FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended September 30, 2010
Check here if Amendment: [ ]; Amendment Number:
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This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
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Address: 667 Madison Avenue New York New York 10065
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(Street) (City) (State) (Zip)
Form 13F File Number: 28-217
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists and tables are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Gary W. Garson
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Title: General Counsel and Senior Vice President
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Phone: 212-521-2932
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Signature, Place, and Date of Signing:
/s/ Gary W. Garson
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(Signature)
Place: 667 Madison Avenue New York New York 10065
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(Street) (City) (State) (Zip)
Date: November 12, 2010
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Page 1 of 17
Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is 333
South Wabash Avenue , Chicago, Illinois 60604 ("CNA"), may be deemed to have
investment discretion regarding certain securities (the "CNA Securities") as
to which investment discretion is deemed to be exercised by CNA. CNA is
reporting on behalf of Loews regarding the CNA Securities.
Report Type:
[ ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[X] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager.
Form 13F File Number: 28-346
Name: CNA Financial Corporation
Page 2 of 17
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 172
Form 13F Information Table Value Total: $15,502.8 (million)
List of Other Included Managers: NONE.
Page 3 of 17
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ABBOTT LABS Common 002824100 7,314 140,000 SH Sole 140,000
AIR PRODS & CHEMS INC Common 009158106 3,313 40,000 SH Sole 40,000
ALCATEL-LUCENT- Common 013904305 122 36,227 SH Sole 36,227
SPONSORED ADR
ALLSTATE CORP Common 020002101 9,378 297,256 SH Sole 297,256
ALVARION LIMITED Common M0861T100 1,178 640,000 SH Sole 640,000
AMERICAN EQUITY INVT Common 025676206 105 10,219 SH Sole 10,219
LIFE HL
AMGEN INC Common 031162100 4,409 80,000 SH Sole 80,000
AMKOR TECHNOLOGY INC Common 031652100 131 20,000 SH Sole 20,000
ANADARKO PETE CORP Common 032511107 759 13,300 SH Sole 13,300
APACHE CORP Common 037411105 399 4,080 SH Sole 4,080
ASSURANT INC Common 04621X108 2,035 50,000 SH Sole 50,000
AURIZON MINES LTD Common 05155P106 2,877 416,899 SH Sole 416,899
AUTOMATIC DATA Common 053015103 841 20,000 SH Sole 20,000
PROCESSING
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TOTAL $ 32,861
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Page 4 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
AVNET INC Common 053807103 248 9,175 SH Sole 9,175
BANK OF NEW YORK Common 064058100 321 12,295 SH Sole 12,295
MELLON CORP
BARRICK GOLD CORP Common 067901108 12,303 265,771 SH Sole 265,771
BAXTER INTERNATIONAL Common 071813109 735 15,398 SH Sole 15,398
INC
BEMIS COMPANY Common 081437105 4,921 155,000 SH Sole 155,000
BOARDWALK PIPELINE Common 096627104 3,353,791 102,719,466 SH Sole 102,719,466
PARTNERS
BROADRIDGE FINANCIAL Common 11133T103 7,620 333,200 SH Sole 333,200
SOLUTIONS
BROCADE COMM SYS INC Common 111621306 1,055 180,000 SH Sole 180,000
CALPINE CORP Common 131347304 225 18,070 SH Sole 18,070
CAMECO CORP Common 13321L108 1,109 40,000 SH Sole 40,000
CF INDUSTRIES Common 125269100 4,966 52,000 SH Sole 52,000
HOLDINGS INC
CHENIERE ENERGY INC Common 16411R208 31 12,200 SH Sole 12,200
CHEVRON CORP Common 166764100 9,726 120,000 SH Sole 120,000
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TOTAL $ 3,397,051
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Page 5 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CIBER INC Common 17163B102 42 13,991 SH Sole 13,991
CIENA CORP Common 171779309 779 50,000 SH Sole 50,000
CISCO SYS INC Common 17275R102 5,913 270,000 SH Sole 270,000
CITIGROUP INC Common 172967101 393 100,401 SH Sole 100,401
CNA FINL CORP Common 126117100 6,784,291 242,382,673 SH Sole 242,382,673
COMCAST CORP NEW Common 20030N200 2,960 174,000 SH Sole 174,000
COTT CORPORATION Common 22163N106 2,355 300,000 SH Sole 300,000
CVS CAREMARK CORP Common 126650100 3,934 125,000 SH Sole 125,000
DENBURY RESOURCES Common 247916208 556 35,000 SH Sole 35,000
INC
DEVON ENERGY Common 25179M103 486 7,500 SH Sole 7,500
CORPORATION
DIAMOND OFFSHORE Common 25271C102 4,750,990 70,104,620 SH Sole 70,104,620
DRILLING INC
DRESSER-RAND GROUP Common 261608103 1,291 35,000 SH Sole 35,000
INC
DU PONT E I DE Common 263534109 12,047 270,000 SH Sole 270,000
NEMOURS & CO
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TOTAL $ 11,566,037
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Page 6 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
DUN & BRADSTREET Common 26483E100 1,598 21,551 SH Sole 21,551
CORP DEL NEW
DYNEGY INC -CL A Common 26817G300 341 70,000 SH Sole 70,000
E M C CORP MASS Common 268648102 4,062 200,000 SH Sole 200,000
ENERGIZER HLDGS INC Common 29266R108 5,378 80,000 SH Sole 80,000
ENSCO INTL INC Common 29358Q109 532 11,900 SH Sole 11,900
EXETER RESOURCE Common 301835104 3,987 593,958 SH Sole 593,958
EXXON MOBIL CORP Common 30231G102 14,480 234,350 SH Sole 234,350
FINISAR CORPORATION Common 31787A507 2,142 114,000 SH Sole 114,000
GAMESTOP CORP Common 36467W109 1,971 100,000 SH Sole 100,000
GAMMON GOLD INC Common 36467T106 3,900 556,351 SH Sole 556,351
GENUINE PARTS CO Common 372460105 6,243 140,000 SH Sole 140,000
GOLDCORP INC NEW Common 380956409 6,789 156,000 SH Sole 156,000
GREEN PLAINS Common 393222104 2,312 190,000 SH Sole 190,000
RENEWABLE ENERG
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TOTAL $ 53,735
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Page 7 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
HARTE-HANKS INC Common 416196103 126 10,764 SH Sole 10,764
HEWLETT PACKARD CO Common 428236103 11,102 263,890 SH Sole 263,890
HOME DEPOT INC Common 437076102 7,033 222,000 SH Sole 222,000
ILLINOIS TOOL WKS INC Common 452308109 5,878 125,000 SH Sole 125,000
INGERSOLL-RAND PLC Common G47791101 374 10,465 SH Sole 10,465
INTEL CORP Common 458140100 5,760 300,000 SH Sole 300,000
INTERNATIONAL Common 459200101 16,922 126,149 SH Sole 126,149
BUSINESS MACHS
JAGUAR MINING INC Common 47009M103 6,570 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 3,469 280,000 SH Sole 280,000
JOHNSON & JOHNSON Common 478160104 12,571 202,883 SH Sole 202,883
KIMBER RESOURCES INC Common 49435N101 592 641,515 SH Sole 641,515
KIMBERLY-CLARK CORP Common 494368103 7,156 110,000 SH Sole 110,000
KOBEX MINERALS INC Common 49989C105 241 238,285 SH Sole 238,285
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TOTAL $ 77,794
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Page 8 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
KRAFT FOODS INC Common 50075N104 8,024 260,000 SH Sole 260,000
L-3 COMMUNICATIONS Common 502424104 213 2,946 SH Sole 2,946
HLDGS INC
LEXMARK INTL NEW Common 529771107 2,231 50,000 SH Sole 50,000
LINCOLN NATL CORP IND Common 534187109 431 18,000 SH Sole 18,000
LOCKHEED MARTIN Common 539830109 7,841 110,000 SH Sole 110,000
LOWES COS INC Common 548661107 1,560 70,000 SH Sole 70,000
MAG SILVER CORP Common 55903Q104 2,598 331,200 SH Sole 331,200
MARATHON OIL CORP Common 565849106 4,502 136,000 SH Sole 136,000
MARTIN MARIETTA Common 573284106 3,864 50,200 SH Sole 50,200
MATERIALS
MASCO CORP Common 574599106 151 13,675 SH Sole 13,675
MASTERCARD INC Common 57636Q104 4,480 20,000 SH Sole 20,000
CLASS A
MATTEL INC Common 577081102 5,175 220,600 SH Sole 220,600
MEDIACOM Common 58446K105 225 34,000 SH Sole 34,000
COMMUNICATIONS CORP
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TOTAL $ 41,295
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Page 9 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
MICROSOFT CORP Common 594918104 14,670 599,007 SH Sole 599,007
MIDWAY GOLD CORP Common 598153104 115 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 1,980 202,687 SH Sole 202,687
MOHAWK INDUSTRIES INC Common 608190104 2,665 50,000 SH Sole 50,000
MOTOROLA INC Common 620076109 156 18,268 SH Sole 18,268
NATIONAL GRID PLC-SP Common 636274300 234 5,482 SH Sole 5,482
NATIONAL OILWELL Common 637071101 1,556 35,000 SH Sole 35,000
VARCO INC
NATL PENN BCSHS INC Common 637138108 65 10,400 SH Sole 10,400
NEWELL RUBBERMAID INC Common 651229106 5,343 300,000 SH Sole 300,000
NORTHROP GRUMMAN Common 666807102 278 4,591 SH Sole 4,591
CORP
NOVAGOLD RES INC Convert 66987EAA5 4,506 4,000,000 PRN Sole 4,000,000
NOTE 5.5% 5/1/15
NOVAGOLD Common 66987E206 3,230 369,557 SH Sole 369,557
RESOURCES INC
NYSE EURONEXT Common 629491101 4,286 150,000 SH Sole 150,000
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TOTAL $ 39,084
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Page 10 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
OCCIDENTAL Common 674599105 932 11,900 SH Sole 11,900
PETROLEUM CORP
OMNICOM GROUP INC Common 681919106 221 5,600 SH Sole 5,600
ORACLE CORP Common 68389X105 7,060 262,950 SH Sole 262,950
PENNEY J. C. CO INC Common 708160106 268 9,845 SH Sole 9,845
PEPSICO INC Common 713448108 5,342 80,400 SH Sole 80,400
PFIZER INC Common 717081103 833 48,530 SH Sole 48,530
PITNEY BOWES INC Common 724479100 6,396 299,176 SH Sole 299,176
PMC-SIERRA INC Common 69344F106 2,944 400,000 SH Sole 400,000
PPL CORP Common 69351T106 1,816 66,701 SH Sole 66,701
PROGRESS ENERGY INC Common 743263105 302 6,790 SH Sole 6,790
PRUDENTIAL FINANCIAL Common 744320102 1,355 25,000 SH Sole 25,000
INC
RAYTHEON CO Common 755111507 4,571 100,000 SH Sole 100,000
REINSURANCE GROUP Common 759351604 386 8,000 SH Sole 8,000
OF AMERICA
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TOTAL $ 32,426
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Page 11 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
RITE AID CORP Common 767754104 40 42,245 SH Sole 42,245
RPM INTL INC Common 749685103 3,972 199,400 SH Sole 199,400
RUBICON MINERALS CORP Common 780911103 1,133 267,850 SH Sole 267,850
SEALED AIR CORP NEW Common 81211K100 3,822 170,000 SH Sole 170,000
SEALY CORP Common 812139301 29 11,732 SH Sole 11,732
SILICON IMAGE INC Common 82705T102 717 150,000 SH Sole 150,000
SILVER STANDARD Common 82823L106 479 23,971 SH Sole 23,971
RESOURCES
SONOCO PRODUCTS CO Common 835495102 3,344 100,000 SH Sole 100,000
SPDR KBW BANK ETF Common 78464A797 6,885 300,000 SH Sole 300,000
STILLWATER MNG CO Common 86074Q102 337 20,000 SH Sole 20,000
SYMANTEC CORP Common 871503108 227 15,000 SH Sole 15,000
SYSCO CORP Common 871829107 5,704 200,000 SH Sole 200,000
THORATEC CORP Common 885175307 4,364 118,022 SH Sole 118,022
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TOTAL $ 31,053
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Page 12 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
TRAVELERS COS INC Common 89417E109 18,912 363,000 SH Sole 363,000
TREX COMPANY INC Common 89531P105 1,764 92,500 SH Sole 92,500
TYCO ELECTRONICS LTD Common H8912P106 224 7,675 SH Sole 7,675
UBS AG Common H89231338 189 11,125 SH Sole 11,125
UNITED CONTINENTAL Common 910047109 355 15,000 SH Sole 15,000
HOLDINGS
UNITED PARCEL SERVICE Common 911312106 3,335 50,000 SH Sole 50,000
INC
UNITED STATES STL Common 912909108 1,315 30,000 SH Sole 30,000
CORP NEW
VARIAN MED SYS INC Common 92220P105 1,210 20,000 SH Sole 20,000
VULCAN MATERIALS Common 929160109 2,954 80,000 SH Sole 80,000
WASTE MANAGEMENT INC Common 94106L109 7,684 215,000 SH Sole 215,000
WENDY'S/ARBY'S Common 950587105 1,359 300,000 SH Sole 300,000
GROUP INC-A
WESTERN DIGITAL CORP Common 958102105 4,530 159,550 SH Sole 159,550
WESTPORT Common 960908309 2,811 159,700 SH Sole 159,700
INNOVATIONS INC
WHIRLPOOL CORP Common 963320106 810 10,000 SH Sole 10,000
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TOTAL $ 47,452
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Page 13 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
WHITING PETE CORP Common 966387102 487 5,100 SH Sole 5,100
NEW
WILLIAMS COS INC DEL Common 969457100 246 12,892 SH Sole 12,892
XEROX CORP Common 984121103 9,429 911,000 SH Sole 911,000
ZHONE TECHNOLOGIES Common 98950P884 1,484 720,380 SH Sole 720,380
INC
ZOLTEK COMPANIES INC Common 98975W104 680 70,000 SH Sole 70,000
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TOTAL $ 12,326
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Page 14 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y951 5,203 60,000 SH Put Sole 60,000
ALLSTATE CORP Common 020002901 1,262 40,000 SH Call Sole 40,000
ALLSTATE CORP Common 020002951 6,310 200,000 SH Put Sole 200,000
AUTOMATIC DATA Common 053015953 8,406 200,000 SH Put Sole 200,000
PROCESSING
BARRICK GOLD CORP Common 067901908 7,406 160,000 SH Call Sole 160,000
BARRICK GOLD CORP Common 067901958 14,813 320,000 SH Put Sole 320,000
BROCADE COMM SYS INC Common 111621906 1,172 200,000 SH Call Sole 200,000
CAMECO CORP Common 13321L958 4,991 180,000 SH Put Sole 180,000
CIENA CORP Common 171779909 156 10,000 SH Call Sole 10,000
CIENA CORP Common 171779959 1,557 100,000 SH Put Sole 100,000
CLIFFS NATURAL Common 18683K951 7,031 110,000 SH Put Sole 110,000
RESOURCES INC
DISNEY WALT CO Common 254687906 3,310 100,000 SH Call Sole 100,000
DISNEY WALT CO Common 254687956 6,620 200,000 SH Put Sole 200,000
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TOTAL $ 68,237
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Page 15 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
DU PONT E I DE Common 263534959 4,462 100,000 SH Put Sole 100,000
NEMOURS & CO
E M C CORP MASS Common 268648952 4,062 200,000 SH Put Sole 200,000
GOLDCORP INC NEW Common 380956909 6,963 160,000 SH Call Sole 160,000
INTEL CORP Common 458140950 7,680 400,000 SH Put Sole 400,000
INTERNATIONAL Common 459200951 14,755 110,000 SH Put Sole 110,000
BUSINESS MACHS
ITT CORP Common 450911952 3,746 80,000 SH Put Sole 80,000
ITT EDUCATIONAL Common 45068B959 2,108 30,000 SH Put Sole 30,000
SERVICES INC
JOHNSON & JOHNSON Common 478160954 9,914 160,000 SH Put Sole 160,000
LOWES COS INC Common 548661957 1,783 80,000 SH Put Sole 80,000
MARTIN MARIETTA Common 573284956 6,158 80,000 SH Put Sole 80,000
MATERIALS
MCKESSON CORP Common 58155Q953 2,471 40,000 SH Put Sole 40,000
MICROSOFT CORP Common 594918904 2,449 100,000 SH Call Sole 100,000
MICROSOFT CORP Common 594918954 7,347 300,000 SH Put Sole 300,000
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TOTAL $ 73,898
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Page 16 of 17 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ORACLE CORP Common 68389X955 2,685 100,000 SH Put Sole 100,000
PENNEY J. C. CO INC Common 708160956 2,718 100,000 SH Put Sole 100,000
SEAGATE TECHNOLOGY Common G7945J904 942 80,000 SH Call Sole 80,000
TARGET CORP Common 87612E956 2,138 40,000 SH Put Sole 40,000
UNITED PARCEL SERVICE Common 911312956 5,335 80,000 SH Put Sole 80,000
INC
UNITED STATES STL Common 912909958 1,315 30,000 SH Put Sole 30,000
CORP NEW
VARIAN MED SYS INC Common 92220P955 2,420 40,000 SH Put Sole 40,000
VULCAN MATERIALS Common 929160959 2,954 80,000 SH Put Sole 80,000
WHIRLPOOL CORP Common 963320956 3,238 40,000 SH Put Sole 40,000
ZOLTEK COMPANIES INC Common 98975W904 5,832 600,000 SH Call Sole 600,000
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TOTAL $ 29,577
-------------
AGGREGATE TOTAL $ 15,502,826
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Page 17 of 17 Pages