Insurance and Financial Reserves - CNA may need to increase its insurance reserves if it determines that its recorded reserves are insufficient [27] - CNA's actual experience could vary from the key assumptions used to determine future policy benefit reserves for its long-term care policies [27] - Potential significant realized and unrealized investment losses and volatility in net investment income for CNA [27] - Regulatory limitations on CNA's insurance subsidiaries' ability to pay dividends to CNA [27] - Regulatory limitations may restrict CNA's insurance subsidiaries from paying dividends to the parent company [31] Operational Risks - Boardwalk Pipelines' operations are subject to catastrophic losses, operational hazards, and unforeseen interruptions for which it may not be adequately insured [30] - Boardwalk Pipelines faces risks from climate change and regulatory initiatives, impacting its natural gas transportation and storage operations [31] - Boardwalk Pipelines' substantial indebtedness and exposure to credit risk from customer defaults could affect its financial stability [31] - 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 [30] - Loews Hotels & Co's investments in partnerships and joint ventures carry inherent risks due to lack of unilateral control [31] Market Competition - Intense competition in CNA's industry and the cyclical nature of the property and casualty business [27] - The high level of competition in the hospitality industry, both for customers and for the acquisition and/or development of new properties [30] - The hospitality industry competition poses risks for Loews Hotels & Co in acquiring and developing new properties [31] Economic and Environmental Factors - The impact of the coronavirus disease ("COVID-19") and other potential pandemics on CNA [27] - The impact of pandemics on Loews Hotels & Co's operations has been significant and may continue to affect performance [31] - Loews Hotels & Co's geographic concentration of properties may expose it to localized economic downturns [31] - Boardwalk Pipelines' ability to replace expiring storage contracts at attractive rates is influenced by market conditions [31] Seasonal and Cyclical Volatility - Loews Hotels & Co is subject to seasonal and cyclical volatility in the hospitality industry, impacting revenue consistency [31]
Loews (L) - 2024 Q4 - Annual Report