Loews Corporation is a holding company. The lines of business the Company’s subsidiaries are engaged in include commercial property and casualty insurance (CNA Financial Corporation (CNA), a 90%-owned subsidiary); operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc., a 50.4%-owned subsidiary); exploration, production and marketing of natural gas and natural gas liquids (HighMount Exploration & Production LLC, a wholly owned subsidiary); operation of interstate natural gas transmission pipeline systems (Boardwalk Pipeline Partners, LP, a 74%-owned subsidiary), and operation of hotels (Loews Hotels Holding Corporation, a wholly owned subsidiary). In January of 2008, the Company sold Bulova Corporation (Bulova) to Citizen Watch Co., Ltd. In June 2008, it disposed of its interest in its wholly owned subsidiary, Lorillard, Inc.