Loews Corp was incorporated in 1967 and is an insurance holding company. The Company is engaged commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; exploration, production and marketing of natural gas and natural gas liquids; operation of interstate natural gas pipeline systems; and the operation of hotels. CNA Financial Corporation is a subsidiary and an insurance holding company whose property and casualty and remaining life & group insurance operations are conducted by Continental Casualty Company (CCC), incorporated in 1897. CNA's insurance products include commercial property and casualty coverages, including surety. CNA's services include risk management, information services, warranty and claims administration. CNA's products and services are marketed through independent agents, brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups. CNA's property and casualty field structure consists of 49 underwriting locations across the United States. In addition, there are five centralized processing operations which handle policy processing, billing and collection activities and also act as call centers to optimize service. The claims structure consists of two regional claim centers designed to efficiently handle the high volume of low severity claims including property damage, liability and workers' compensation medical only claims, and 16 principal claim offices handling the more complex claims. CNA also has a presence in Canada, Europe and Singapore consisting of 15 branch operations and access to business placed at Lloyd's of London ("Lloyd's") through Hardy Underwriting Bermuda Limited ("Hardy"). CNA's core business, commercial property and casualty insurance operations, includes Specialty, Commercial and International. Other Non-Core business includes Life & Group Non-Core and Other. The Specialty includes the following business groups: Management & Professional Liability: Management & Professional Liability provides management and professional liability insurance and risk management services and other specialized property and casualty coverages. Surety: Surety offers small, medium and large contract and commercial surety bonds. Surety provides surety and fidelity bonds in all 50 states through a network of independent agencies and brokers.Warranty and Alternative Risks: Warranty and Alternative Risks provides extended service contracts and related products that provide protection from the financial burden associated with mechanical breakdown and other related losses for vehicles and portable electronic communication devices. The Commercial's property products include standard and excess property, marine and boiler and machinery coverages. The Casualty products include standard casualty insurance products such as workers' compensation, general and product liability, commercial auto and umbrella coverages. The International provides property and casualty insurance and specialty coverages in Canada, the United Kingdom and Continental Europe as well as globally through its operations at Lloyd's. The Life & Group Non-Core includes the results of CNA's long term care businesses that are in run-off. The Other includes certain CNA corporate expenses, including interest on CNA corporate debt and the results of certain property and casualty business in run-off, including CNA Re and asbestos and environmental pollution. CNA competes with a large number of stock and mutual insurance companies and other entities for both distributors and customers. The insurance industry is subject to comprehensive and detailed regulation and supervision.