Loews (L) risk factors: FY2025 10-K

1. If CNA determines that its recorded insurance reserves are insufficient to cover its estimated ultimate unpaid liability for claim and claim adjustment expenses, CNA may need to increase its insurance reserves which would result in a charge to CNA’s earnings.
2. CNA’s actual experience could vary from the key assumptions used to determine future policy benefit reserves for long-term care policies.
3. CNA is vulnerable to material losses from natural and man-made disasters.
4. CNA has exposure related to A&EP claims, which could result in material losses.
5. CNA is exposed to, and may face adverse developments related to, mass tort claims that could arise from, among other things, its insureds’ sale or use of potentially harmful products or substances, claims of sexual abuse and molestation against CNA’s insureds and changes to the social and legal environment, such as those related to abuse reviver statutes, issues related to altered interpretation of coverage and other new and emerging claim theories.reworded
6. CNA faces intense competition in its industry; it may be adversely affected by the cyclical nature of the property and casualty business and by the evolving landscape of its distribution network.
7. CNA’s underwriting strategies currently rely on the effectiveness of reinsurance arrangements and CNA accordingly faces risks relating to reinsurance, including obtaining reinsurance at a cost or on terms and conditions it deems acceptable, reinsurance counterparty risk and ineffective reinsurance coverage.
8. CNA may be adversely affected by technological changes or disruptions in the insurance marketplace.
9. CNA may incur significant realized and unrealized investment losses and volatility in net investment income arising from changes in the financial markets.
10. CNA uses analytical models to assist its decision making in key areas such as pricing, reserving, catastrophe risks and capital modeling and may be adversely affected if actual results differ materially from the model outputs and related analyses.
11. Any significant interruption in the operation of CNA’s business functions, facilities or systems or its vendors’ facilities or systems could result in a materially adverse effect on its operations.
12. Any significant breach in CNA’s data security infrastructure or its vendors’ facilities or systems could disrupt business, cause financial losses and damage its reputation, and insurance coverage may not be available for claims related to a breach.
13. Inability to detect and prevent significant employee or third party service provider misconduct, inadvertent errors and omissions, or exposure relating to functions performed on CNA’s behalf could result in a material adverse effect on CNA’s business, results of operations and financial condition.
14. CNA is subject to capital adequacy requirements and, if it is unable to maintain or raise sufficient capital to meet these requirements, regulatory agencies may restrict or prohibit CNA from operating its business.
15. CNA’s insurance subsidiaries, upon whom CNA depends for dividends in order to fund its corporate obligations, are limited by insurance regulators in their ability to pay dividends.
16. Rating agencies may downgrade their ratings of CNA, adversely affecting its ability to write insurance at competitive rates or at all and increasing its cost of capital.
17. CNA is subject to extensive existing state, local, federal and foreign governmental regulations that restrict its ability to do business and generate revenues; additional regulation or significant modification to existing regulations or failure to comply with regulatory requirements may have a materially adverse effect on CNA’s business, results of operations and financial condition.

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1. Boardwalk Pipelines’ natural gas transportation and storage operations and ethane transportation services are subject to extensive regulation by the FERC, including rules and regulations related to the rates it can charge for its services and its ability to construct or abandon facilities. Boardwalk Pipelines may not be able to recover the full cost of operating its pipelines or storage operations, including earning a reasonable return.
2. Boardwalk Pipelines’ actual construction and development costs could exceed its forecasts; its anticipated cash flow from construction and development projects will not be immediate and can take several years; and its construction and development projects may not be completed on time or at all.
3. Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on Boardwalk Pipelines’ business and results of operations.newTariffs
4. Changes in the debt markets and increases in interest rates could adversely affect Boardwalk Pipelines’ business.Interest rates
5. 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.new
6. Legislative and regulatory initiatives relating to new or more stringent pipeline safety requirements or substantial changes to existing integrity management programs or withdrawal of regulatory waivers could subject Boardwalk Pipelines to increased capital and operating costs and operational delays.
7. 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 catastrophic damage and may materially adversely affect its cash flows, financial condition and ability to operate its business.newCybersecurity
8. Boardwalk Pipelines’ operations, and those of Boardwalk Pipelines’ customers, are subject to a series of risks regarding climate change.
9. Climatic conditions and events could adversely impact Boardwalk Pipelines’ operations, pipelines and facilities, or those of its customers or suppliers.
10. Boardwalk Pipelines is subject to reputational risks and risks related to public opinion.
11. Boardwalk Pipelines may face opposition to the operation of its pipelines and facilities, construction or expansion of facilities and new pipeline projects from various groups.
12. Market conditions, including available supply, demand and the price differentials between natural gas supplies and market locations for natural gas, may affect the transportation rates that Boardwalk Pipelines can charge on certain portions of its pipeline systems.
13. Changes in energy prices, including natural gas, oil and NGLs, impact the supply of and demand for those commodities, which impact Boardwalk Pipelines’ business.
14. Boardwalk Pipelines is exposed to credit risk relating to default or bankruptcy by its customers.
15. Boardwalk Pipelines relies on a limited number of customers for a significant portion of its revenues.new
16. Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that may restrict its business and financing activities.
17. Boardwalk Pipelines’ indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.
18. Boardwalk Pipelines does not own all of the land on which its pipelines and facilities are located, which could result in disruptions to its operations.
19. Boardwalk Pipelines may not be successful in executing its strategy to grow and diversify its business.
20. Boardwalk Pipelines’ ability to replace expiring gas storage contracts at attractive rates or on a long-term basis and to sell short-term services at attractive rates or at all are subject to market conditions.
21. Boardwalk Pipelines’ operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which it may not be adequately insured.

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1. Loews Hotels & Co’s business may be materially adversely affected by various operating risks common to the hospitality industry, many of which are beyond Loews Hotels & Co’s control.
2. Loews Hotels & Co is exposed to the risks resulting from significant investments in owned and leased real estate, including through ownership interests in partnerships and joint ventures, which could increase its costs, reduce its profits, limit its ability to respond to market conditions or restrict its growth strategy.
3. The hospitality industry is subject to seasonal and cyclical volatility.
4. Loews Hotels & Co operates in a highly competitive industry, both for customers and for the acquisition and/or development of new properties.
5. Any deterioration in the quality or reputation of Loews Hotels & Co’s brands, including brands used in its joint ventures and those it licenses, could have a material adverse effect on its reputation and business.
6. Loews Hotels & Co’s efforts to develop new properties and renovate existing properties could be delayed or become more expensive.
7. Investing in hotel properties through ownership interests in partnerships and joint ventures is subject to inherent risks, including due to Loews Hotels & Co’s lack of unilateral control over the investment.
8. Loews Hotels & Co’s properties are geographically concentrated, which exposes its business to the effects of regional events and occurrences.
9. The growth and use of third-party reservation channels adversely affects Loews Hotels & Co’s business.
10. Loews Hotels & Co’s insurance coverage may not cover all possible losses, and it may not be able to renew its insurance policies on favorable terms, or at all.
11. Labor shortages could restrict Loews Hotels & Co’s ability to operate its properties or grow its business or result in increased labor costs that could reduce its results of operations.
12. A portion of Loews Hotels & Co’s labor force is covered by collective bargaining agreements.

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1. Altium Packaging’s substantial indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.
2. Altium Packaging is exposed to changes in consumer preferences.
3. Fluctuations in raw material prices and raw material availability may materially affect Altium Packaging’s results of operations.
4. Altium Packaging’s customers may increase their self-manufacturing.

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1. Failures or interruptions in or breaches to our or our subsidiaries’ computer systems or information technology or communication infrastructure or those of certain third parties could materially and adversely affect our or our subsidiaries’ operations.
2. From time to time we and our subsidiaries may be subject to litigation, for which we and they may be unable to accurately assess the level of exposure and which if adversely determined, may have a significant adverse effect on our or their financial condition or results of operations.
3. Acts of terrorism could harm us and our subsidiaries.
4. Our subsidiaries face significant risks related to compliance with environmental laws.
5. Loss of key vendor relationships or issues relating to the transitioning of vendor relationships could result in a materially adverse effect on our and our subsidiaries’ operations.
6. We could incur impairment charges related to the carrying value of the long-lived assets and goodwill of our subsidiaries and our equity method investments.
7. Pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread have had, and could in the future have, widespread impacts on the way we and our subsidiaries operate.
8. We are a holding company and derive substantially all of our income and cash flow from our subsidiaries.
9. We and our subsidiaries face competition for senior executives and qualified specialized talent.
10. 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.reworded

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Headings in the FY2024 10-K with no match this year.

1. 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 operations and financial condition and could be material.
2. 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 its customers, suppliers and other business partners.
3. 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 condition and cash flows.