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Risks

• The COVID-19 pandemic and measures to mitigate the spread of the virus have resulted in significant risk across CNA’s enterprise, which have had, and may continue to have, material adverse impacts on its business, results of operations and financial condition, the extent of which cannot be determined with any certainty at this time.
• 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.
• CNA’s actual experience could vary from the key assumptions used to determine active life reserves for long term care policies.
• CNA is vulnerable to material losses from natural and man-made disasters.
• CNA has exposure related to A&EP claims, which could result in material losses.
• CNA is exposed to, and may face adverse developments related to, mass tort claims that could arise from its insureds’ sale or use of potentially harmful products or substances, changes to the social and legal environment, issues related to altered interpretation of coverage and other new and emerging claim theories.
• CNA may not be able to obtain sufficient reinsurance at a cost or on terms and conditions it deems acceptable, which could result in increased exposure to risk or a decrease in CNA’s underwriting commitments.
• CNA faces intense competition in its industry; it may be adversely affected by the cyclical nature of the property and casualty business and the evolving landscape of its distribution network.
• CNA may be adversely affected by technological changes or disruptions in the insurance marketplace.
• CNA may incur significant realized and unrealized investment losses and volatility in net investment income arising from changes in the financial markets.
• CNA uses analytical models to assist its decision making in key areas such as pricing, reserving and capital modeling and may be adversely affected if actual results differ materially from the model outputs and related analyses.
• 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.
• 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.
• 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.
• 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.
• 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.
• Boardwalk Pipelines’ natural gas transportation and storage operations 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, including earning a reasonable return.
• Legislative and regulatory initiatives relating to pipeline safety that require the use of new or more prescriptive compliance activities, 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.
• 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 its construction and development projects may not be completed on time or at all.
• Legislative and regulatory initiatives related to climate change make Boardwalk Pipelines’ operations as well as the operations of its fossil fuel producer customers subject to a series of regulatory, political, litigation and financial risks associated with the production and processing of fossil fuels and emission of greenhouse gases (“GHGs”).
• The outbreak of COVID-19 and the measures to mitigate the spread of COVID-19 could materially adversely affect Boardwalk Pipelines’ business, financial condition and results of operations and those of its customers, suppliers and other business partners.
• Changes in energy prices, including natural gas, oil and NGLs, impact the supply of and demand for those commodities, which impact Boardwalk Pipelines’ business.
• The price differentials between natural gas supplies and market demand for natural gas have reduced the transportation rates that Boardwalk Pipelines can charge on certain portions of its pipeline systems.
• Boardwalk Pipelines is exposed to credit risk relating to default or bankruptcy by its customers.
• Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that restrict its business and financing activities.
• Boardwalk Pipelines’ substantial indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.
• Limited access to the debt markets and increases in interest rates could adversely affect Boardwalk Pipelines’ business.
• 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.
• Rising sea levels, subsidence and erosion could damage Boardwalk Pipelines’ pipelines and the facilities that serve its customers, particularly along coastal waters and offshore in the Gulf of Mexico.
• Boardwalk Pipelines may not be successful in executing its strategy to grow and diversify its business.
• 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.
• Boardwalk Pipelines’ operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which it may not be adequately insured.
• Loews Hotels & Co’s business may be materially adversely affected by various operating risks common to the hospitality industry, including competition, excess supply and dependence on business travel and tourism.
• The hospitality industry is subject to seasonal and cyclical volatility.
• Loews Hotels & Co operates in a highly competitive industry, both for customers and for acquisitions and developments of new properties.
• Any deterioration in the quality or reputation of Loews Hotels & Co’s brands could have a material adverse effect on its reputation and business.
• Loews Hotels & Co’s efforts to develop new properties and renovate existing properties could be delayed or become more expensive.
• Loews Hotels & Co’s properties are geographically concentrated, which exposes its business to the effects of regional events and occurrences.
• The growth and use of alternative reservation channels adversely affects Loews Hotels & Co’s business.
• 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.
• 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.
• A portion of Loews Hotels & Co’s labor force is covered by collective bargaining agreements.
• The COVID-19 pandemic may have an adverse impact on Altium Packaging.
• Altium Packaging’s substantial indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.
• Altium Packaging is exposed to changes in consumer preferences.
• Fluctuations in raw material prices and raw material availability may materially affect Altium Packaging’s results of operations.
• Altium Packaging’s customers may increase their self-manufacturing.
• The COVID-19 pandemic is having widespread impacts on the way we and our subsidiaries operate.
• Acts of terrorism could harm us and our subsidiaries.
• Our subsidiaries face significant risks related to compliance with environmental laws.
• Failures or interruptions in or breaches to our or our subsidiaries’ computer systems could materially and adversely affect our or our subsidiaries’ operations.
• 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.
• We could incur impairment charges related to the carrying value of the long-lived assets and goodwill of our subsidiaries.
• We are a holding company and derive substantially all of our income and cash flow from our subsidiaries.
• We and our subsidiaries face competition for senior executives and qualified specialized talent.
• From time to time we and our subsidiaries are 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.