Loews (L) Risk Factor Changes

Scrutiny and changing expectations from stakeholders with respect to sustainability practices may impose additional costs on us and our subsidiaries or expose us and our subsidiaries to new or additional risks.

We and our subsidiaries also test goodwill for impairment on an annual basis or when events or changes in circumstances indicate that a potential impairment exists.

We and our subsidiaries rely on products, equipment and services provided by many third-party suppliers, manufacturers and service providers in the United States and abroad, which exposes us and them to volatility in…

related to our 2018 acquisition of the Boardwalk Pipelines limited partnership units not already owned by our affiliates.

We and our subsidiaries are dependent upon information technologies, computer and communication systems and networks, including those maintained by us and our subsidiaries and those maintained and provided to us and o…

A portion of Loews Hotels & Co’s labor force is covered by collective bargaining agreements.

•construction delays, changes to plans and specifications and cost overruns (including for labor and materials), including those that may be due to unforeseeable site conditions, construction errors, design defects, t…

Loews Hotels & Co, on its own and together with joint venture partners, from time to time renovates its properties and expands its portfolio through ground-up construction.

•risks associated with mortgage debt, including the possibility of default, fluctuating interest rate levels, compliance with covenants that may include or result in principal amortization or the acceleration of repay…

•risks related to relationships with third-party property owners, developers, landlords, tenants, suppliers, lenders and joint venture partners, including the risk that such third-parties may encounter financial diffi…

•changes in the desirability of particular locations or travel patterns of customers, including as a result of an increase in, the occurrence of or the fear of, criminal activity, or the possibility that travelers may…

•outbreaks of pandemic or contagious diseases;

Boardwalk Pipelines relies primarily on the revenues generated from its natural gas transportation and storage services.

•limit Boardwalk Pipelines’ ability to borrow money for its working capital, capital expenditures, including its growth projects, debt service requirements or other general business activities;

As of December 31, 2025, Boardwalk Pipelines had $3.8 billion in principal amount of debt outstanding, of which $550.0 million was called for redemption on January 31, 2026.

Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that may restrict its ability to finance future operations or capital needs or to expand or pursue business activities.

Boardwalk Pipelines’ credit exposure also includes receivables for services provided, future performance under firm agreements and volumes of gas owed by customers for imbalances or gas loaned by Boardwalk Pipelines t…

Credit risk relates to the risk of loss resulting from the default by a customer of its contractual obligations or the customer filing bankruptcy.

The adoption and implementation of new or more stringent international, federal, regional, state or local legislation, regulations or other initiatives that impose more stringent standards for GHG emissions from the o…

There have also been increasing financial risks for fossil fuel energy companies as certain investors become concerned about the potential effects of climate change and may elect in the future to shift some or all of…

Governmental, scientific and public concern over the threat of climate change arising from GHG emissions has resulted in increasing political risks in the U.S.

of Boardwalk Pipelines’ projects, which costs could be significant.

Climate change remains a concern in the U.S.

distribution, transmission and gathering pipelines (e.g., relating to MAOP reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage and the consideration of seismicity as a risk…

Boardwalk 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.

Boardwalk Pipelines is and has been engaged in several construction projects involving its existing assets and the construction of new facilities for which it has expended or will expend significant capital.

These rules and regulations relate to, among other things, the standards of solvency (including risk-based capital measures), government-supported backstops for certain catastrophic events (including terrorism), inves…

CNA is a holding company and is dependent upon dividends, loans and other sources of cash from its subsidiaries in order to meet its obligations.

Insurance companies such as CNA are subject to capital adequacy standards set by regulators to help identify companies that merit further regulatory attention.

A significant breach of CNA’s data security infrastructure may result from actions by its employees, vendors, third-party administrators, or unknown third parties or through cyber attacks.

CNA’s, or its vendors’, facilities and systems could become unavailable, inoperable, or otherwise impaired from a variety of causes, including natural events, such as hurricanes, tornadoes, windstorms, earthquakes, se…

CNA has significant holdings in fixed maturity investments that are sensitive to changes in interest rates.

CNA’s investment portfolio is exposed to various risks, such as interest rate, credit spread, issuer default, equity prices and foreign currency, which are unpredictable.

All aspects of the insurance industry are highly competitive and CNA must continuously allocate resources to refine and improve its insurance products and services to remain competitive.

CNA faces potential exposure to various types of existing, new and emerging mass tort claims including, those related to exposure to potentially harmful products or substances, such as glyphosate, lead paint, per- and…

traditional actuarial methods and techniques employed to estimate the ultimate cost of claims for more traditional property and casualty exposures are less precise in estimating claim and claim adjustment expense rese…

A prolonged period during which investment returns remain at low levels could result in shortfalls in investment income on assets supporting CNA’s obligations under long-term care policies.

against its earnings in the period in which reserves are determined to be insufficient.

CNA’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.

Our business and the businesses of our subsidiaries face many risks and uncertainties.

As a holding company, our stakeholders generally focus on the ESG practices across our enterprise, including those at our subsidiaries.

Companies have also increasingly been requested by stakeholders to create and publish disclosures regarding their ESG practices.

or to not commit capital as a result of their assessment of a company’s ESG practices.

Companies across all industries are facing increasing scrutiny from stakeholders related to their ESG practices.

We and our subsidiaries rely on products, equipment and services provided by many third-party suppliers, manufacturers and service providers in the United States and abroad, which exposes us and them to volatility in…

significant damage to our or their assets and surrounding areas, cause loss of life or serious bodily injury, impact our or their data framework or cause a failure to protect personal information of customers, employe…

As with other large companies, we and our subsidiaries and our and their third party vendors have experienced cyber attacks and other cyber incidents and expect this to continue.

The negative impacts of a pandemic or other outbreak of contagious disease on Loews Hotels & Co’s business may substantially exacerbate the other risks facing Loews Hotels & Co, including those described in this secti…

As part of cost containment efforts at the outset of the COVID-19 pandemic, Loews Hotels & Co and many of its service providers and suppliers severed or put employees on unpaid leaves of absence.

In response to COVID-19, Loews Hotels & Co temporarily suspended operations at the majority of its properties and, for a period after general operations resumed, occupancy rates were considerably lower for certain of…

In response to the spread of COVID-19, governments across the globe implemented measures to mitigate the spread of the virus, such as through lockdowns or stay-at-home orders, business closures, restrictions on travel…

Pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread have had, and could in the future have, material adverse impacts on Loews Hotels & Co’s results of operations, financial conditi…

hotels in Florida, and which may in the future be intensified as a result of climate change.

Loews Hotels & Co has a concentration of hotels in Florida.

maintain or upgrade properties, or may prevent Loews Hotels & Co from making unilateral decisions with respect to material matters relating to specific properties, and/or may, in the case of third party property owner…

The global outbreak of the COVID-19 pandemic and measures to mitigate the spread of COVID-19 caused unprecedented disruptions to the global and U.S.

Pandemics or other outbreaks of contagious diseases and the measures to mitigate their spread could materially adversely affect Boardwalk Pipelines’ business, financial condition and results of operations and those of…

debt markets were not available, it is not certain if other adequate financing options would be available to Boardwalk Pipelines on terms and conditions that it would find acceptable.

adjustment to the scope of the project occurs or Boardwalk Pipelines is unable to replace the defaulting customer with a customer willing to pay similar rates.

assets involves a number of risks, including risks related to regulations (federal, state and local), landowner opposition, environmental matters, activists, legal compliance, political matters and materials and labor…

sustainable lending and investment practices may impact it, a material reduction in the capital available to the fossil fuel industry could make it more difficult to secure funding for exploration and production or mi…

These rules and regulations relate to, among other things, the standards of solvency (including risk-based capital measures), government-supported backstops for certain catastrophic events (including terrorism), inves…

adequacy formula.

CNA may incur losses which arise from employees or third party service providers engaging in intentional, negligent or inadvertent misconduct, fraud, errors and omissions, failure to comply with internal guidelines, i…

As previously disclosed, CNA sustained a sophisticated cybersecurity attack in March 2021 involving ransomware that caused a network disruption and impacted certain of its systems.

providers of capital seeking exposure to insurance risk.

CNA has incurred and may continue to incur substantial expenses related to litigation activity in connection with COVID-related legal claims.

Increased frequency or severity in any or all of the foregoing lines, or others where the exposure has yet to emerge, relating to long-term effects of COVID-19, new or emerging variants, or other potential pandemics,…

recorded significant losses during 2020, a portion of which remain classified as incurred but not reported (“IBNR”) reserves, in these areas and may experience continued losses, which could be material.

CNA has experienced, and may continue to experience, claim submissions and litigation related to denial of claims based on policy coverage, or the facts of the claim, in certain lines of business that are implicated b…

The COVID-19 pandemic, including new or emerging variants, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to have adverse impacts on its business, results of operat…

Companies across all industries may face scrutiny from stakeholders related to their sustainability practices, including from both those who support and those who oppose such practices.

in materially different carrying values of our assets which could impact the need to record an impairment charge and the amount of any charge taken.

We and our subsidiaries are or may become parties to legal proceedings and disputes.

As with other large companies, we and our subsidiaries and our and their third party vendors and other third parties with whom we and they do business have experienced cyber attacks and other cyber incidents and expec…

in the future, multi-employer plans that are classified as “endangered,” “seriously endangered,” or “critical” status and a withdrawal in the future could result in the incurrence of a contingent liability that would…

among others, regional economic downturns, an increase in burdensome governmental regulation, changes in the local political climate, a decline in the popularity of or access to area tourist attractions, such as theme…

Loews Hotels & Co has a concentration of hotels in Florida.

increase cash flows will depend, in part, on its ability to expand its existing business lines, close and execute on accretive acquisitions and finance and construct its growth projects.

which the consummation of a qualified acquisition occurs where the purchase price exceeds $100.0 million and the three quarters following the qualified acquisition quarter, which limits the amount of additional indebt…

For 2025, one customer comprised 10% or more of Boardwalk Pipelines’ operating revenues.

Boardwalk Pipelines relies on a limited number of customers for a significant portion of its revenues.

Boardwalk Pipelines’ services.

In the U.S., no comprehensive climate change legislation has been implemented at the federal level, though the Inflation Reduction Act of 2022 (“IRA”) advanced numerous climate-related objectives.

In addition, access, disclosure or other loss of information or other consequences could result in legal claims or proceedings, liability under laws that protect the privacy of personal information or personally ident…

A failure, security breach, disruption or degradation impacting Boardwalk Pipelines’ operational or information technology systems or those of third parties with whom it does business could negatively affect its abili…

TSA has issued a series of security directives applicable to pipeline owners and operators, which require the implementation of a variety of cybersecurity measures and reporting.

As the cybersecurity threat landscape continues to evolve, Boardwalk Pipelines may be required to expend significant additional resources to continue to modify or enhance its protective measures or to investigate and…

Some cyber incidents, such as surveillance, may go unnoticed for a long period of time.

Cybersecurity threat actors have attacked and continue to threaten energy infrastructure.

Boardwalk Pipelines’ business is dependent upon its computer systems, devices and networks (operational and information technology), and those of its customers, suppliers and others with whom Boardwalk Pipelines does…

A failure in Boardwalk Pipelines’ computer systems or a cybersecurity attack on any of its computer systems, devices or telecommunications networks or those of certain third parties could cause substantial and catastr…

Boardwalk Pipelines’ interstate pipelines are subject to regulation by PHMSA, which is part of the DOT.

Stricter environmental or worker safety laws, regulations or enforcement policies could significantly increase Boardwalk Pipelines’ operational or compliance costs and compliance with new or more stringent environment…

Boardwalk Pipelines’ operations are subject to extensive federal, state, and local laws and regulations relating to protection of the environment and occupational health and safety.

Failure to comply with environmental or worker safety laws and regulations or an accidental release of pollutants into the environment may cause Boardwalk Pipelines to incur significant costs and liabilities.

Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S.

Boardwalk Pipelines’ business requires access to steel and other materials to construct and maintain its pipelines.

Boardwalk Pipelines’ business and results of operations may be adversely affected by uncertainty and changes in U.S.

Changes in U.S.