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 March 31, 2009
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: May 12, 2009
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Page 1 of 14
Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is 333
S. 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 14
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 141
Form 13F Information Table Value Total: $9,370.7 (million)
List of Other Included Managers: NONE.
Page 3 of 14
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
3COM CORP Common 885535104 2,472 800,000 SH Sole 800,000
3M CO Common 88579Y101 1,860 37,400 SH Sole 37,400
AFFILIATED COMPUTER Common 008190100 6,053 126,399 SH Sole 126,399
SERVICES
AGNICO EAGLE MINES Common 008474108 3,458 60,750 SH Sole 60,750
LTD
ALCATEL-LUCENT- Common 013904305 97 51,952 SH Sole 51,952
SPONSORED ADR
ALLSTATE CORP Common 020002101 490 25,606 SH Sole 25,606
AMERICAN EQUITY INVT Common 025676206 44 10,544 SH Sole 10,544
LIFE HL
ANADARKO PETE CORP Common 032511107 1,132 29,100 SH Sole 29,100
APACHE CORP Common 037411105 327 5,105 SH Sole 5,105
AURIZON MINES LTD Common 05155P106 3,931 854,447 SH Sole 854,447
AUTOMATIC DATA Common 053015103 844 24,000 SH Sole 24,000
PROCESSING
BANK OF AMERICA Common 060505104 272 39,823 SH Sole 39,823
CORPORATION
BARRICK GOLD CORP Common 067901108 11,737 362,026 SH Sole 362,026
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TOTAL $ 32,717
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Page 4 of 14 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
BOARDWALK PIPELINE Common 096627104 2,408,775 107,534,609 SH Sole 107,534,609
PARTNERS
BROADCOM CORP Common 111320107 1,998 100,000 SH Sole 100,000
BROCADE Common 111621306 690 200,000 SH Sole 200,000
COMMUNICATIONS SYS
INC
CALPINE CORP Common 131347304 7,444 1,093,100 SH Sole 1,093,100
CHENIERE ENERGY INC Common 16411R208 52 12,200 SH Sole 12,200
CIBER INC Common 17163B102 38 13,991 SH Sole 13,991
CIENA CORP Common 171779309 1,556 200,000 SH Sole 200,000
CISCO SYS INC Common 17275R102 4,025 240,000 SH Sole 240,000
CITIGROUP INC Common 172967101 73 28,994 SH Sole 28,994
CLIFFS NATURAL Common 18683K101 315 17,330 SH Sole 17,330
RESOURCES INC
CNA FINL CORP Common 126117100 2,220,225 242,382,673 SH Sole 242,382,673
COEUR D'ALENE MINES Common 192108108 309 329,250 SH Sole 329,250
CORP
DEERE & CO Common 244199105 378 11,500 SH Sole 11,500
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TOTAL $ 4,645,878
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Page 5 of 14 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
DELTA AIR LINES INC Common 247361702 66 11,729 SH Sole 11,729
DEL
DIAMOND OFFSHORE Common 25271C102 4,406,776 70,104,620 SH Sole 70,104,620
DRILLING INC
DYNEGY INC NEW Common 26817G102 3,781 2,681,450 SH Sole 2,681,450
E M C CORP MASS Common 268648102 2,280 200,000 SH Sole 200,000
EBAY INC Common 278642103 3,140 250,000 SH Sole 250,000
ENSCO INTL INC Common 26874Q100 314 11,900 SH Sole 11,900
EXETER RESOURCE Common 301835104 2,623 641,100 SH Sole 641,100
FINISAR CORPORATION Common 31787A101 352 800,000 SH Sole 800,000
GAMMON GOLD INC Common 36467T106 5,441 840,943 SH Sole 840,943
GOLDCORP INC NEW Common 380956409 1,866 56,000 SH Sole 56,000
GOLDEN STAR Common 38119T104 741 507,820 SH Sole 507,820
RESOURCES LTD
HOME DEPOT INC Common 437076102 4,834 205,170 SH Sole 205,170
IAMGOLD CORPORATION Common 450913108 3,166 369,633 SH Sole 369,633
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TOTAL $ 4,435,380
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Page 6 of 14 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
IMA EXPLORATION INC Common 449664101 120 571,886 SH Sole 571,886
INGERSOLL-RAND Common G4776G101 269 19,482 SH Sole 19,482
COMPANY LTD
INTEL CORP Common 458140100 4,509 300,000 SH Sole 300,000
INTERNATIONAL Common 459200101 1,334 13,769 SH Sole 13,769
BUSINESS MACHS
ISHARES INC MSCI Common 464286673 630 100,000 SH Sole 100,000
SINGAPORE
ISHARES MSCI SOUTH Common 464286772 2,846 100,000 SH Sole 100,000
KOREA IND
ISHARES MSCI TAIWAN Common 464286731 4,035 500,000 SH Sole 500,000
INDEX FD
JAGUAR MINING INC Common 47009M103 7,362 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 895 275,500 SH Sole 275,500
JOHNSON & JOHNSON Common 478160104 552 10,493 SH Sole 10,493
JOY GLOBAL INC Common 481165108 852 40,000 SH Sole 40,000
KIMBER RESOURCES INC Common 49435N101 382 641,515 SH Sole 641,515
KINROSS GOLD CORP Common 496902404 304 17,000 SH Sole 17,000
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TOTAL $ 24,090
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Page 7 of 14 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
LEAR CORP Common 521865105 8 11,003 SH Sole 11,003
LEXMARK INTL NEW Common 529771107 2,024 120,000 SH Sole 120,000
LOWES COS INC Common 548661107 1,434 78,600 SH Sole 78,600
MARKET VECTORS Common 57060U100 8,298 225,000 SH Sole 225,000
GOLD MINERS
MEDIACOM Common 58446K105 137 34,000 SH Sole 34,000
COMMUNICATIONS CORP
MICROSOFT CORP Common 594918104 202 10,982 SH Sole 10,982
MIDWAY GOLD CORP Common 598153104 88 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 3,466 444,487 SH Sole 444,487
MOTOROLA INC Common 620076109 77 18,268 SH Sole 18,268
NEW GOLD INC Common 644535106 2,415 1,284,752 SH Sole 1,284,752
NOVAGOLD Common 66987E206 424 153,724 SH Sole 153,724
RESOURCES INC
OCCIDENTAL Common 674599105 662 11,900 SH Sole 11,900
PETROLEUM CORP
ORACLE CORP Common 68389X105 415 22,950 SH Sole 22,950
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TOTAL $ 19,650
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Page 8 of 14 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
OWENS CORNING INC Common 690742101 574 63,500 SH Sole 63,500
PFIZER INC Common 717081103 1,771 130,000 SH Sole 130,000
POPULAR INC Common 733174106 49 22,629 SH Sole 22,629
PRIDE INTL INC DEL Common 74153Q102 198 11,000 SH Sole 11,000
REINSURANCE GROUP Common 759351604 259 8,000 SH Sole 8,000
OF AMERICA
RUBICON MINERALS CORP Common 780911103 941 481,250 SH Sole 481,250
SILICON IMAGE INC Common 82705T102 1,008 420,000 SH Sole 420,000
SILVER STANDARD Common 82823L106 548 34,000 SH Sole 34,000
RESOURCES
SILVER WHEATON CORP Common 828336107 3,859 374,000 SH Sole 374,000
SLM CORP Common 78442P106 2,190 442,443 SH Sole 442,443
SPDR KBW BANK ETF Common 78464A797 8,383 604,800 SH Sole 604,800
STILLWATER MNG CO Common 86074Q102 2,467 666,763 SH Sole 666,763
TALISMAN ENERGY INC Common 87425E103 509 48,450 SH Sole 48,450
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TOTAL $ 22,756
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Page 9 of 14 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
THORATEC CORP Common 885175307 5,909 230,000 SH Sole 230,000
TREX COMPANY INC Common 89531P105 1,376 180,375 SH Sole 180,375
UNILEVER N V Common 904784709 356 18,181 SH Sole 18,181
UNITED AMERICA Common 90933T109 40,960 10,189 SH Sole 10,189
INDEMNITY
UNITED PARCEL SERVICE Common 911312106 984 20,000 SH Sole 20,000
INC
UNITED STATES STL Common 912909108 1,477 69,900 SH Sole 69,900
CORP NEW
VULCAN MATERIALS CO Common 929160109 1,772 40,000 SH Sole 40,000
WESTERN DIGITAL CORP Common 958102105 3,094 160,000 SH Sole 160,000
WEYERHAEUSER CO Common 962166104 4,136 150,000 SH Sole 150,000
WILLIAMS COS INC DEL Common 969457100 115 10,112 SH Sole 10,112
WILLIAMS PIPELINE Common 96950K103 2,979 181,000 SH Sole 181,000
PARTNERS L
XEROX CORP Common 984121103 5,328 1,171,000 SH Sole 1,171,000
ZHONE TECHNOLOGIES Common 98950P108 612 3,201,798 SH Sole 3,201,798
INC
ZOLTEK COMPANIES INC Common 98975W104 272 39,900 SH Sole 39,900
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TOTAL $ 69,370
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Page 10 of 14 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 4,475 90,000 SH Put Sole 90,000
ALLSTATE CORP Common 020002901 766 40,000 SH Call Sole 40,000
ALLSTATE CORP Common 020002951 2,681 140,000 SH Put Sole 140,000
AUTOMATIC DATA Common 053015953 3,516 100,000 SH Put Sole 100,000
PROCESSING
BANK OF AMERICA Common 060505954 682 100,000 SH Put Sole 100,000
CORPORATION
BARRICK GOLD CORP Common 067901908 3,242 100,000 SH Call Sole 100,000
BARRICK GOLD CORP Common 067901958 3,242 100,000 SH Put Sole 100,000
BLACK & DECKER CORP Common 091797900 1,894 60,000 SH Call Sole 60,000
BLACK & DECKER CORP Common 091797950 1,894 60,000 SH Put Sole 60,000
BROADCOM CORP Common 111320957 1,998 100,000 SH Put Sole 100,000
BROCADE Common 111621906 690 200,000 SH Call Sole 200,000
COMMUNICATIONS SYS
INC
BROCADE Common 111621956 690 200,000 SH Put Sole 200,000
COMMUNICATIONS SYS
INC
CIENA CORP Common 171779959 1,556 200,000 SH Put Sole 200,000
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TOTAL $ 27,326
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Page 11 of 14 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
CISCO SYS INC Common 17275R952 3,354 200,000 SH Put Sole 200,000
CLIFFS NATURAL Common 18683K901 182 10,000 SH Call Sole 10,000
RESOURCES INC
CLIFFS NATURAL Common 18683K951 4,177 230,000 SH Put Sole 230,000
RESOURCES INC
DISNEY WALT CO Common 254687906 2,906 160,000 SH Call Sole 160,000
DISNEY WALT CO Common 254687956 2,542 140,000 SH Put Sole 140,000
DU PONT E I DE Common 263534909 4,019 180,000 SH Call Sole 180,000
NEMOURS & CO
DU PONT E I DE Common 263534959 2,680 120,000 SH Put Sole 120,000
NEMOURS & CO
E M C CORP MASS Common 268648952 2,280 200,000 SH Put Sole 200,000
EATON CORP Common 278058952 3,686 100,000 SH Put Sole 100,000
FOSTER WHEELER LTD Common G36535959 1,747 100,000 SH Put Sole 100,000
GOLDCORP INC NEW Common 380956909 5,331 160,000 SH Call Sole 160,000
HOME DEPOT INC Common 437076952 4,712 200,000 SH Put Sole 200,000
INTEL CORP Common 458140950 4,509 300,000 SH Put Sole 300,000
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TOTAL $ 42,125
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Page 12 of 14 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
JDS UNIPHASE CORP Common 46612J907 1,300 400,000 SH Call Sole 400,000
JDS UNIPHASE CORP Common 46612J957 650 200,000 SH Put Sole 200,000
JOY GLOBAL INC Common 481165908 852 40,000 SH Call Sole 40,000
JOY GLOBAL INC Common 481165958 1,704 80,000 SH Put Sole 80,000
LOWES COS INC Common 548661957 1,460 80,000 SH Put Sole 80,000
MASTERCARD INC Common 57636Q954 11,724 70,000 SH Put Sole 70,000
CLASS A
MICROSOFT CORP Common 594918904 1,837 100,000 SH Call Sole 100,000
MICROSOFT CORP Common 594918954 1,837 100,000 SH Put Sole 100,000
ORACLE CORP Common 68389X955 1,807 100,000 SH Put Sole 100,000
PFIZER INC Common 717081953 2,201 161,600 SH Put Sole 161,600
PPL CORP Common 69351T906 2,871 100,000 SH Call Sole 100,000
PPL CORP Common 69351T956 1,148 40,000 SH Put Sole 40,000
SEAGATE TECHNOLOGY Common G7945J904 1,952 324,800 SH Call Sole 324,800
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TOTAL $ 31,343
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Page 13 of 14 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
SEAGATE TECHNOLOGY Common G7945J954 601 100,000 SH Put Sole 100,000
TARGET CORP Common 87612E956 1,376 40,000 SH Put Sole 40,000
THE ST JOE COMPANY Common 790148950 1,674 100,000 SH Put Sole 100,000
UNITED PARCEL SERVICE Common 911312956 3,445 70,000 SH Put Sole 70,000
INC
UNITED STATES STL Common 912909958 1,479 70,000 SH Put Sole 70,000
CORP NEW
VULCAN MATERIALS CO Common 929160959 3,543 80,000 SH Put Sole 80,000
WELLS FARGO & CO Common 949746951 1,424 100,000 SH Put Sole 100,000
WHOLE FOODS MKT INC Common 966837906 2,016 120,000 SH Call Sole 120,000
XEROX CORP Common 984121903 455 100,000 SH Call Sole 100,000
ZOLTEK COMPANIES INC Common 98975W904 4,086 600,000 SH Call Sole 600,000
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TOTAL $ 20,099
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AGGREGATE TOTAL $ 9,370,734
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Page 14 of 14 Pages