Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 408

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 408
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 of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be 

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paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2024, CCC was in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2025 that would not be subject to the Department’s prior approval is $1.1 billion, less dividends paid during the preceding twelve months measured at that point in time. CCC paid dividends of $995 million in 2024. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

In February of 2024, CNA completed a public offering of $500 million aggregate principal amount of its 5.1% senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $550 million aggregate principal amount of its 4.0% senior notes.

CNA has an insurer financial strength rating of A and senior debt rating of bbb+ from A.M. Best Company (“A.M. Best”), an insurer financial strength rating of A2 and senior debt rating of Baa2 from Moody’s, an insurer financial strength rating of A+ and senior debt rating of A- from S&P and an insurer financial strength rating of A+ and senior debt rating of BBB+ from Fitch. A.M. Best and Moody’s maintain positive outlooks across CNA’s insurer financial strength and senior debt ratings. A.M. Best revised its outlook on CNA’s ratings to positive from stable in December 2024. Moody’s revised its outlook on CNA’s ratings to positive from stable in November 2024. S&P and Fitch maintain stable outlooks across CNA’s insurer financial strength and senior debt ratings.

CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

Boardwalk Pipelines’ cash provided by operating activities increased $83 million in 2024 compared to 2023, primarily due to changes in net income adjusted for depreciation and amortization.

For 2024 and 2023, Boardwalk Pipelines’ capital expenditures were $392 million and $382 million, consisting of growth