Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 410

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 410
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 mortgage loans maturing beyond twelve months as of December 31, 2024, which it may refinance before they mature. Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt. Through the date of this Report, all Loews Hotels & Co’s subsidiaries are in compliance with their debt covenants.

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Loews Hotels & Co refinanced $532 million in mortgage loans in 2024, all of which mature beyond twelve months as of December 31, 2024.

In 2024, Loews Hotels & Co acquired all the remaining outstanding noncontrolling equity interests of two owned and consolidated hotels for a total of $44 million. In addition, Loews Hotels & Co received aggregate proceeds of $23 million for the sale of an owned hotel.

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 Contractual Obligations

We and our subsidiaries have contractual obligations which arise in the ordinary course of business. For a discussion regarding the obligations related to our and our subsidiaries long-term debt see Note 12 of the Notes to Consolidated Financial Statements included under Item 8. For contractual payment obligations related to the claim and claim adjustment expense reserves and future policy benefit reserves see the table below: 

Payments Due by PeriodDecember 31, 2024TotalLess than 1 year 1-3 years3-5 yearsMore than 5 years(In millions)           Claim and claim adjustment expense reserves (a)$25,524 $5,737 $6,977 $3,944 $8,866 Future policy benefit reserves (b)27,028 801 1,570 1,738 22,919 

(a)The claim and claim adjustment expense reserves reflected above are not discounted and represent CNA’s estimate of the amount and timing of the ultimate settlement and administration of gross claims based on its assessment of facts and circumstances known as of December 31, 2024. See the Insurance Reserves section of this MD&A for further information.

(b)The future policy benefit reserves reflected above are not discounted, include maintenance costs, represent CNA’s estimate of the ultimate amount and timing of the settlement of benefits net of expected premiums and are based on its assessment of facts and circumstances known as of December 31, 2024. Additional information on future policy benefit reserves is included in Note 1 of the