LOEWS CORP

Loews Corp is a commercial property and casualty insurance diversified company that operates through three publicly traded companies and two wholly owned subsidiaries. The company cantrace its history back to 1946, when Laurence Tisch purchased a resort hotel inLakewood for $125,000. The two Tisch brothers would continue their hotel business and buy a controlling interest in Loew’s Theaters Inc. in 1959. The brothers would diversify the Loews business in the 1960s and 1970s, acquiring Lorillard, a tobacco company, CAN Financial, a financial corporation, and Bulova, a manufacturer of watches and clocks. Fueled by these acquisitions, the company’s revenue would grow from $100 million to $3 billion in just a decade. In the 1980s and 1990s, the company continued with diversifications, acquiring Diamon M. Drilling and, subsequently, ODECO, providing contract drilling services to the energy industry. The company would then purchase Texas Gas Transmissions and Gulf Pipeline Company, creating Boardwalk Pipeline Partners, and Dominion Resources, also selling off Bulova Watches to Citizen Holdings. Loews Corp currently offers management and professional liability insurance, risk management, specialized property and casualty coverage, commercial surety and fidelity bonds, alternative risk services, loss-sensitive insurance programs, claims administration services, a variety of underwriting services, and many others. Loews Corp currently has four operating subsidiaries that it owns a controlling majority in: CNA Financial Corporation, one of the largest commercial and casualty insurance organizations in the U.S.; Diamond Offshore Drilling, Inc, one of the largest offshore drilling companies; Boardwalk Pipeline Partners, operating interstate natural gas pipeline systems; and Loews Hotels & Resorts, the only company that Loews Corp completely owns, operating 22 luxury hotels in U.S. and Canada. Loews Corp has a total of over $78 billion in total assets, bringing in a total of over $15 billion revenue with over $1 billion net income. The company employs over 18,000 people as of 2015.