Loews
31 named things its latest annual report says its results depend on, each in the company's own words. 25 of them are also named by other companies we've read.
Customers
Boardwalk Pipelines top customers
earns from · approximately 66% of Boardwalk Pipelines’ total projected operating revenuesnamed as a riskAdditionally, as of December 31, 2025, the top ten customers under committed firm agreements comprised approximately 66% of Boardwalk Pipelines’ total projected operating revenues.Risk factors (Item 1A)
Liquefied natural gas (LNG) exports
earns fromThe recent growth of liquefied natural gas (“LNG”) export and power generation demand has led to the announcement of additional growth projects for Boardwalk Pipelines.Business (Item 1)
Also named by AROC
Partners and platforms
National Indemnity Company (Berkshire Hathaway)
depends on · aggregate limit of $4.0 billionnamed as a riskOn 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”).Risk factors (Item 1A)
Also named by CNA
Universal Orlando
concentrated in · 59% of roomsnamed as a riskSpecifically, as of December 31, 2025, eleven hotels, representing 59% of rooms in its system, were located at Universal Orlando in Orlando, Florida and thirteen hotels, representing approximately 64% of rooms in its system, were located in Florida.Risk factors (Item 1A)
Online travel agencies
depends onnamed as a riskA significant percentage of hotel rooms for guests at Loews Hotels & Co’s properties is booked through internet-based travel agencies and other intermediaries.Risk factors (Item 1A)
Also named by HLT
Other companies
Long-term care insurance
$13.4 billionnamed as a riskCNA’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.Risk factors (Item 1A)
Boardwalk Pipelines growth projects
approximately $3.3 billionnamed as a riskBoardwalk Pipelines expects to construct approximately $3.3 billion of growth projects over the next five years and is evaluating additional growth projects involving substantial capital commitments.Risk factors (Item 1A)
CNA Financial Corporation
earns from · 81.2%CNA accounted for 81.2%, 81.5% and 83.6% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023.Business (Item 1)
Hotel room price-fixing antitrust litigation
named as a riskIn addition, 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.Risk factors (Item 1A)
Places
Florida
concentrated in · approximately 64% of roomsnamed as a riskSpecifically, as of December 31, 2025, eleven hotels, representing 59% of rooms in its system, were located at Universal Orlando in Orlando, Florida and thirteen hotels, representing approximately 64% of rooms in its system, were located in Florida.Risk factors (Item 1A)
Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more
Louisiana
operates innamed as a riskIn recent years, local governments and landowners in Louisiana have filed lawsuits against energy companies, including Boardwalk Pipelines, alleging that their operations contributed to increased coastal rising seas and erosion and are seeking, or have been awarded, substantial damages.Risk factors (Item 1A)
Arlington, Texas
concentrated innamed as a riskLoews Hotels & Co also has multiple hotels in other geographies, including Arlington, Texas (where a third hotel development has recently been announced) and the Chicago, Illinois metropolitan area.Risk factors (Item 1A)
Also named by ENPH
Hazards
Hurricanes (Florida)
operates innamed as a riskIn addition, Loews Hotels & Co’s properties in Florida are subject to the effects of adverse acts of nature, such as hurricanes, strong winds and flooding, which have in the past caused damage to its hotels in Florida, and which may in the future be intensified as a result of climate change.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Hurricanes (Gulf Coast)
operates innamed as a riskAdditionally, 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, snowstorms, windstorms, earthquakes, hail, tornados and other severe weather.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Commodities and inputs
Natural gas
exposed to its pricenamed as a riskVolatility 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.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Steel
exposed to its pricenamed as a riskWhile Boardwalk Pipelines’ practice is to source steel through domestic producers in the U.S. in most instances, any imposition of or increase in tariffs on imports of steel or other materials, as well as corresponding price increases for such materials available domestically, could increase its construction costs and its costs to maintain its assets.Risk factors (Item 1A)
Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more
Plastic resins
exposed to its pricenamed as a riskTo produce its products, Altium Packaging uses large quantities of plastic resins and recycled plastic materials.Risk factors (Item 1A)
Also named by BMI
Regulators
Federal Energy Regulatory Commission (FERC)
subject to · approximately $1.5 million per day per violationnamed as a riskBoardwalk Pipelines’ natural gas transportation and storage operations are subject to extensive regulation by the FERC, including with respect to 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.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject to · up to 0.80 of the pipeline’s SMYSnamed as a riskIf 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.Risk factors (Item 1A)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
Transportation Security Administration (TSA)
subject toThe Department of Homeland Security’s Transportation Safety Administration (“TSA”) has issued a series of security directives between 2022 and 2025 applicable to major 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 U.S. critical infrastructure.Business (Item 1)
Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, EXPD and 13 more
Texas Railroad Commission
subject toSome 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.Business (Item 1)
Also named by ARLP, CRGY, ET, FANG, LB, VNOM, WES, WMB and 1 more
Surface Transportation Board
subject toThe Surface Transportation Board (“STB”) regulates the rates Boardwalk Pipelines charges for interstate service on its ethylene pipeline systems.Business (Item 1)
Illinois Department of Insurance
subject toThese 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 (“PRA”) and Financial Conduct Authority (“FCA”), the Office of Superintendent of Financial Institutions (“OSFI”) in Canada, the Luxembourg insurance regulator Commissariat aux Assurances (“CAA”) and the Bermuda Monetary Authority (“BMA”).Business (Item 1)
Laws and programs
EPA methane rules (Subparts OOOOb and OOOOc)
subject tonamed as a riskIn December 2023, the EPA finalized its methane rules for new, modified, and reconstructed facilities, known as Subpart OOOOb, as well as standards for existing sources for the first time ever, known as Subpart OOOOc.Risk factors (Item 1A)
Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA)
depends onnamed as a riskCNA’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.Risk factors (Item 1A)
Natural Gas Act of 1938
subject tonamed as a riskThe 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.Risk factors (Item 1A)
Abuse reviver statutes
subject tonamed as a riskFor 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.Risk factors (Item 1A)
Also named by CNA
Clean Water Act Nationwide Permit 12
depends onnamed as a riskIf NWP 12, or the underlying Section 401 certification process, is further amended or revoked, Boardwalk Pipelines may be required to apply for one or more Individual Permits, which would require additional time and resources to obtain, and may result in increased costs and project delays.Risk factors (Item 1A)