Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 20

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 ended September 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $56 million and favorable net prior year loss reserve development of $24 million for the nine months ended September 30, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). No net prior year loss reserve development and unfavorable net prior year loss reserve development of $22 million for the three months ended September 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $134 million and $57 million for the nine months ended September 30, 2025 and 2024 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).

23

The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Medical professional liability$(2)Other professional liability and management liability$25 $11 $43 28 Surety(25)(20)(47)(46)Warranty7 10 20 Commercial auto25 50 46 General liability28 62 47 Workers’ compensation(1)(57)(66)(106)Other property and casualty operations1 4 (11)Total property & casualty operations(1)(5)56 (24)Other insurance operations 22 134 57 Total pretax (favorable) unfavorable development$(1)$17 $190 $33 Three Months2025Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional errors and omissions (“E&O”) business.Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.2024Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in CNA’s directors and officers (“D&O”) business in accident year 2019.Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to