Profile: Loews Corp (L.N)
22 Aug 2017
Loews Corporation, incorporated on November 12, 1969, is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids, and operation of a chain of hotels. The Company has five segments consisted of its four individual operating subsidiaries, CNA Financial Corporation (CNA), Diamond Offshore Drilling, Inc. (Diamond Offshore), Boardwalk Pipeline Partners, LP (Boardwalk Pipeline) and Loews Hotels Holding Corporation (Loews Hotels), and the Corporate segment.
CNA Financial Corporation
CNA is an insurance holding company. CNA's property and casualty and remaining life and group insurance operations are conducted by Continental Casualty Company (CCC), The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited and Hardy Underwriting Bermuda Limited and its subsidiaries (Hardy). CNA's insurance products include commercial property and casualty coverages, including surety. CNA's services include risk management, information services, warranty and claims administration. CNA's products and services are marketed through independent agents, brokers and managing general underwriters to a range of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups. CNA's core business, commercial property and casualty insurance operations include Specialty, Commercial and International lines of business. CNA's Specialty business 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 business groups Management & Professional Liability, Surety, and Warranty and Alternative Risks. The Management & Professional Liability business group provides management and professional liability insurance and risk management services, and other specialized property and casualty coverages. It provides professional liability coverages to various professional firms, including architects, real estate agents, accounting firms, law firms and other professional firms. It also provides directors and officers (D&O), employment practices, fiduciary and fidelity coverages. Management & Professional Liability, through CNA HealthCare, also offers insurance products to serve the healthcare industry. Products include professional and general liability, as well as associated standard property and casualty coverages, and are distributed on a national basis through brokers, independent agents and managing general underwriters.
Surety business group offers small, medium and large contract and commercial surety and fidelity bonds. Warranty and Alternative Risks business group provides extended service contracts and related products that provide protection from the financial burden associated with mechanical breakdown and other related losses, primarily for vehicles and portable electronic communication devices. CNA's Commercial business markets a range of property and casualty insurance products and services to small, middle-market and large businesses. Its property products include standard and excess property, marine and boiler and machinery coverages. Its casualty products include standard casualty insurance products, such as worker's compensation, general and product liability, commercial auto and umbrella coverages. CNA also offers specialized loss-sensitive insurance programs and total risk management services relating to claim and information services to the commercial insurance marketplace through a subsidiary, CNA ClaimPlus, Inc., a third party administrator. These property and casualty products are offered through CNA's Middle Market, Small Business and Other Commercial insurance groups. CNA's International business provides property and casualty insurance and specialty coverages through a network of brokers, independent agencies and managing general underwriters, on a global basis through its operations in Canada, the United Kingdom, Continental Europe, China and Singapore, as well as through its presence at Lloyd's of London (Lloyd's). The International business is grouped into business units, which include Energy & Marine, Property, Casualty, Specialty and Healthcare & Technology. As of December 31, 2016, CNA's property and casualty field structure consisted of 49 underwriting locations across the United States. As of December 31, 2016, there were five centralized processing operations, which handled policy processing, billing and collection activities. It also acts as call centers to optimize service.
Diamond Offshore Drilling, Inc.
Diamond Offshore is engaged, through its subsidiaries, in the business of operating drilling rigs for companies engaged in the offshore exploration and production of hydrocarbons. Diamond Offshore provides contract drilling services to the energy industry around the world with a fleet of 24 offshore drilling rigs. As of December 31, 2016, Diamond Offshore's fleet consisted of four drillships, 19 semisubmersible rigs and one jack-up rig. Diamond Offshore's floater fleet (semisubmersibles and drillships) can be categorized based on the nominal water depth for each class of rig as Ultra-Deepwater (water depths from 7,501 feet to 12,000 feet), Deepwater (water depths from 5,000 feet to 7,500 feet) and Mid-Water (water depths from 400 feet to 4,999 feet). Diamond Offshore's jack-up is used for drilling in water depths from 20 feet to 350 feet. The markets for Diamond Offshore's contract drilling services include the Gulf of Mexico, including the United States and Mexico; South America, principally offshore Brazil, and Trinidad and Tobago; Australia and Southeast Asia, including Malaysia, Indonesia and Vietnam; Europe, principally offshore the United Kingdom and Norway; East and West Africa; the Mediterranean, and the Middle East.
Boardwalk Pipeline Partners, LP
Boardwalk Pipeline is engaged in the business of natural gas and natural gas liquids and hydrocarbons (NGLs) transportation and storage. As of December 31, 2016, Boardwalk Pipeline owned and operated approximately 13,930 miles of interconnected natural gas pipelines directly serving customers in 13 states and indirectly serves customers throughout the northeastern and southeastern United States through various interconnections with unaffiliated pipelines. As of December 31, 2016, Boardwalk Pipeline also owned and operated more than 435 miles of NGL pipelines in Louisiana and Texas. As of December 31, 2016, Boardwalk Pipeline also owned three salt dome caverns and a brine pond for use in providing brine supply services and to support the NGL storage operations.
The pipeline and storage systems of Boardwalk Pipeline consist of the Gulf South pipeline system, which runs approximately 7,225 miles along the Gulf Coast in the states of Texas, Louisiana, Mississippi, Alabama and Florida; the Texas Gas pipeline system, which runs approximately 6,025 miles and is located in Louisiana, East Texas, Arkansas, Mississippi, Tennessee, Kentucky, Indiana and Ohio with diameter lines extending into Illinois, and the Gulf Crossing pipeline system, which is located in Texas and runs approximately 375 miles into Louisiana. Boardwalk Louisiana Midstream and Boardwalk Petrochemical Pipeline (collectively Louisiana Midstream) provide transportation and storage services for natural gas, NGLs and ethylene, fractionation services for NGLs and brine supply services. Boardwalk Field Services operates natural gas gathering, compression, treating and processing infrastructure primarily in South Texas with approximately 290 miles of pipeline. Boardwalk Pipeline is also engaged in projects, which include Northern Supply Access Project, Sulphur Storage and Pipeline Expansion Project, and Coastal Bend Header Project.
Loews Hotels Holding Corporation
As of December 31, 2016, Loews Hotels, through its subsidiaries, operated a chain of 25 primarily upper, upscale hotels. As of December 31, 2016, 13 of these hotels are owned by Loews Hotels, 10 are owned by joint ventures in which Loews Hotels has equity interests and two are managed for unaffiliated owners.
667 MADISON AVE
NEW YORK NY 10065-8087