trade agreements with, pending Department of Energy review of the underlying analyses for authorization. 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
25

Table of Contents
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.

There are also increasing financial risks for fossil fuel energy companies as 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. 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. Many of the largest U.S. banks have made “net zero” carbon emission commitments and have announced that they will be assessing financed emissions across their portfolios and taking steps to quantify and reduce those emissions. At COP26, the Glasgow Financial Alliance for Net Zero announced that commitments from over 450 firms across 45 countries had resulted in over $130 trillion in capital committed to net zero goals. Financial institutions could be required to adopt policies that limit funding for fossil fuel energy companies. In October 2023 the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. released a finalized set of principles guiding financial institutions with $100 billion or more in assets on the management of physical and transition risks associated with climate change. While Boardwalk Pipelines cannot predict what additional developments may arise from these various actions, 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. Additionally, in March 2022, the SEC released a proposed rule that would establish a framework for the reporting of climate risks, targets and metrics. A final rule is expected to be released in 2024, but Boardwalk Pipelines cannot predict the final form and substance of the rule and its requirements. The ultimate impact of the rule on Boardwalk Pipelines’ business is uncertain and, upon finalization, may result in increased compliance costs and increased costs of and restrictions on access to capital. Separately, the SEC has also announced that it is scrutinizing existing climate-change related disclosures in public filings, increasing the potential for enforcement if the SEC were to allege that an issuer’s existing climate disclosures are misleading or deficient. These agency actions could increase the potential for litigation.

The adoption and implementation of new or more stringent international, federal, regional, state or local legislation, regulations or other initiatives that impose more stringent standards for GHG emissions from the oil and gas sector or otherwise restrict fossil fuel production could result in increased costs of compliance for fossil fuel use, and reduce demand for fossil fuels, which could reduce demand for Boardwalk Pipelines’ transportation and storage 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 Boardwalk Pipelines’ services. Moreover, the increased competitiveness of alternative energy sources could reduce demand for hydrocarbons and for Boardwalk Pipelines’ services. Finally, Boardwalk Pipelines may also be subject to various physical risks from climate change. For more information on these physical risks, see Boardwalk Pipelines’ risk factor titled “Climatic conditions and events could adversely impact Boardwalk Pipelines’ operations, pipelines and facilities, or those of its customers or suppliers” below.

Climatic conditions and events could adversely impact Boardwalk Pipelines’ operations, pipelines and facilities, or those of its customers or suppliers.

Climatic events can cause disruptions to, delays in or suspension of Boardwalk Pipelines’ services, by interrupting its operations, causing loss of or damage to its facilities or equipment, or having similar impacts on its customers or third-party suppliers. In general, Boardwalk Pipelines’ operations could be significantly impacted by climatic conditions such as increased frequency and severity of storms, floods and wintry conditions. 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. Such damage could result in leakage, migration, releases or spills from Boardwalk Pipelines’ operations and could result in liability, remedial obligations or otherwise have a negative impact on operations. Such climactic conditions could also impact Boardwalk Pipelines’ customers’ ability to utilize Boardwalk Pipelines’ services and third-party suppliers’ ability to provide Boardwalk Pipelines with the products and services necessary to maintain operation of its facilities. Boardwalk Pipelines may incur significant damages as well as costs to repair or maintain its facilities, which could adversely affect its operations and the financial health of its business. In recent years, local governments and landowners in Louisiana have filed lawsuits against energy companies, alleging that their operations contributed to increased coastal rising seas and erosion and seeking substantial damages. Changing meteorological conditions, particularly temperature, may affect the amount, timing, or location of demand for energy or the products Boardwalk Pipelines transports, which may impact demand for its services.

26

Table of Contents
Boardwalk Pipelines is subject to reputational risks and risks related to public opinion.

Boardwalk Pipelines’ business, operations and financial condition may be adversely impacted as a result of negative public opinion. Boardwalk Pipelines operates in an industry which receives negative portrayals and opposition to development projects. Boardwalk Pipelines’ reputation and public opinion could be impacted by the actions, activities and responses of other companies operating in the energy industry, particularly other energy infrastructure providers, over which Boardwalk Pipelines has no control. Boardwalk Pipelines’ reputation also could be impacted by negative publicity related to pipeline incidents, unpopular expansion projects and opposition to development of hydrocarbons and energy infrastructure, particularly projects involving resources that are considered to increase GHG emissions and contribute to climate change. Negative impacts from a compromised reputation or changes in public opinion (including with respect to the production, transportation and use of hydrocarbons generally) could include increased regulatory oversight, delays in obtaining, or challenges to, regulatory approvals with respect to growth projects, blockades, project cancellations, difficulty securing financing at reasonable terms, revenue loss or a reduction in customer base.

Legislative and regulatory initiatives relating to new or more stringent pipeline safety requirements or substantial changes to existing integrity management programs or withdrawal of regulatory waivers could subject Boardwalk Pipelines to increased capital and operating costs and operational delays.

Boardwalk Pipelines’ interstate pipelines are subject to regulation by PHMSA, which is part of the DOT. PHMSA regulates the design, installation, testing, construction, operation, and maintenance of existing interstate natural gas and NGLs pipeline facilities. PHMSA regulation currently requires pipeline operators to implement integrity management programs, including frequent inspections, remediation of certain identified anomalies and other measures to promote pipeline safety in HCAs, MCAs, Class 1 and 2 areas (depending on the potential impacts of a risk event), Class 3 and Class 4 areas, as well as in areas unusually sensitive to environmental damage and commercially navigable waterways. PHMSA has revised its standards from time-to-time. In October 2019, PHMSA published a final rule imposing numerous new requirements, also known as the Mega Rule, on onshore gas transmission pipelines relating to MAOP reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage found in MCAs and Class 3 and Class 4 non-HCAs by 2033, and the consideration of seismicity as a risk factor in integrity management. PHMSA published a second final rule in October 2019 for hazardous liquid transmission and gathering pipelines that significantly extends and expands the reach of certain of its integrity management requirements, and that requires the accommodation of in-line inspection tools by 2039 unless the pipeline cannot be modified to permit such accommodation, increased annual, accident and safety-related conditional reporting requirements, and expanded use of leak detection systems beyond HCAs. Certain aspects of that rule are currently in court review. PHMSA also published final rules during February and July 2020 that amended the minimum safety requirements related to natural gas storage facilities, including wells, wellbore tubing and casing, and added applicable reporting requirements. In June 2021, PHMSA issued an Advisory Bulletin advising pipeline and pipeline facility operators of applicable requirements to update their inspection and maintenance plans for the elimination of hazardous leaks and minimization of natural gas released from pipeline facilities. PHMSA and state regulators reportedly began their review of these plans in 2022, and in May 2023, PHMSA published a proposed rule that would enhance requirements for detecting and repairing leaks on new and existing natural gas distribution, gas transmission, and gas gathering pipelines. In August 2022, PHMSA published another final rule expanding the Management of Change process, extending corrosion control requirements for gas transmission pipelines, adding requirements that operators ensure no conditions exist following an extreme weather event that could adversely affect the safe operation of the pipeline, and adopting repair criteria for non-HCAs similar to those applicable to HCAs. In September 2023, PHMSA published a proposed rule that would enhance the safety requirements for gas distribution pipelines and require updates to distribution integrity management programs, emergency response plans, operations and maintenance manuals, and other safety practices. 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 ability to reliably serve its customers.

States have jurisdiction over certain of Boardwalk Pipelines’ intrastate pipelines and have adopted regulations similar to existing PHMSA regulations. State regulations may impose more stringent requirements than found under federal law that affect Boardwalk Pipelines’ intrastate operations. Compliance with these rules over time generally has resulted in an overall increase in maintenance costs. The imposition of new or more stringent pipeline safety rules applicable to natural gas or NGL 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. Requirements that are imposed under the 2011 Act, the 2016 Act, the 2020 Act or other pipeline safety legislation or implementing regulations, may also increase Boardwalk Pipelines’ capital and operating costs or impact the operation of its pipelines.
27

Table of Contents
Boardwalk Pipelines has entered into certain firm transportation contracts with shippers that utilize the design capacity of certain of its pipeline assets, based upon the authority Boardwalk Pipelines received from PHMSA to operate those pipelines at higher than normal operating pressures of up to 0.80 of the pipeline’s SMYS under issued permits with specific conditions. PHMSA retains discretion to withdraw or modify this authority. If PHMSA were to withdraw or materially modify such authority, it could affect Boardwalk Pipelines’ ability to transport all of its contracted quantities of natural gas on these pipeline assets and it could incur significant additional costs to reinstate this authority or to develop alternate ways to meet its contractual obligations.

Boardwalk Pipelines’ actual construction and development costs could exceed its forecasts; its anticipated cash flow from construction and development projects will not be immediate; and its construction and development projects may not be completed on time or at all.

Boardwalk Pipelines has been and is currently engaged in several construction projects involving its existing assets and the construction of new facilities for which it has expended or will expend significant capital. Boardwalk Pipelines expects to continue to engage in the construction of additional growth projects and modifications of its system. When Boardwalk Pipelines builds a new pipeline or expands or modifies an existing facility, the design, construction and development occurs over an extended period of time, and it will not receive any revenue or cash flow from that project until after it is placed into commercial service. On Boardwalk Pipelines’ interstate pipelines there are several years between when the project is announced and when customers begin using the new facilities. During this period, Boardwalk Pipelines spends capital and incurs costs without receiving any of the financial benefits associated with the projects. The construction of new assets involves regulatory (federal, state and local), landowner opposition, environmental, activist, legal, political, materials and labor costs, as well as operational and other risks that are difficult to predict and some are beyond Boardwalk Pipelines’ control. A project may not be completed on time or at all due to a variety of factors, may be impacted by significant cost overruns or may be materially changed prior to completion as a result of developments or circumstances that Boardwalk Pipelines is not aware of when it commits to the project. Any of these events could result in material unexpected costs or have a material adverse effect on Boardwalk Pipelines’ ability to realize the anticipated benefits from its growth projects.

Boardwalk Pipelines may face opposition to the operation of its pipelines and facilities, construction or expansion of facilities and new pipeline projects from various groups.

Boardwalk Pipelines may face opposition to the operation of its pipelines and facilities, construction or expansion of its facilities and new pipeline projects from governmental officials, environmental groups, landowners, communities, tribal or local groups and other advocates. Such opposition could take many forms, including organized protests, attempts to block or sabotage Boardwalk Pipelines’ operations, acts of eco-terrorism, intervention in regulatory or administrative proceedings involving Boardwalk Pipelines’ assets, or lawsuits or other actions designed to prevent, disrupt or delay the operation of its assets and business. For example, repairing Boardwalk Pipelines’ pipelines often involves securing consent from individual landowners to access their property; one or more landowners may resist Boardwalk Pipelines’ efforts to make needed repairs, which could lead to an interruption in the operation of the affected pipeline or facility for a period of time that is significantly longer than would have otherwise been the case. Acts of sabotage or eco-terrorism could cause significant damage or injury or death to people, property or the environment and lead to extended interruptions of Boardwalk Pipelines’ operations and material damages and costs.

Market conditions, including the price differentials between natural gas supplies and market demand for natural gas, may reduce the transportation rates that Boardwalk Pipelines can charge on certain portions of its pipeline systems.

Each year a portion of Boardwalk Pipelines’ firm natural gas transportation contracts expire and need to be replaced or renewed. As a result of market conditions, Boardwalk Pipelines may renew some expiring contracts at lower rates or for shorter terms than in the past. The transportation 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 power plants, petrochemical facilities and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).

Changes in energy prices, including natural gas, oil and NGLs, impact the supply of and demand for those commodities, which impact Boardwalk Pipelines’ business.

Boardwalk Pipelines’ customers, especially producers and certain plant operators, are directly impacted by changes in commodity prices. 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
28

Table of Contents
realization of potential LNG exports and demand growth within the power generation market. Volatility in the pricing levels of natural gas, oil and NGLs could adversely affect the businesses of certain of Boardwalk Pipelines’ producer customers and could result in defaults or the non-renewal of Boardwalk Pipelines’ contracted capacity when existing contracts expire. Commodity prices could affect the operations of certain of Boardwalk Pipelines’ industrial customers, including the temporary closure or reduction of plant operations, resulting in decreased deliveries to those customers. Future increases in the price of natural gas and NGLs could make alternative energy and feedstock sources more competitive and decrease demand for natural gas and NGLs. A reduced level of demand for natural gas and NGLs could diminish the utilization of capacity on Boardwalk Pipelines’ systems and reduce the demand of its services.

Boardwalk Pipelines is exposed to credit risk relating to default or bankruptcy by its customers.

Credit risk relates to the risk of loss resulting from the default by a customer of its contractual obligations or the customer filing bankruptcy. Boardwalk Pipelines has credit risk with both its existing customers and those supporting its growth projects. Credit risk exists in relation to Boardwalk Pipelines’ growth projects, both because expansion customers make long-term firm capacity commitments to Boardwalk Pipelines for such projects and certain of those expansion customers agree to provide credit support as construction for such projects progresses. 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.

Boardwalk Pipelines’ credit exposure also includes receivables for services provided, future performance under firm agreements and volumes of gas owed by customers for imbalances or gas loaned by Boardwalk Pipelines to them under certain NNS and parking and lending (“PAL”) services.

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. Its credit agreement limits its ability to make loans or investments, make material changes to the nature of its business, merge, consolidate or engage in asset sales, or grant liens or make negative pledges. 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. Future financing agreements Boardwalk Pipelines may enter into could contain similar or more restrictive covenants or may not be as favorable as those under its existing indebtedness.

Boardwalk Pipelines’ ability to comply with the covenants and restrictions contained in its credit agreement may be affected by events beyond its control, including economic, financial and market conditions. If market or economic conditions or its financial performance deteriorate, its ability to comply with these covenants may be impaired. If Boardwalk Pipelines is not able to incur additional indebtedness, it may be required to seek other sources of funding that may be on less favorable terms. If it defaults under its credit agreement or another financing agreement, significant additional restrictions may become applicable. In addition, a default could result in a significant portion of its indebtedness becoming immediately due and payable, and its lenders could terminate their commitment to make further loans to it. If such event occurs, Boardwalk Pipelines may not be able to obtain sufficient funds to make these accelerated payments.

Boardwalk Pipelines’ indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.

As of December 31, 2023, Boardwalk Pipelines had $3.3 billion in principal amount of long-term debt outstanding. 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. 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
29

Table of Contents
limit Boardwalk Pipelines’ ability to respond to business opportunities, including growing its business through acquisitions.

Boardwalk Pipelines is permitted, under its revolving credit facility and the indentures governing its notes, to incur additional debt, subject to certain limitations under its revolving credit facility and the indentures governing the notes. If Boardwalk Pipelines incurs additional debt, its increased leverage could also result in or exacerbate the consequences described above.

Limited access to 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. Changes in the debt markets, including market disruptions, limited liquidity, and an increase in interest rates, may increase the cost of financing as well as the risks of refinancing maturing debt. This may affect its ability to raise needed funding and reduce the amount of cash available to fund its operations or growth projects or refinance maturing debt. If the debt markets were not available, it is not certain if other adequate financing options would be available to Boardwalk Pipelines on terms and conditions that it would find acceptable.

Any disruption in the debt markets could require Boardwalk Pipelines to take additional measures to conserve cash until the markets stabilize or until it can arrange alternative credit arrangements or other funding for its business needs. Such measures could include reducing or delaying business activities, reducing its operations to lower expenses and reducing other discretionary uses of cash. Boardwalk Pipelines may be unable to execute its growth strategy or take advantage of certain business opportunities.

Pandemics or other outbreaks of contagious diseases and the measures to mitigate their spread could materially adversely affect Boardwalk Pipelines’ business, financial condition and results of operations and those of its customers, suppliers and other business partners.

The global outbreak of the COVID-19 pandemic and measures to mitigate the spread of COVID-19 caused unprecedented disruptions to the global and U.S. economies and impacted global demand for oil and petrochemical products. Future pandemics and other outbreaks of contagious diseases could result in similar or worse impacts and significant business and operational disruptions, including business closures, supply chain disruptions, travel restrictions, stay-at-home orders and limitations on the availability of workforces. Although Boardwalk Pipelines’ operations are considered essential critical infrastructure under current Cybersecurity and Infrastructure Security Agency guidelines, if significant portions of Boardwalk Pipelines’ workforce are unable to work effectively, including because of illness or quarantines or from the impacts of any potential future pandemics and other outbreaks of contagious diseases, its business could be materially adversely affected. Boardwalk Pipelines may also be unable to perform fully on its contracts, and its costs may increase as a result of any potential future pandemics and other outbreaks of contagious diseases. These cost increases may not be fully recoverable. It is possible that future pandemics and other outbreaks of contagious diseases could cause disruption in Boardwalk Pipelines’ customers’ business; cause delay, or limit the ability of its customers to perform, including in making timely payments to it. Future pandemics and other outbreaks of contagious diseases could impact capital markets, which may impact Boardwalk Pipelines’ customers’ financial position. Future pandemics and other outbreaks of contagious diseases may also have the effect of increasing several of the other risk factors contained herein.

Boardwalk Pipelines does not own all of the land on which its pipelines and facilities are located, which could result in disruptions to its operations.

Substantial portions of Boardwalk Pipelines’ pipelines, storage and other facilities are constructed and maintained on property owned by others pursuant to rights-of-way, easements, permits, licenses or consents, and Boardwalk Pipelines is subject to the possibility of more onerous terms and/or increased costs to retain necessary land use rights if it does not have valid land use rights or if such land use rights lapse or terminate. Some of the rights to construct and operate Boardwalk Pipelines’ pipelines storage or other facilities on land owned by third parties and governmental agencies that it obtains are for specific periods of time. Boardwalk Pipelines cannot guarantee that it will always be able to renew, when necessary, existing land use rights or obtain new land use rights without experiencing significant costs or experiencing landowner opposition. Any loss of these land use rights 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, could have a material adverse effect on its operations.


30

Table of Contents
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 significantly greater impact on Boardwalk Pipelines’ financial condition and results of operations than if it maintained more diverse assets. Boardwalk Pipelines’ ability to grow, diversify and increase cash flows will depend, in part, on its ability to expand its existing business lines and to close and execute on accretive acquisitions. Boardwalk Pipelines may not be successful in acquiring or developing such assets or may do so on terms that ultimately are not profitable.

Boardwalk Pipelines’ ability to replace expiring gas storage contracts at attractive rates or on a long-term basis and to sell short-term services at attractive rates or at all are subject to market conditions.

Boardwalk Pipelines owns and operates substantial natural gas storage facilities. The market for the storage and PAL services that it offers is impacted by the factors and market conditions discussed above for Boardwalk Pipelines’ transportation services, and is also impacted by natural gas price differentials between time periods, such as winter to summer (time period price spreads), and the volatility in time period price spreads. When market conditions cause a narrowing of time period price spreads and a decline in the price volatility of natural gas, these factors adversely impact the rates Boardwalk Pipelines can charge for its storage and PAL services.

Boardwalk Pipelines’ operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which it may not be adequately insured.

There are a variety of operating risks inherent in transporting and storing natural gas, ethylene and NGLs, such as leaks and other forms of releases, explosions, fires, cybersecurity attacks and mechanical problems, which could have catastrophic consequences. 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, snow storms, windstorms, earthquakes, hail and other severe weather. Any of these or other similar occurrences could result in the disruption of Boardwalk Pipelines’ operations, substantial repair costs, personal injury or loss of life, significant damage to property, environmental pollution, impairment of its operations and substantial financial losses. The location of pipelines in HCAs, which includes populated areas, residential areas, commercial business centers and industrial sites, could significantly increase the level of damages resulting from some of these risks.

Boardwalk Pipelines currently possesses property, business interruption, cybersecurity threat and general liability insurance, but proceeds from such insurance coverage may not be adequate for all liabilities or expenses incurred or revenues lost. Moreover, such insurance may not be available in the future at commercially reasonable costs and terms. The insurance coverage Boardwalk Pipelines does obtain may contain large deductibles or fail to cover certain events, hazards or potential losses.

Risks Related to Us and Our Subsidiary, Loews Hotels & Co

Loews Hotels & Co’s business may be materially adversely affected by various operating risks common to the hospitality industry, many of which are beyond Loews Hotels & Co’s control.

Loews Hotels & Co owns and operates hotels that have different economic characteristics than many other real estate assets. A typical office property, for example, has long-term leases with third-party tenants, which provide a relatively stable long-term stream of revenue. Hotels, on the other hand, generate revenue from guests that typically stay at the hotel for only a few nights, which causes the room rate and occupancy levels at each hotel to change nearly every day, and results in earnings that can be highly volatile.

In 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;

31

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, 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;