Loews (L)
Holding company for commercial insurance, natural-gas infrastructure, hotels and rigid plastic packaging.
Something off on this page? Send us feedback.
Loews is a holding company: a small head office that owns most of a commercial insurer, all of a natural-gas pipeline system, and a chain of hotels. Insurance brings in most of the money, and prices there are softening; an old long-term-care book, closed to new sales, still runs off in the background. The pipelines, with a slate of contracted construction under way, are where growth is being built.
Item facts: FY2025 · year ended December 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 9 more below
CNA Commercial
Cover for mid-sized and large American companies, and the biggest single line in the group. It paid about 95 cents of claims and costs per dollar of premium in 2025, leaving $820M of profit. CNA's insurance arms together are roughly four-fifths of Loews' revenue.
Competes with Business Insurance (Travelers) · Commercial Lines (The Hartford)
In plain English
Picture the local building contractor, the trucking firm, the mid-sized factory. Each one needs someone to pay the bill when a warehouse burns or a worker is hurt on the job, and CNA is that someone.
CNA never knocks on their doors itself: independent agents and brokers bring the business in, and CNA decides which accounts it wants and at what price. Customers paid it about $5.8 billion of premium in 2025, and it earns more on top by investing the money it holds in the years between collecting a premium and paying a claim. The trick is simply paying out less than comes in — and prices across the industry have started drifting down.
CNA Specialty
Cover for the things that go wrong in a professional's work, bonds that guarantee a job gets finished, and a large business standing behind the service contracts shops and manufacturers sell. Premium grew just 2% in 2025, the slowest of CNA's three insurance arms.
Competes with Financial Lines (Chubb) · Bond & Specialty Insurance (Travelers)
In plain English
Two quite different businesses share one name here. The first insures companies and professionals against being blamed — a board sued by its shareholders, an adviser sued over their advice — and also promises a customer that a contractor will finish the job it signed up for.
The second has nothing to do with lawsuits. When a shop sells you an extended warranty on a washing machine, somebody has to stand behind that promise and pay the repairman. CNA runs those programmes for retailers and manufacturers and collects a fee for it: roughly $1.6 billion in 2025, a shade below the year before. That money keeps coming whatever insurance prices do.
Boardwalk Pipelines
Roughly 14,275 miles of pipe moving natural gas and related fuels for power stations, utilities, factories and gas exporters. Revenue was $2,324M in 2025 with cash earnings near $1.2B, up 8%. What matters is the rate each contract renews at.
Competes with Transco mainline (Williams) · Tennessee Gas Pipeline (Kinder Morgan)
In plain English
A pipeline is a toll road for gas. Boardwalk owns about 14,275 miles of it, and its customers — power stations, gas utilities, factories and the plants that chill gas into liquid for shipping abroad — pay to reserve space in the pipe whether or not they end up filling it.
That reservation fee is why the business barely notices what gas costs on the day. What moves it is the price written into the next contract when an old one runs out, and how much new pipe is switched on. In 2025 it took in $2,324M and earned nearly $1.2B before interest, tax and wear-and-tear charges — 8% more than the year before.
Kosci Junction & Texas Gateway
Nine projects, about $3.3B of spending, lifting how much gas the system can carry by roughly a sixth. The two largest carry twenty-year commitments signed before ground was broken; they start up in 2028 and 2029.
Competes with MSX pipeline project (Kinder Morgan) · Transco expansion projects (Williams)
In plain English
The plain word for this part is building. Boardwalk has nine projects going, about $3.3 billion of pipe and construction, and the two big ones have names: Kosci Junction, roughly 110 miles of new pipe due in 2028, and Texas Gateway, about 155 miles due in 2029.
What makes them worth the money is the paperwork that comes first. Before committing, Boardwalk signs a large customer to a twenty-year deal for a big share of the new capacity, so much of the revenue is agreed years before the gas moves. Those customers' names are not disclosed. Texas Gateway still needs its federal permit, and Boardwalk means to pay for the whole slate from its own cash rather than the parent's.
CNA International
CNA's book outside the United States: the fastest-growing of its three insurance arms, premium up 7% in 2025, and the best behaved — about 91 cents paid out per dollar of premium, leaving $207M.
Competes with Overseas General Insurance (Chubb) · Commercial insurance operations (Zurich)
In plain English
Same trade, different addresses. Companies outside the United States buy the same things — cover for damaged property, for people hurt, for being blamed when professional work goes wrong — and CNA writes it for them through brokers and specialist agents.
It is the smallest of CNA's three insurance arms and the tidiest: on about $1.3 billion of premium in 2025 it paid out roughly 91 cents of every dollar in claims and running costs, better than either of its US siblings, and grew faster than them too. Small and well-behaved is a good combination — but small also means it moves the group's total very little.
Loews Hotels & Co
A 27-hotel US chain: eleven owned outright, the rest co-owned or run for someone else. Revenue was $945M in 2025 and cash earnings $372M, up 14%, yet profit fell to $31M under the costs of new buildings. In the first half of 2026 that profit ran $74M against $28M.
Competes with Omni convention hotels (Omni Hotels & Resorts) · Gaylord Hotels (Ryman Hospitality)
In plain English
Big hotels, not boutique ones — convention halls with bedrooms attached, plus resort properties near beaches and theme parks. Loews owns eleven of them outright and keeps the room and restaurant takings from those; the rest it co-owns with partners or simply manages for a fee.
Filling them is wholesale as much as retail: one association or company books hundreds of rooms at a stroke rather than one guest at a time. New buildings are why profit dipped even as trading improved — a hotel that just opened carries heavy charges for the loan that built it and for its own ageing before the guests catch up.
Universal Orlando hotel partnership
Loews half-owns and runs all eleven hotels inside Universal Orlando — about 11,000 rooms, three of them opened with the Epic Universe park in May 2025. Money arrives as a share of the partnership's profit and fees, not room takings.
Competes with Walt Disney World Resort hotels (Disney) · Gaylord Palms (Ryman Hospitality)
In plain English
Sleep at Universal's resort in Orlando and the hotel you are in is half Loews'. The company owns fifty per cent of the on-site hotels alongside Universal and operates every one of them — eleven properties, about 11,000 rooms, after three opened with the Epic Universe park in May 2025.
Because it owns only half, the room money never lands in Loews' own revenue line; what arrives is a share of the partnership's profit plus fees for running the places. Demand comes from the park next door — guests pay to stay on-site for perks like skipping the queues — so occupancy follows attendance, and Universal, not Loews, decides what gets built there.
CNA CommercialCover for mid-sized and large American companies, and the biggest single line in the group. It paid about 95 cents of claims and costs per dollar of premium in 2025, leaving $820M of profit. CNA's insurance arms together are roughly four-fifths of Loews' revenue.Cover for mid-sized and large American companies, and the biggest single line in the group. It paid about 95 cents of claims and costs per dollar of premium in 2025, leaving $820M of profit. CNA's insurance arms together are roughly four-fifths of Loews' revenue.
In plain English
Picture the local building contractor, the trucking firm, the mid-sized factory. Each one needs someone to pay the bill when a warehouse burns or a worker is hurt on the job, and CNA is that someone.
CNA never knocks on their doors itself: independent agents and brokers bring the business in, and CNA decides which accounts it wants and at what price. Customers paid it about $5.8 billion of premium in 2025, and it earns more on top by investing the money it holds in the years between collecting a premium and paying a claim. The trick is simply paying out less than comes in — and prices across the industry have started drifting down.
Competes with Business Insurance (Travelers) · Commercial Lines (The Hartford)
CNA SpecialtyCover for the things that go wrong in a professional's work, bonds that guarantee a job gets finished, and a large business standing behind the service contracts shops and manufacturers sell. Premium grew just 2% in 2025, the slowest of CNA's three insurance arms.Cover for the things that go wrong in a professional's work, bonds that guarantee a job gets finished, and a large business standing behind the service contracts shops and manufacturers sell. Premium grew just 2% in 2025, the slowest of CNA's three insurance arms.
In plain English
Two quite different businesses share one name here. The first insures companies and professionals against being blamed — a board sued by its shareholders, an adviser sued over their advice — and also promises a customer that a contractor will finish the job it signed up for.
The second has nothing to do with lawsuits. When a shop sells you an extended warranty on a washing machine, somebody has to stand behind that promise and pay the repairman. CNA runs those programmes for retailers and manufacturers and collects a fee for it: roughly $1.6 billion in 2025, a shade below the year before. That money keeps coming whatever insurance prices do.
Competes with Financial Lines (Chubb) · Bond & Specialty Insurance (Travelers)
Boardwalk PipelinesRoughly 14,275 miles of pipe moving natural gas and related fuels for power stations, utilities, factories and gas exporters. Revenue was $2,324M in 2025 with cash earnings near $1.2B, up 8%. What matters is the rate each contract renews at.Roughly 14,275 miles of pipe moving natural gas and related fuels for power stations, utilities, factories and gas exporters. Revenue was $2,324M in 2025 with cash earnings near $1.2B, up 8%. What matters is the rate each contract renews at.
In plain English
A pipeline is a toll road for gas. Boardwalk owns about 14,275 miles of it, and its customers — power stations, gas utilities, factories and the plants that chill gas into liquid for shipping abroad — pay to reserve space in the pipe whether or not they end up filling it.
That reservation fee is why the business barely notices what gas costs on the day. What moves it is the price written into the next contract when an old one runs out, and how much new pipe is switched on. In 2025 it took in $2,324M and earned nearly $1.2B before interest, tax and wear-and-tear charges — 8% more than the year before.
Competes with Transco mainline (Williams) · Tennessee Gas Pipeline (Kinder Morgan)
Kosci Junction & Texas GatewayNine projects, about $3.3B of spending, lifting how much gas the system can carry by roughly a sixth. The two largest carry twenty-year commitments signed before ground was broken; they start up in 2028 and 2029.Nine projects, about $3.3B of spending, lifting how much gas the system can carry by roughly a sixth. The two largest carry twenty-year commitments signed before ground was broken; they start up in 2028 and 2029.
In plain English
The plain word for this part is building. Boardwalk has nine projects going, about $3.3 billion of pipe and construction, and the two big ones have names: Kosci Junction, roughly 110 miles of new pipe due in 2028, and Texas Gateway, about 155 miles due in 2029.
What makes them worth the money is the paperwork that comes first. Before committing, Boardwalk signs a large customer to a twenty-year deal for a big share of the new capacity, so much of the revenue is agreed years before the gas moves. Those customers' names are not disclosed. Texas Gateway still needs its federal permit, and Boardwalk means to pay for the whole slate from its own cash rather than the parent's.
Competes with MSX pipeline project (Kinder Morgan) · Transco expansion projects (Williams)
CNA InternationalCNA's book outside the United States: the fastest-growing of its three insurance arms, premium up 7% in 2025, and the best behaved — about 91 cents paid out per dollar of premium, leaving $207M.CNA's book outside the United States: the fastest-growing of its three insurance arms, premium up 7% in 2025, and the best behaved — about 91 cents paid out per dollar of premium, leaving $207M.
In plain English
Same trade, different addresses. Companies outside the United States buy the same things — cover for damaged property, for people hurt, for being blamed when professional work goes wrong — and CNA writes it for them through brokers and specialist agents.
It is the smallest of CNA's three insurance arms and the tidiest: on about $1.3 billion of premium in 2025 it paid out roughly 91 cents of every dollar in claims and running costs, better than either of its US siblings, and grew faster than them too. Small and well-behaved is a good combination — but small also means it moves the group's total very little.
Competes with Overseas General Insurance (Chubb) · Commercial insurance operations (Zurich)
Loews Hotels & CoA 27-hotel US chain: eleven owned outright, the rest co-owned or run for someone else. Revenue was $945M in 2025 and cash earnings $372M, up 14%, yet profit fell to $31M under the costs of new buildings. In the first half of 2026 that profit ran $74M against $28M.A 27-hotel US chain: eleven owned outright, the rest co-owned or run for someone else. Revenue was $945M in 2025 and cash earnings $372M, up 14%, yet profit fell to $31M under the costs of new buildings. In the first half of 2026 that profit ran $74M against $28M.
In plain English
Big hotels, not boutique ones — convention halls with bedrooms attached, plus resort properties near beaches and theme parks. Loews owns eleven of them outright and keeps the room and restaurant takings from those; the rest it co-owns with partners or simply manages for a fee.
Filling them is wholesale as much as retail: one association or company books hundreds of rooms at a stroke rather than one guest at a time. New buildings are why profit dipped even as trading improved — a hotel that just opened carries heavy charges for the loan that built it and for its own ageing before the guests catch up.
Competes with Omni convention hotels (Omni Hotels & Resorts) · Gaylord Hotels (Ryman Hospitality)
Universal Orlando hotel partnershipLoews half-owns and runs all eleven hotels inside Universal Orlando — about 11,000 rooms, three of them opened with the Epic Universe park in May 2025. Money arrives as a share of the partnership's profit and fees, not room takings.Loews half-owns and runs all eleven hotels inside Universal Orlando — about 11,000 rooms, three of them opened with the Epic Universe park in May 2025. Money arrives as a share of the partnership's profit and fees, not room takings.
In plain English
Sleep at Universal's resort in Orlando and the hotel you are in is half Loews'. The company owns fifty per cent of the on-site hotels alongside Universal and operates every one of them — eleven properties, about 11,000 rooms, after three opened with the Epic Universe park in May 2025.
Because it owns only half, the room money never lands in Loews' own revenue line; what arrives is a share of the partnership's profit plus fees for running the places. Demand comes from the park next door — guests pay to stay on-site for perks like skipping the queues — so occupancy follows attendance, and Universal, not Loews, decides what gets built there.
Competes with Walt Disney World Resort hotels (Disney) · Gaylord Palms (Ryman Hospitality)
Named in filings, launches and programs
- Gulf South Pipeline CompanyBrandOne of Boardwalk's two pipeline companies, and the sponsor of the $1.3B Texas Gateway project now waiting on its federal permit.
- Texas Gas TransmissionBrandBoardwalk's other pipeline company, based in Owensboro, Kentucky since 1948, and named on the Kosci Junction build.
- Bayou EthaneProduct lineA 380-mile ethane line bought from Williams for $348M in 2023 — the corner of Boardwalk's system that carries something other than gas.
- The seven smaller Boardwalk projectsCustomer program · AnnouncedThe rest of the nine-project slate beyond Kosci Junction and Texas Gateway; their individual costs are not broken out.
- Loews Arlington Hotel and Convention CenterBrandA $550M, 888-room hotel with 250,000 square feet of meeting space, built between two stadiums and opened in 2024.
- Arlington Sheraton replacement hotelBrand · AnnouncedA roughly 500-room hotel targeted for 2029 in place of the Sheraton there; the old building took a $20M write-down in 2025.
- Universal Helios Grand HotelBrand500 rooms at Epic Universe, opened May 2025 — the newest of the Orlando partnership's hotels.
- Altium PackagingBrandA rigid-plastic packaging maker Loews owns about 53% of; Singapore's GIC bought 47% in 2021 at a $2B valuation.
- Corporate — the parent's own moneySegment$3.9B of cash and investments at end-2025, earning $196M that year and paying for $806M of share buybacks.
Gulf South Pipeline CompanyBrand
One of Boardwalk's two pipeline companies, and the sponsor of the $1.3B Texas Gateway project now waiting on its federal permit.
Texas Gas TransmissionBrand
Boardwalk's other pipeline company, based in Owensboro, Kentucky since 1948, and named on the Kosci Junction build.
Bayou EthaneProduct line
A 380-mile ethane line bought from Williams for $348M in 2023 — the corner of Boardwalk's system that carries something other than gas.
The seven smaller Boardwalk projectsCustomer program · Announced
The rest of the nine-project slate beyond Kosci Junction and Texas Gateway; their individual costs are not broken out.
Loews Arlington Hotel and Convention CenterBrand
A $550M, 888-room hotel with 250,000 square feet of meeting space, built between two stadiums and opened in 2024.
Arlington Sheraton replacement hotelBrand · Announced
A roughly 500-room hotel targeted for 2029 in place of the Sheraton there; the old building took a $20M write-down in 2025.
Universal Helios Grand HotelBrand
500 rooms at Epic Universe, opened May 2025 — the newest of the Orlando partnership's hotels.
Altium PackagingBrand
A rigid-plastic packaging maker Loews owns about 53% of; Singapore's GIC bought 47% in 2021 at a $2B valuation.
Corporate — the parent's own moneySegment
$3.9B of cash and investments at end-2025, earning $196M that year and paying for $806M of share buybacks.