LOEWS CORP (L) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that LOEWS CORP surfaced in its latest filing.

• CNA completed a retroactive reinsurance transaction with National Indemnity Company (NICO) on August 31, 2010, ceding substantially all legacy A&EP liabilities, subject to an aggregate limit of $4.0 billion. The cumulative amount ceded as of December 31, 2025 was $3.9 billion.August 31, 2010
• CNA's principal reinsurance protection against large-scale terrorist attacks is coverage through the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA) through December 31, 2027.December 31, 2027
• During Q4 2025, CNA was notified of a data breach impacting a vendor of a business associate of its current employee health insurance administrator, traced to compromised credentials, and impacting a substantial number of CNA's employees and dependents.Q4 2025
• Boardwalk Pipelines expects to construct approximately $3.3 billion of growth projects over the next five years.
• In September 2023, the EPA finalized its Clean Water Act Section 401 Water Quality Certification Improvement Rule, effective November 2023, which expanded the scope of certification authority; several states challenged the final rule in federal court in September 2023.September 2023
• In January 2026, the EPA proposed a rule revising its Section 401 regulations to streamline permitting, restrict state/tribal rejection authority, and enforce one-year statutory deadline; a final rule is expected in Spring 2026.January 2026
• In August 2022, PHMSA published a final rule to expand Management of Change process and corrosion control requirements for gas transmission pipelines; five safety standards were challenged, and in August 2024, the U.S. Court of Appeals for the D.C. Circuit struck down four of the five challenged standards.August 2022
• In January 2025, PHMSA adopted a rule enhancing safety requirements for gas distribution pipelines, but this rule was withdrawn by the Trump Administration before publication in the Federal Register.January 2025
• The Inflation Reduction Act of 2022 requires the EPA to impose a methane emissions fee on excess methane emissions; Congress repealed the EPA's November 2024 final rule implementing the fee in February 2025 under the Congressional Review Act.2022
• The One Big Beautiful Bill Act delayed implementation of the methane emission fee until 2034.
• The EPA finalized methane rules for new, modified, and reconstructed facilities (Subpart OOOOb) and existing sources (Subpart OOOOc) in December 2023; in March 2025, the EPA announced plans to reconsider these rules; in November 2025, the EPA finalized an interim rule extending compliance deadlines.December 2023
• President Trump signed an Executive Order in January 2025 withdrawing the U.S. from the Paris Agreement; in January 2026, President Trump announced the U.S. withdrawal from the United Nations Framework Convention on Climate Change.January 2026
• Boardwalk Pipelines, as of December 31, 2025, had $3.8 billion in principal amount of debt outstanding, of which $550.0 million was called for redemption on January 31, 2026.December 31, 2025
• For 2025, one customer comprised 10% or more of Boardwalk Pipelines' operating revenues; as of December 31, 2025, the top ten customers under committed firm agreements comprised approximately 66% of total projected operating revenues.2025
• Loews Hotels & Co, as of December 31, 2025, had 64% of rooms in Florida and 59% at Universal Orlando.December 31, 2025
• Loews Corporation and certain Boardwalk Pipelines-related subsidiaries are defendants in a class action litigation in the State of Delaware related to the 2018 acquisition of Boardwalk Pipelines limited partnership units.2018
• Loews Hotels & Co is a defendant in litigation alleging that it and certain other hotel chains engaged in a conspiracy to fix higher prices for hotel rooms in violation of antitrust laws.
• In September 2023, a WOTUS rule under the Clean Water Act became effective, but is in effect in only 24 states due to injunctions; in November 2025, the EPA and Corps proposed a rule to narrow the WOTUS definition guided by Sackett v. EPA.September 2023