Thank morning. you, Mary, and good
for pandemic. them the and their Before the when I direct on help front bit their coronavirus, Loews addressing allocated discuss able are take express I'm $X we bravery, Loews' To that of we're everything for Corporation others. how risking care has by heroes. to Loews fight their for more us true provide for acknowledge different everyone concretely, are support that been to they all lines are proud this many to lives these doing the a individuals against presented health to challenges They lives. is own thank who I glad heroes. several selflessness I at the moment want that frontline help speak to has to our I'm million to funds donated these announce between thanks save a of
quickly described how an array of the Little I to XXXX that morphed was over last economic completed astonishing changes letter shifting most we has directly and dramatically market February did shareholders global ahead. year. it, dramatic the year altered technologies, and change when lives. decade out Loews' started It's by our about geopolitical know into forces. What XX dramatic relations coronavirus of is In the trade brought a a fall. our and disruptive letter promising the this dated quickly free as we has
companies, the around transition Like restrictions required subsidiaries started IT already its remote operating even so smoothly world. company's for place would were infrastructure travel and many operations, as the orders remotely put quick and issued other than and shelter-in-place have home enhanced Since went overnight subsidiaries to move our into have by Loews Loews to more and our efficient a expected. working I from governments
dedication, their with the thank for move Our Loews' forward. resilience employees want and I them has which to to challenge focus. all enabled rose to
coronavirus has Loews' our to impacted back ways. So of The different in operations. businesses each
hard our others not. of and have hit, subsidiaries Some have been
and most felt Hotels Loews pain. Offshore Diamond have Specifically, the
announcement and lead events the in on with XX company's me the resulted off Chapter XX. Offshore April Let Diamond sequence of that
prices. and oil however, global $XX that grow. we beginning expected year, Unfortunately, short-lived. sunny Sun low a It's to plagued has coupled was been the start the clouds. drillers, offshore long, experiencing It's road with since for no protracted a secret an oversupply this that the demand oil January, was been XXXX. a at moment was barrel hard thought break oil saw to we the At offshore persistently downturn of drilling Earlier industry by rigs, through the priced of
Over the per in and companies barrel. Talk spread COVID-XX. significantly cataclysmic further Travel failed to drillers' X/X or Saudi rigs, $XX period. oil reduced their due X-month decline they to experienced bad That's demand sudden a opportunity Arabia and companies These drop and bans of In to impeccably a timing. to agreement, first decline Russia renegotiate price their in response, budgets. E&P every to reach a prices global quarter, a the used staff factors ability offshore capital cancel production complicated and contracts. could about oil to caused about
market $XXX which Keep a to before that Loews' $XXX was unfortunate this mid-March, of our of even mind exposure by and stake, between million confluence events, in to equity value had Diamond limited million.
CFO, Later in remains XX Loews through while will to Chapter the billion $X.X GAAP strong important deconsolidation is of you loss filing. a in it's sheet with balance But the cash GAAP Edelson, this investments. to Diamond it's noncash that David significant, walk ending our the loss. remember call, impact and Loews' quarter the
and the years. offshore to Marc make about disappointed been outstanding, events to been a that circumstances. I We incredibly done and a drilling tough that resilient for individuals work brighter has the company Edwards, the has April announcement. Diamond his very in are the Diamond come. a CEO, for team Diamond led years comprised its environment. the of hard is in XX company's very leader hope facing offshore has proud over am in of world of has we sequence The industry. Diamond worked While future talented the extraordinary
this new review Loews to and quick operations ever faring businesses like portfolio, are I'd on a of world. the rest do today, changing functioning how normal they Moving to their of our the and in
it shareholders. as been As address from received last the this years, review. context in questions the been over of you questions Since take very couple month prepared to we remarks the of our know, going I'm my have have part practice to the of and has consistent, for last them
had a business better CNA. and the company's first team than as performance also slightly by All XXXX, increases balance infrastructure for CNA's all, was First of reduction adeptly X% quarter ratio Operationally, to the is in in market continued. strong. quarter manage CNA in been crisis. The management ratio. of sheet, solid has combined CNA mix, up hard quite driven rate through primarily the underlying this has the expense the the
unfolds, CNA and his team. have Robusto, in senior of terms result early the it's is we some statements. and will These judgment In levels and situation to make future the as CEO, earnings, that and CNA's headwinds. face GDP. pandemic's lot too low we a concrete rates P&C interest of closely as will of Dino a it impact imagine But lower premium on confidence decline management expertise the in the CNA's monitoring of the industry include
for effects questions interruption of CNA shareholders' turbulent insurance CNA's portfolio. topics: on markets Our business X focused and investment the the on
these. of Let me address one each
this policies damage quote, their and property On a require very clear insurance, physical "CNA's made morning, statements from reiterate business earlier some peril direct interruption I regarding which property to I call to Dino Dino said, here. covered will the attach. coverage for
whether total our issued or but policies, borrowing very property exclusion Lloyd's There United are the have coverage participations are on coverage viruses. the the internationally, operations, States de limits minimis. few small exposed in for in may where Additionally, exist policies
company cover to respect interruption it." language for COVID-XX business never the insurance, So collected cases, not and property in does premiums policy virtually all with CNA's
quarter, markets from CNA's in CNA's $X first quarter end of classes than at billion XXXX the and investment rates the up widening rebounded with terms assets $X put provided portfolio have of gain since the yields. the billion as with has about to add in $X $X the a in went between the CNA's has this somewhat the spread end This context, quarter. XXXX, of that at fixed opportunity to high position CNA's to its first this CNA unrealized lows position and billion. come roaring back. varied $X other first billion due In being opportunity first diminished year's billion of is now typically end the at unrealized attractive the across off has gain Interest rare billion high-quality income of since the asset treasuries at Since $X declined portfolio, end gain quarter, To unrealized watermark.
CNA over several decade. to reducing hedge assets. equities, below to last investment-grade its securities risk been the a Over funds the and in level has years, exposure Including lowest
The and projects from Next benefiting coming growth Pipelines. company sound up is operationally Boardwalk online. is
slightly the Boardwalk. XXXX in quarter, now the the first recontracting effect to was in have the frame. prices XXXX placed lower on revenue completed in due time service decline projects to Shareholders of While of about declined oil Boardwalk's the us expansion asked
Additionally, of customers. the financial Boardwalk's questions we've gotten about stability
of both queries. address these Let me
the from impacted of Boardwalk's XXXX, ensure uninterrupted Boardwalk's maintained customers maintain hit and measures gas efficient by mid-March, increased its first last the business throughput year. volume safety employees period to liquids oil not taking has Since the crisis quarter and been significantly In while comparable the prices. in in has natural of operations. the service to slightly also to its Boardwalk drop
measure the had end is quarter. not from that of rated, billion of companies. At investment-grade first additional the Boardwalk $X are than of of well its added letters derived first backlog which in XX% revenue some Boardwalk's security. an revenues of More from new has of credit Boardwalk million provide about of with the contracts $XXX contracted over investment-grade customers a quarter, not in backlog or
to to a year the oil Boardwalk's materially below far, capital a With take-or-pay of another ratio by or fee Boardwalk's be legacy Horton, internally-generated lower prices. at expects performance. revenues are using $XX cash have backed to primarily the fixed Boardwalk Xx senior finance the so industry about the managers, than of due agreements. debt-to-EBITDA of company team reiterate, been XX% in by expiration leading At of have helm not drop and contracts. the anticipates its impacted the this performance Stan XXXX, expected primarily, financial needs coronavirus To veteran, is solid seasoned flow. XXXX, should year, in Almost of operations end leverage. financial the XXXX Boardwalk million Revenue by
helped actually and of company's Sean its move distributing Altium's of These increased volume. number in packaging cleaning Altium products. measures days. operate and from their benefiting taken even its with gloves, on plants. consumer have temperatures distancing precautions and precautions to sick ongoing to our sanitizing leadership increasing protocols, due beverage stations, manufacturing employees Under smoothly, comply Altium, Fallman, masks new of of to installing primarily sure increase plastic These with the and plants segment, in a manufacturing manufacturer. the surge making the is purchases safety social retail ensure the include Altium pre-shift employee taking Let's has the CEO, employees top-notch
portion We as expect a growth. from from good acquisitions coming organic up be to completed with nicely this Altium's year, as EBITDA well
comment be further well as its competitors. couldn't growth bans, hotel our we on great being protocols Hotels mode Loews on shelter-in-place We costs. in me Loews could it envisioned. effect and let profound had as But business all reality from on being a went from everything expectations today's had forced Travel have XXXX. for social to Finally, what Hotels. orders to The in distancing company of do to contain had
of Due term. temporarily Loews' hotels virus, business Unfortunately, of loss halt This Loews of it X to over XX% to order the painful operate employees. Loews Hotels' government the remain very a mandates and the to to could was pandemic COVID-XX the operations. catastrophic necessary and continue Hotels that long most the made those spread made of operational, limited in to ensure of company occupancy. most furlough decision nearly the - hotels resulting have suspended Only have
company its enrolled has Loews to months furloughed to insurance costs then with Having relief for also set in assistance medical tough up continued benefits. affected has this employees a employees for X for step, taken The and followed Hotels team multimillion-dollar cover company up members. up fund for significant
Hotels salaries as President; XX% CEO, members Loews the financially impacted our reduced being bonuses are and by of X entire of our the in Kish, Additionally, me, of all Andrew and team with John Loews crisis, for April reduced members the by Tisch, who XX% office the solidarity the year. Hotel by
normal in point Loews this operations. Hotels time, it's difficult At will resume when to predict
pandemic. the will occupancy at circumstances the vary gradually that by with increasing from as property, the recovers effects expect industry hotels of hotel We
Before want of world. view to our the and call to David, I current parent company over comment turning the on the
resources, circumstances We cash billion as in as at investments night, strong. have and significant we calls rainy maintain day and to $X those is uncertainty, over experience a always fund. and still plan said true so to that substantial that no remains much cash With today. our our current position like we we sleep on In Loews
once reevaluate will we our We strategies to allocation forward for and our our the have clarity more capital our path country. as subsidiaries company,
CFO, our to over to And now I'd like the David call hand Edelson.
