Loews Corporation

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…

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.

1. 2025Benjamin Tisch becomes CEO

   Benjamin Tisch became president and CEO, while James Tisch became chairman of Loews Corporation.

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2. 2024Diamond Offshore acquired by Noble

   Noble Corporation completed its acquisition of Diamond Offshore, ending Loews's offshore-drilling involvement.

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3. 2021Altium minority investment by GIC

   GIC acquired a 47 percent interest in Altium Packaging while Loews retained control.

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4. 2020Altium Packaging name adopted

   Consolidated Container Company was rebranded as Altium Packaging.

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5. 2020Diamond Offshore files for bankruptcy

   Diamond Offshore entered Chapter 11 protection during the COVID-19 recession and oil-demand collapse.

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6. 2018Boardwalk taken private

   Loews exercised its contractual call right and acquired the publicly held units of Boardwalk Pipeline Partners.

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7. 2017Rigid plastic packaging platform acquired

   Loews acquired Consolidated Container Company from Bain Capital and entered rigid plastic packaging.

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8. 2007Bulova sold to Citizen Watch

   Loews sold Bulova to Citizen Watch, ending its ownership of the watch company.

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9. 2005Boardwalk Pipeline Partners goes public

   The combined pipeline platform was organized as a publicly traded master limited partnership.

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10. 2004Gulf South Pipeline acquired

    Loews acquired Gulf South Pipeline Company, which was later combined with Texas Gas Transmission under Boardwalk Pipeline Partners.

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11. 2003Texas Gas Transmission acquired

    Loews acquired Texas Gas Transmission, beginning the build-out of its modern natural-gas infrastructure platform.

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12. 1999James Tisch becomes president and CEO

    James S. Tisch succeeded the founding generation as president and chief executive officer.

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13. 1995Diamond Offshore goes public

    Diamond Offshore completed a public offering, separating the drilling business financially from Loews while preserving its relationship with the parent.

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14. 1995CBS investment ends

    Loews's involvement with CBS ended when CBS was sold to Westinghouse Electric Corporation.

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15. 1993Diamond Offshore formed

    The combined Diamond M and ODECO operations were renamed Diamond Offshore.

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16. 1992ODECO acquired by Diamond M

    Diamond M acquired ODECO, adding offshore rigs and expanding the drilling subsidiary.

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17. 1989Entry into offshore drilling

    Loews acquired Diamond M Drilling, beginning its expansion into offshore energy services.

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18. 1985Theater business sold

    Loews sold its theater business, although the operator retained the Loew's name.

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19. 1979Bulova acquired

    Loews acquired Bulova Watch Company, adding a consumer-products business to its portfolio.

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20. 1974CNA Financial acquired

    Loews acquired CNA Financial, establishing insurance as one of the corporation's long-term core holdings.

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21. 1968Lorillard acquired

    Loews acquired Lorillard Tobacco Company as part of its expansion beyond hotels and theaters.

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22. 1959Control of Loew's Theatres acquired

    Laurence and Robert Tisch acquired a controlling interest in the nationwide Loew's Theatres chain, creating the platform for the modern Loews Corporation.

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23. 1956Americana Hotel constructed

    The Tisch brothers built the Americana Hotel in Bal Harbour, Florida, marking an important early expansion of their hospitality operations.

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24. 1946Tisch family enters the hotel business

    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.

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

• CNA Financial CorporationCommercial insurance1974

  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.

• Boardwalk PipelinesNatural-gas infrastructure2005

  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.

• Loews Hotels & CoHotels and hospitality1946

  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.

• Altium PackagingRigid plastic packaging2017

  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.

• LorillardTobacco products1968

  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.

• Diamond OffshoreOffshore drilling services1989

  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.

• 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.

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• 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.

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• 2025Continue share-repurchase programOther

  Loews has historically emphasized intrinsic value and repurchases when management believes the market price does not reflect the value of the underlying businesses.

  What changed. 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)

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• 2024Transition from James Tisch to Benjamin TischGeneration change

  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.

  What changed. 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.

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• 2024Exit offshore drilling through Noble's acquisition of Diamond OffshoreM&A

  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.

  What changed. 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)

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• 2021Sell minority interest in Altium Packaging to GICM&A

  Loews sought outside capital participation while maintaining control of the packaging platform acquired in 2017.

  What changed. 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)

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• 2018Take Boardwalk Pipeline Partners privateM&A

  Loews controlled Boardwalk Pipeline Partners and held a contractual call right that allowed it to acquire the publicly held partnership units.

  What changed. 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)

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• 2017Acquire Consolidated Container CompanyM&A

  Loews sought to diversify into a manufacturing business with recurring demand and exposure to consumer, food, beverage, and industrial packaging markets.

  What changed. 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)

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• 2021Boardwalk take-private litigationControversy

  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.

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• 2020Diamond Offshore bankruptcy and bailout criticismControversy

  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.

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• 2006Further CNA financial-statement correctionsControversy

  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.

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• 2003CNA investment-accounting restatementControversy

  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.

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• 2026Loews reports fiscal 2025 results and share repurchases

  Loews's fiscal 2025 reporting disclosed continued share repurchases, including 8.9 million shares repurchased during the year for an aggregate cost of $782 million.

  PricingOther
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• 2026CNA reports second-quarter 2026 results

  CNA Financial reported second-quarter 2026 net income of $321 million and core income of $324 million. The release also identified continuing exposure to legacy mass-tort development within the corporate and other segment.

  Other
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• 2024Loews announces Benjamin Tisch as president and CEO

  Loews announced that James Tisch would retire as president and CEO at the end of 2024 and that Benjamin Tisch would succeed him on January 1, 2025. James Tisch became chairman of the board.

  Leadership change
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• 2024Noble completes acquisition of Diamond Offshore

  Noble Corporation completed its acquisition of Diamond Offshore in a cash-and-stock transaction, ending Loews's involvement in offshore drilling.

  M&A
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• 2022Alex Tisch appointed CEO of Loews Hotels & Co

  Loews Hotels & Co announced Alex Tisch as CEO effective January 1, 2023, with Jonathan Tisch moving to executive chairman. The transition accompanied a multi-year expansion strategy built around owned, operated, and developed hospitality assets.

  Leadership change
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• 2021Altium Packaging sells minority stake to GIC

  Loews sold a 47 percent interest in Altium Packaging to Singapore sovereign wealth fund GIC while retaining control of the packaging company.

  M&A
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• 2020Diamond Offshore files for Chapter 11

  Diamond Offshore, formerly controlled by Loews, sought Chapter 11 protection amid the COVID-19 recession and a collapse in oil demand. Loews deconsolidated the business from its financial statements during the bankruptcy period.

  BankruptcyOther
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• 2018Loews takes Boardwalk Pipeline Partners private

  Loews exercised a call-right provision and acquired the publicly held limited-partnership units of Boardwalk Pipeline Partners, converting the business into a private subsidiary.

  M&A
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• 2017Loews acquires Consolidated Container Company

  The acquisition of Consolidated Container Company expanded Loews into rigid plastic packaging. The business was subsequently rebranded as Altium Packaging.

  M&A
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1. Loews Corporation 2025 Form 10-K
2. Loews Corporation 2025 Annual Report
3. Loews Corporation Executive Leadership
4. Loews Corporation Board of Directors
5. Loews Hotels & Co appoints Alex Tisch CEO
6. CNA Financial leadership profile for Douglas M. Worman
7. CNA Financial second-quarter 2026 results
8. Boardwalk Pipelines reference article
9. Loews Corporation reference article
10. Diamond Offshore Drilling reference article
11. Continue share-repurchase program