Loews Corporation

Corporate brand

A Tisch family-controlled American holding company with major businesses in commercial insurance, natural-gas infrastructure, hotels, and rigid plastic packaging.

Last updated November 2, 2026

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Overview

Loews Corporation is an American diversified holding company headquartered in New York City and controlled by the Tisch family. Although the Loews name originated in the movie-theater business, the contemporary company is best understood as a long-term owner of operating businesses rather than as a consumer-facing product brand. Its principal holdings are CNA Financial Corporation, Boardwalk Pipelines, Loews Hotels & Co, and Altium Packaging. The portfolio spans commercial property-and-casualty insurance, natural-gas transportation and storage, hospitality, and rigid plastic packaging. The company traces its origins to 1946, when Laurence Tisch persuaded his parents to invest $125,000 in a resort hotel in Lakewood, New Jersey. His brother Robert Tisch soon joined him. The brothers reinvested profits into hotels and, by 1956, had built the Americana Hotel in Bal Harbour, Florida. In 1959, they acquired control of Loew's Theatres, a nationwide chain that had been separated from Metro-Goldwyn-Mayer after the U.S. Supreme Court's 1948 antitrust decision involving the movie studios and their theater holdings. Loew's Theatres supplied the foundation for the modern corporation and was listed on the New York Stock Exchange in 1959. The Tisch brothers used the theater acquisition as a platform for capital redeployment. Many older theater properties occupied valuable urban sites, and the company closed or demolished a number of them, selling or redeveloping the underlying real estate. During the 1960s and 1970s, Loews expanded well beyond entertainment. It acquired Lorillard in 1968, CNA Financial in 1974, and Bulova Watch Company in 1979. These transactions transformed Loews into a diversified conglomerate and increased its revenues from roughly $100 million in 1970 to more than $3 billion a decade later. Loews sold the theater business in 1985, while the separate theater operator continued using the Loew's name. Laurence Tisch later used Loews as a vehicle for a major investment in CBS. He became CBS chairman during the 1980s, and Loews exited that investment when CBS was sold to Westinghouse in 1995. The corporation also entered offshore drilling through Diamond M Drilling in 1989 and ODECO in 1992; the combined operations became Diamond Offshore. That business was later separated from Loews through a public offering, entered bankruptcy during the 2020 oil-market collapse, and was ultimately acquired by Noble Corporation in 2024. The company developed its current infrastructure portfolio through the acquisitions of Texas Gas Transmission in 2003 and Gulf South Pipeline Company in 2004. The assets were combined into Boardwalk Pipeline Partners, which went public in 2005 and was taken private by Loews in 2018. Boardwalk now operates natural-gas and natural-gas-liquids infrastructure across parts of the United States. In 2017, Loews entered rigid plastic packaging by acquiring Consolidated Container Company from Bain Capital. The business was renamed Altium Packaging in 2020, and Loews sold a minority interest to GIC in 2021 while retaining control. Loews describes its investment approach as value-oriented, long-term, and focused on intrinsic value, durable operating businesses, and disciplined capital allocation. Share repurchases have been an important part of that approach. The company has reduced its share count substantially over several decades and continues to use buybacks when management believes the shares trade below intrinsic value. The operating model is deliberately decentralized: subsidiaries retain responsibility for day-to-day operations while the parent emphasizes oversight, capital allocation, succession, risk management, and strategic decisions. In January 2025, Benjamin Tisch succeeded James S. Tisch as president and chief executive officer, extending leadership of the company into a third generation of the Tisch family. James Tisch became chairman. As of 2026, Loews remains an active public company with its p…

History

Loews Corporation began as a family-backed hotel investment rather than as a conventional industrial conglomerate. In 1946, Laurence Tisch persuaded his parents to invest $125,000 in a resort hotel in Lakewood, New Jersey. His brother Robert joined the venture, and the Tisch brothers reinvested operating profits into additional hospitality assets. Their early strategy combined operating control with opportunistic real-estate investment. By 1956, they had accumulated sufficient resources to construct the Americana Hotel in Bal Harbour, Florida, reportedly using $17 million in cash. The decisive turning point came in 1959, when the brothers acquired a controlling interest in Loew's Theatres from Metro-Goldwyn-Mayer. The transaction followed the forced separation of major movie studios from their theater chains after the U.S. Supreme Court's 1948 antitrust ruling in United States v. Paramount Pictures. Loew's Theatres operated a national chain of 102 cinemas and gave the Tisch family a listed corporate platform. By 1960, Laurence and Robert Tisch were co-chairmen. The theater properties were valuable not only for their entertainment operations but also for their underlying urban real estate. Many traditional movie palaces were aging and poorly suited to the emerging multiplex format. Loews closed or demolished numerous theaters and sold or redeveloped the sites, accelerating the disappearance of several classic theater buildings while unlocking property value. This real-estate-oriented capital allocation was characteristic of the Tisch approach: assets were evaluated for their underlying economic value rather than simply for their historical identity or existing operating format. During the late 1960s and 1970s, Loews became a broad-based conglomerate. It acquired Lorillard Tobacco Company in 1968, CNA Financial in 1974, and Bulova Watch Company in 1979. The acquisitions added tobacco, insurance, and consumer products to the hotel and theater base. The company grew rapidly, with revenues increasing from approximately $100 million in 1970 to more than $3 billion by 1980. The tobacco business, particularly Lorillard, became a major source of cash generation, while CNA created a long-term financial-services platform. Loews sold its theater operations in 1985, although the theater business continued to use the Loew's name. Laurence Tisch subsequently led Loews into a major investment in CBS. He became chairman of the broadcaster during the 1980s and was involved in important programming and corporate decisions, including the move that brought David Letterman from NBC to CBS. Loews's involvement in CBS ended in 1995 when the network was sold to Westinghouse Electric for $5.4 billion. Energy became another important area of diversification. In 1989, Loews acquired Diamond M Drilling. Diamond M acquired ODECO in 1992, adding 39 rigs, and the combined company was renamed Diamond Offshore in 1993. Diamond Offshore was taken public in 1995 and operated as an offshore drilling contractor. The business later suffered from the collapse in oil demand and the broader offshore-drilling downturn. It filed for Chapter 11 in April 2020, emerged in April 2021 after restructuring substantial unsecured debt, and was acquired by Noble Corporation in September 2024. The company also built a midstream natural-gas platform. Loews purchased Texas Gas Transmission in 2003 and Gulf South Pipeline Company in 2004. These businesses were consolidated into Boardwalk Pipeline Partners, which went public in 2005. Boardwalk expanded into interstate gas transportation, storage, gathering, processing, and natural-gas-liquids infrastructure. In 2018, Loews used a contractual call right to acquire the publicly held partnership units and take Boardwalk private. The transaction later became the subject of litigation brought by former minority unitholders. In 2017, Loews purchased Consolidated Container Company from Bain Capital for approximately $1.2 billion, entering rigid plastic packaging. The company adopted the Altium Packaging name in January 2020. In 2021, Loews sold a 47 percent stake to GIC while retaining control. Altium gave the parent exposure to a manufacturing business serving consumer, industrial, food, beverage, and specialty markets. Leadership also evolved through the Tisch family. Laurence and Robert Tisch served as co-chief executives until their retirement from executive leadership in 1998. James S. Tisch became president and CEO in 1999, while the Office of the President included James, Andrew, and Jonathan Tisch. In 2006, Andrew and Jonathan Tisch became co-chairmen of the board. James Tisch served as president and CEO through 2024, after which he became chairman and Benjamin Tisch became president and CEO, extending the family succession into a third generation. The modern Loews model centers on ownership and oversight rather than centralized operating control. CNA, Boardwalk, Loews Hotels, and Altium conduct their own businesses, while the parent evaluates intrinsic value, capital requirements, risk, succession, and potential acquisitions or dispositions. Loews has also used share repurchases as a recurring capital-allocation tool. This combination of family control, public-market access, concentrated subsidiary ownership, and patient investment distinguishes Loews from a conventional operating conglomerate.

2025
Benjamin Tisch becomes CEO
[3]Loews Corporation Executive Leadershiploews.com
Benjamin Tisch became president and CEO, while James Tisch became chairman of Loews Corporation.
2024
Diamond Offshore acquired by Noble
[9]Loews Corporation reference articleen.wikipedia.org
Noble Corporation completed its acquisition of Diamond Offshore, ending Loews's offshore-drilling involvement.
2021
Altium minority investment by GIC
[9]Loews Corporation reference articleen.wikipedia.org
GIC acquired a 47 percent interest in Altium Packaging while Loews retained control.
2020
Altium Packaging name adopted
[9]Loews Corporation reference articleen.wikipedia.org
Consolidated Container Company was rebranded as Altium Packaging.
2020
Diamond Offshore files for bankruptcy
[9]Loews Corporation reference articleen.wikipedia.org
Diamond Offshore entered Chapter 11 protection during the COVID-19 recession and oil-demand collapse.
2018
Boardwalk taken private
[8]Boardwalk Pipelines reference articleen.wikipedia.org
Loews exercised its contractual call right and acquired the publicly held units of Boardwalk Pipeline Partners.
2017
Rigid plastic packaging platform acquired
[9]Loews Corporation reference articleen.wikipedia.org
Loews acquired Consolidated Container Company from Bain Capital and entered rigid plastic packaging.
2007
Bulova sold to Citizen Watch
[9]Loews Corporation reference articleen.wikipedia.org
Loews sold Bulova to Citizen Watch, ending its ownership of the watch company.
2005
Boardwalk Pipeline Partners goes public
[8]Boardwalk Pipelines reference articleen.wikipedia.org
The combined pipeline platform was organized as a publicly traded master limited partnership.
2004
Gulf South Pipeline acquired
[8]Boardwalk Pipelines reference articleen.wikipedia.org
Loews acquired Gulf South Pipeline Company, which was later combined with Texas Gas Transmission under Boardwalk Pipeline Partners.
2003
Texas Gas Transmission acquired
[9]Loews Corporation reference articleen.wikipedia.org
Loews acquired Texas Gas Transmission, beginning the build-out of its modern natural-gas infrastructure platform.
1999
James Tisch becomes president and CEO
[4]Loews Corporation Board of Directorsloews.com
James S. Tisch succeeded the founding generation as president and chief executive officer.
1995
Diamond Offshore goes public
[9]Loews Corporation reference articleen.wikipedia.org
Diamond Offshore completed a public offering, separating the drilling business financially from Loews while preserving its relationship with the parent.
1995
CBS investment ends
[9]Loews Corporation reference articleen.wikipedia.org
Loews's involvement with CBS ended when CBS was sold to Westinghouse Electric Corporation.
1993
Diamond Offshore formed
[9]Loews Corporation reference articleen.wikipedia.org
The combined Diamond M and ODECO operations were renamed Diamond Offshore.
1992
ODECO acquired by Diamond M
[9]Loews Corporation reference articleen.wikipedia.org
Diamond M acquired ODECO, adding offshore rigs and expanding the drilling subsidiary.
1989
Entry into offshore drilling
[9]Loews Corporation reference articleen.wikipedia.org
Loews acquired Diamond M Drilling, beginning its expansion into offshore energy services.
1985
Theater business sold
[9]Loews Corporation reference articleen.wikipedia.org
Loews sold its theater business, although the operator retained the Loew's name.
1979
Bulova acquired
[9]Loews Corporation reference articleen.wikipedia.org
Loews acquired Bulova Watch Company, adding a consumer-products business to its portfolio.
1974
CNA Financial acquired
[9]Loews Corporation reference articleen.wikipedia.org
Loews acquired CNA Financial, establishing insurance as one of the corporation's long-term core holdings.
1968
Lorillard acquired
[9]Loews Corporation reference articleen.wikipedia.org
Loews acquired Lorillard Tobacco Company as part of its expansion beyond hotels and theaters.
1959
Control of Loew's Theatres acquired
[9]Loews Corporation reference articleen.wikipedia.org
Laurence and Robert Tisch acquired a controlling interest in the nationwide Loew's Theatres chain, creating the platform for the modern Loews Corporation.
1956
Americana Hotel constructed
[9]Loews Corporation reference articleen.wikipedia.org
The Tisch brothers built the Americana Hotel in Bal Harbour, Florida, marking an important early expansion of their hospitality operations.
1946
Tisch family enters the hotel business
[9]Loews Corporation reference articleen.wikipedia.org
Laurence Tisch persuaded his parents to invest $125,000 in a resort hotel in Lakewood, New Jersey, establishing the business foundation from which Loews developed.

Products and positioning

A long-term, value-oriented holding company focused on controlling interests in durable operating businesses, decentralized subsidiary management, and disciplined capital allocation.

Commercial insurance · 1974
CNA Financial Corporation
CNA is Loews's principal insurance holding and one of the largest commercial property-and-casualty insurers in the United States. It provides standard and specialized insurance products and services for businesses and professionals, with operations and customers in the United States, Canada, the United Kingdom, and Europe. Its offerings include commercial property, casualty, specialty, professional, marine, surety, and related risk-management solutions.
Natural-gas infrastructure · 2005
Boardwalk Pipelines
Boardwalk Pipelines owns and operates interstate natural-gas and natural-gas-liquids infrastructure. Its activities include transportation, storage, gathering, processing, and related midstream services. The platform grew from Loews's acquisitions of Texas Gas Transmission and Gulf South Pipeline Company and serves markets in the Gulf Coast, South-Central, and Midwestern United States.
Hotels and hospitality · 1946
Loews Hotels & Co
Loews Hotels & Co is Loews's wholly owned hospitality business and owns or operates luxury, upscale, resort, convention, and destination-oriented hotels. Its portfolio includes Loews-branded properties as well as partnerships and experiential developments connected to sports, entertainment, and themed destinations. The company uses an owner-operator-developer model and has expanded through projects in markets including Orlando, Arlington, Kansas City, St. Louis, Coral Gables, and other U.S. locations.
Rigid plastic packaging · 2017
Altium Packaging
Altium Packaging manufactures rigid plastic containers and packaging for food, beverage, consumer, industrial, specialty, and other end markets. It operates manufacturing facilities in the United States and Canada. Loews entered the sector through its 2017 acquisition of Consolidated Container Company, rebranded the business as Altium Packaging in 2020, and retained control after selling a minority stake to GIC in 2021.
Tobacco products · 1968
Lorillard
Lorillard was a major tobacco subsidiary acquired by Loews in 1968. It became an important historical source of cash and diversification for the holding company. Loews later separated its ownership interest through the Carolina Group structure and a 2007 spin-off transaction, ending Lorillard's role as a principal Loews holding.
Offshore drilling services · 1989
Diamond Offshore
Diamond Offshore was formed from Diamond M Drilling and ODECO after Loews expanded into offshore drilling. The company provided contract drilling services to energy producers and operated internationally. It became publicly traded in 1995, entered Chapter 11 in 2020, emerged after a debt restructuring in 2021, and was acquired by Noble Corporation in 2024.

Controversies

2021
Boardwalk take-private litigation
Former minority unitholders challenged Loews's use of a call right to take Boardwalk Pipeline Partners private. The dispute produced Delaware court rulings, appeals, and continuing legal proceedings described in the supplied reference material.
Source
2020
Diamond Offshore bankruptcy and bailout criticism
Diamond Offshore, a former Loews-controlled subsidiary, entered bankruptcy during the offshore-drilling downturn. Reference material also notes criticism concerning the company's receipt of CARES Act-related funds and executive compensation during the bankruptcy process.
Source
2006
Further CNA financial-statement corrections
Loews announced that financial statements covering multiple periods should not be relied upon because of accounting classification errors at CNA Financial and said it would restate affected results.
Source
2003
CNA investment-accounting restatement
Loews restated financial statements for earlier periods after revising its historical accounting for CNA's investment in life-settlement contracts and related revenue recognition. The company also disclosed additional impairment losses on equity securities at CNA.
Source

2022Loews Hotels growth and partnership strategy
United States
Loews Hotels described a growth strategy centered on owned, operated, and developed hotels, immersive destinations, and partnerships with municipalities, developers, sports franchises, and themed-entertainment businesses.
Outcome. The strategy supported additional developments and a reported expansion in hotel rooms during Alex Tisch's leadership.
Source
2020Loews Hotels COVID-19 response
United States
Loews Hotels & Co's hospitality operations were affected by the COVID-19 pandemic and associated travel restrictions. Publicly available reference material identifies the period as a major operating disruption, but does not provide enough detail to characterize a single unified advertising campaign or named corporate initiative.
Outcome. The event accelerated the importance of recovery planning, operating efficiency, and destination-oriented hotel development, but a specific campaign outcome is not documented in the supplied sources.
Source

Brand decisions

2025
Continue share-repurchase programOther
Background
Loews has historically emphasized intrinsic value and repurchases when management believes the market price does not reflect the value of the underlying businesses.
Action taken
During fiscal 2025, Loews repurchased 8.9 million shares of common stock for an aggregate cost of $782 million.
Aftermath
The repurchases reduced the public share count and continued the company's long-running capital-allocation policy, subject to available liquidity and management's valuation assessment.
Share repurchases. 8.9 million shares repurchased for $782 million (Year ended December 31, 2025)
Source
2024
Transition from James Tisch to Benjamin TischGeneration change
Background
James Tisch had served as president and CEO since 1999. Loews announced a planned leadership transition as part of continued generational succession within the Tisch-controlled company.
Action taken
Benjamin Tisch was elected president and CEO effective January 1, 2025, while James Tisch became chairman of the board.
Aftermath
Benjamin Tisch became the third generation of the Tisch family to lead Loews Corporation. The transition preserved family continuity while separating the CEO and chairman roles.
Source
2024
Exit offshore drilling through Noble's acquisition of Diamond OffshoreM&A
Background
Diamond Offshore had experienced a prolonged offshore-drilling downturn, including a Chapter 11 restructuring in 2020–2021. Loews's remaining involvement ended through a strategic sale.
Action taken
Noble Corporation completed its acquisition of Diamond Offshore in a cash-and-stock transaction.
Aftermath
Loews exited offshore drilling and further concentrated its portfolio around insurance, midstream infrastructure, hotels, packaging, and corporate investments.
Transaction value. Approximately $1.6 billion (September 2024)
Source
2021
Sell minority interest in Altium Packaging to GICM&A
Background
Loews sought outside capital participation while maintaining control of the packaging platform acquired in 2017.
Action taken
Loews sold a 47 percent stake in Altium Packaging to GIC, Singapore's sovereign wealth fund.
Aftermath
Loews retained control of Altium while the transaction established an implied valuation of approximately $2 billion for the business.
Implied Altium valuation. Approximately $2 billion (March 2021 transaction)
Source
2018
Take Boardwalk Pipeline Partners privateM&A
Background
Loews controlled Boardwalk Pipeline Partners and held a contractual call right that allowed it to acquire the publicly held partnership units.
Action taken
Loews exercised the call right and acquired the outstanding public limited-partnership units, making Boardwalk a wholly owned private subsidiary.
Aftermath
The transaction simplified ownership and removed Boardwalk from public trading, but former minority unitholders later filed litigation challenging the transaction.
Purchase price per public unit and transaction value. $12.06 per unit; approximately $1.5 billion total transaction value (July 2018)
Source
2017
Acquire Consolidated Container CompanyM&A
Background
Loews sought to diversify into a manufacturing business with recurring demand and exposure to consumer, food, beverage, and industrial packaging markets.
Action taken
Loews acquired Consolidated Container Company from Bain Capital and subsequently developed the business under the Altium Packaging name.
Aftermath
The acquisition established rigid plastic packaging as one of Loews's principal operating platforms. Loews later sold a minority stake to GIC while retaining control.
Acquisition consideration. Approximately $1.2 billion (2017 transaction)
Source

Recent events

2026-11-02
Loews Corporation reports third-quarter 2026 net income[12]Loews Corporation公布2026年第三季度净利润news.google.com
Reported: 2026-11-02
Loews Corporation reported net income of $306 million for the third quarter of 2026.

Sources12 sources

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