FORM 13F

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.  20549

                              ------------------

                              FORM 13F COVER PAGE

       Report for the Calendar Year or Quarter Ended        March 31, 2011

                Check here if Amendment:  [ ]; Amendment Number:
                                                                 -------

                                This Amendment:

                             [ ] is a restatement.

                        [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:                           Loews Corporation
------------------------------------------------------------------------------

Address:                 667 Madison Avenue    New York     New York     10065
------------------------------------------------------------------------------
                               (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
------------------------------------------------------------------------------

Title:      General Counsel and Senior Vice President
------------------------------------------------------------------------------

Phone:      212-521-2932
------------------------------------------------------------------------------

Signature, Place, and Date of Signing:

/s/ Gary W. Garson
------------------------------------------------------------------------------
(Signature)

Place:      667 Madison Avenue    New York     New York     10065
------------------------------------------------------------------------------
                  (Street)        (City)        (State)     (Zip)

Date:       May 11, 2011
------------------------------------------------------------------------------


                                  Page 1 of 16


  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 16


                            FORM 13F SUMMARY PAGE

                                REPORT SUMMARY

Number of Other Included Managers:  NONE.

Form 13F Information Table Entry Total:  153

Form 13F Information Table Value Total:  $16,707.8 (million)

List of Other Included Managers:  NONE.


                                  Page 3 of 16







                                                                                        
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   88579Y101        288       3,080   SH              Sole                       3,080

ABBOTT LABS           Common   002824100      7,407     151,000   SH              Sole                     151,000

AIR PRODS & CHEMS INC Common   009158106      3,607      40,000   SH              Sole                      40,000

ALLSTATE CORP         Common   020002101      6,587     207,256   SH              Sole                     207,256

ALVARION LIMITED      Common   M0861T100      1,330     700,000   SH              Sole                     700,000

AMERICAN              Common   026874784      1,054      30,000   SH              Sole                      30,000
INTERNATIONAL GROUP

AMGEN INC             Common   031162100      5,345     100,000   SH              Sole                     100,000

AMKOR TECHNOLOGY INC  Common   031652100        270      40,000   SH              Sole                      40,000

ANADARKO PETE CORP    Common   032511107      1,090      13,300   SH              Sole                      13,300

APACHE CORP           Common   037411105        534       4,080   SH              Sole                       4,080

AURIZON MINES LTD     Common   05155P106      2,755     392,127   SH              Sole                     392,127

AVNET INC             Common   053807103        262       7,700   SH              Sole                       7,700

BARRICK GOLD CORP     Common   067901108     11,201     215,771   SH              Sole                     215,771
                                      --------------
                          TOTAL $             41,730
                                      --------------


                                                      Page 4 of 16 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

BEMIS COMPANY         Common   081437105     65,620   2,000,000   SH              Sole                   2,000,000

BOARDWALK PIPELINE    Common   096627104  3,354,818 102,719,466   SH              Sole                 102,719,466
PARTNERS

BROADRIDGE FINANCIAL  Common   11133T103      2,496     110,000   SH              Sole                     110,000
SOLUTIONS

BROCADE COMM SYS  INC Common   111621306      2,337     380,000   SH              Sole                     380,000

CALPINE CORP          Common   131347304        287      18,070   SH              Sole                      18,070

CAMECO CORP           Common   13321L108      1,202      40,000   SH              Sole                      40,000

CF INDUSTRIES         Common   125269100      7,250      53,004   SH              Sole                      53,004
HOLDINGS INC

CHEVRON CORP          Common   166764100     14,511     135,000   SH              Sole                     135,000

CISCO SYS INC         Common   17275R102     10,422     607,710   SH              Sole                     607,710

CITIGROUP INC         Common   172967101        732     165,663   SH              Sole                     165,663

CNA FINL CORP         Common   126117100  7,162,408 242,382,673   SH              Sole                 242,382,673


COMCAST CORP NEW      Common   20030N200      4,040     174,000   SH              Sole                     174,000

CVS CAREMARK CORP     Common   126650100      6,006     175,000   SH              Sole                     175,000
                                      --------------
                          TOTAL $         10,632,129
                                      --------------


                                                      Page 5 of 16 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

DENBURY RESOURCES     Common   247916208        854      35,000   SH              Sole                      35,000
INC

DEVON ENERGY          Common   25179M103        688       7,500   SH              Sole                       7,500
CORPORATION

DIAMOND OFFSHORE      Common   25271C102  5,447,129  70,104,620   SH              Sole                  70,104,620
DRILLING INC

DRESSER-RAND GROUP    Common   261608103      2,005      37,400   SH              Sole                      37,400
INC

DU PONT E I DE        Common   263534109     13,193     240,000   SH              Sole                     240,000
NEMOURS & CO

E M C CORP MASS       Common   268648102      1,328      50,000   SH              Sole                      50,000

ENERGIZER HLDGS INC   Common   29266R108      4,981      70,000   SH              Sole                      70,000

ENSCO INTL INC        Common   29358Q109        688      11,900   SH              Sole                      11,900

EVEREST RE GROUP LTD  Common   G3223R108        335       3,800   SH              Sole                       3,800

EXETER RESOURCE       Common   301835104      3,157     593,958   SH              Sole                     593,958

EXXON MOBIL CORP      Common   30231G102     17,163     204,000   SH              Sole                     204,000

FOREST LABS INC       Common   345838106        219       6,775   SH              Sole                       6,775

GAMESTOP CORP         Common   36467W109      1,689      75,000   SH              Sole                      75,000
                                      --------------
                          TOTAL $         5,493,429
                                      --------------


                                                      Page 6 of 16 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

GAMMON GOLD INC       Common   36467T106      5,814     556,351   SH              Sole                     556,351

GENERAL MOTORS CO     Common   37045V100     10,705     345,000   SH              Sole                     345,000

GENUINE PARTS CO      Common   372460105      7,510     140,000   SH              Sole                     140,000

GOLDCORP INC NEW      Common   380956409      8,964     180,000   SH              Sole                     180,000

GREEN PLAINS          Common   393222104      2,284     190,000   SH              Sole                     190,000
RENEWABLE ENERG

HALOZYME              Common   40637H109        100      14,854   SH              Sole                      14,854
THERAPEUTICS INC

HARTE-HANKS INC       Common   416196103        128      10,764   SH              Sole                      10,764

HEWLETT PACKARD CO    Common   428236103     15,521     378,829   SH              Sole                     378,829

HOME DEPOT INC        Common   437076102      7,412     200,000   SH              Sole                     200,000

HOSPITALITY           Common   44106M102        229       9,875   SH              Sole                       9,875
PROPERTIES TRUST

ILLINOIS TOOL WKS INC Common   452308109      6,715     125,000   SH              Sole                     125,000

INFINERA CORP         Common   45667G103        839     100,000   SH              Sole                     100,000

INTEL CORP            Common   458140100      6,054     300,000   SH              Sole                     300,000
                                      --------------
                          TOTAL $             72,275
                                      --------------


                                                      Page 7 of 16 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

INTERNATIONAL         Common   459200101     23,584     144,624   SH              Sole                     144,624
BUSINESS MACHS

ISHARES MSCI CANADA   Common   464286509        840      25,000   SH              Sole                      25,000

JAGUAR MINING INC     Common   47009M103      5,158     987,629   SH              Sole                     987,629

JDS UNIPHASE CORP     Common   46612J507      2,124     101,900   SH              Sole                     101,900

JOHNSON & JOHNSON     Common   478160104     11,802     199,188   SH              Sole                     199,188

KIMBER RESOURCES INC  Common   49435N101      1,077     641,515   SH              Sole                     641,515

KIMBERLY-CLARK CORP   Common   494368103      7,180     110,000   SH              Sole                     110,000

KOBEX MINERALS INC    Common   49989C105        226     238,285   SH              Sole                     238,285

KRAFT FOODS INC       Common   50075N104      8,154     260,000   SH              Sole                     260,000

L-3 COMMUNICATIONS    Common   502424104        262       3,346   SH              Sole                       3,346
HLDGS INC

LEGG MASON INC        Common   524901105        280       7,769   SH              Sole                       7,769

LEXMARK INTL NEW      Common   529771107      2,963      80,000   SH              Sole                      80,000

LINCOLN NATL CORP IND Common   534187109        541      18,000   SH              Sole                      18,000
                                      --------------
                          TOTAL $             64,191
                                      --------------


                                                      Page 8 of 16 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

LOCKHEED MARTIN       Common   539830109      9,402     116,935   SH              Sole                     116,935

LOWES COS INC         Common   548661107      1,057      40,000   SH              Sole                      40,000

MAG SILVER CORP       Common   55903Q104      2,516     210,888   SH              Sole                     331,200

MARTIN MARIETTA       Common   573284106      2,690      30,000   SH              Sole                      30,000
MATERIALS

MASCO CORP            Common   574599106        190      13,675   SH              Sole                      13,675

MASTERCARD INC        Common   57636Q104      6,293      25,000   SH              Sole                      25,000
CLASS A

MATTEL INC            Common   577081102      6,233     250,000   SH              Sole                     250,000

MCKESSON CORP         Common   58155Q103        791      10,000   SH              Sole                      10,000

MERCK & CO INC        Common   58933Y105        529      16,029   SH              Sole                      16,029

METLIFE INC           Common   59156R108      2,630      58,800   SH              Sole                      58,800

MICROSOFT CORP        Common   594918104     22,870     900,747   SH              Sole                     900,747

MIDWAY GOLD CORP      Common   598153104        356     197,679   SH              Sole                     197,679

MINEFINDERS CORP      Common   602900102      2,666     202,687   SH              Sole                     202,687
                                      --------------
                          TOTAL $             58,223
                                      --------------


                                                      Page 9 of 16 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

MOHAWK INDUSTRIES INC Common   608190104     44,652     730,200   SH              Sole                     730,200

MORGAN STANLEY        Common   617446448        310      11,354   SH              Sole                      11,354

MORGANS HOTEL         Common   61748W108      7,938     810,000   SH              Sole                     810,000
GROUP CO

MUELLER WATER         Common   624758108         61      13,725   SH              Sole                      13,725
PRODUCTS INC-A

NATL PENN BCSHS INC   Common   637138108         80      10,400   SH              Sole                      10,400

NEWELL RUBBERMAID INC Common   651229106      5,261     275,000   SH              Sole                     275,000

NORTHROP GRUMMAN      Common   666807102        288       4,591   SH              Sole                       4,591
CORP

OCCIDENTAL            Common   674599105      1,243      11,900   SH              Sole                      11,900
PETROLEUM CORP

OMNICOM GROUP INC     Common   681919106        211       4,300   SH              Sole                       4,300

ORACLE CORP           Common   68389X105      7,902     236,350   SH              Sole                     236,350

PEPSICO INC           Common   713448108      5,179      80,400   SH              Sole                      80,400

PFIZER INC            Common   717081103        477      23,485   SH              Sole                      23,485

PITNEY BOWES INC      Common   724479100      6,863     267,133   SH              Sole                     267,133
                                      --------------
                          TOTAL $             80,465
                                      --------------


                                                      Page 10 of 16 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

PMC-SIERRA INC        Common   69344F106      2,704     360,000   SH              Sole                     360,000

PPL CORP              Common   69351T106      1,265      50,000   SH              Sole                      50,000

PRUDENTIAL FINANCIAL  Common   744320102      1,540      25,000   SH              Sole                      25,000
INC

RANDGOLD RESOURCES    Common   752344309      7,266      89,114   SH              Sole                      89,114
LTD

RAYTHEON CO           Common   755111507      5,087     100,000   SH              Sole                     100,000

REINSURANCE GROUP     Common   759351604        502       8,000   SH              Sole                       8,000
OF AMERICA

RENAISSANCE RE        Common   G7496G103        214       3,103   SH              Sole                       3,103
HLDGS LTD

RITE AID CORP         Common   767754104         45      42,245   SH              Sole                      42,245

RPM INTL INC          Common   749685103      3,797     160,000   SH              Sole                     160,000

RUBICON MINERALS CORP Common   780911103      1,522     267,850   SH              Sole                     267,850

SEALY CORP            Common   812139301         30      11,732   SH              Sole                      11,732

SONOCO PRODUCTS CO    Common   835495102      3,623     100,000   SH              Sole                     100,000
                                      --------------
                          TOTAL $             27,595
                                      --------------


                                                      Page 11 of 16 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

SYMANTEC CORP         Common   871503108        278      15,000   SH              Sole                      15,000

THORATEC CORP         Common   885175307      1,556      60,000   SH              Sole                      60,000

TOTAL S A             Common   89151E109      7,316     120,000   SH              Sole                     120,000

TRAVELERS COS         Common   89417E109        773      13,000   SH              Sole                      13,000
INC

UBS AG                Common   H89231338        224      12,425   SH              Sole                      12,425

UNITED CONTINENTAL    Common   910047109        535      23,270   SH              Sole                      23,270
HOLDINGS

UNITED PARCEL SERVICE Common   911312106      3,716      50,000   SH              Sole                      50,000
INC

VISA INC-CLASS A      Common   92826C839      1,472      20,000   SH              Sole                      20,000
SHARES

VISTA GOLD CORP       Common   927926303      1,217     304,348   SH              Sole                     304,348

VULCAN MATERIALS      Common   929160109      2,736      60,000   SH              Sole                      60,000

WASTE MANAGEMENT INC  Common   94106L109      8,028     215,000   SH              Sole                     215,000

WESTERN DIGITAL CORP  Common   958102105      6,323     169,550   SH              Sole                     169,550

WESTPORT              Common   960908309      4,286     195,000   SH              Sole                     195,000
INNOVATIONS INC
                                      --------------
                          TOTAL $             38,460
                                      --------------


                                                      Page 12 of 16 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

WHIRLPOOL CORP        Common   963320106      7,682      90,000   SH              Sole                      90,000

WHITING PETE CORP     Common   966387102        588       8,000   SH              Sole                       8,000
NEW

XEROX CORP            Common   984121103     10,975   1,030,500   SH              Sole                   1,030,500

YAHOO INC             Common   984332106        315      18,904   SH              Sole                      18,904

ZHONE TECHNOLOGIES    Common   98950P884      1,657     720,380   SH              Sole                     720,380
INC

ZOLTEK COMPANIES INC  Common   98975W104      4,566     340,000   SH              Sole                     340,000
                                    ---------------
                        TOTAL $              25,783
                                    ---------------


                                                      Page 13 of 16 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      5,610      60,000   SH     Put      Sole                      60,000

ALLSTATE CORP         Common   020002951      5,085     160,000   SH     Put      Sole                     160,000

AMERICAN              Common   026874954      3,514     100,000   SH     Put      Sole                     100,000
INTERNATIONAL GROUP

AUTOMATIC DATA        Common   053015953      5,131     100,000   SH     Put      Sole                     100,000
PROCESSING

BARRICK GOLD CORP     Common   067901908     12,458     240,000   SH     Call     Sole                     240,000

BARRICK GOLD CORP     Common   067901958     10,382     200,000   SH     Put      Sole                     200,000

BOEING CO             Common   097023955      2,957      40,000   SH     Put      Sole                      40,000

CAMECO CORP           Common   13321L958      2,403      80,000   SH     Put      Sole                      80,000

CATERPILLAR INC DEL   Common   149123951     11,135     100,000   SH     Put      Sole                     100,000

CISCO SYS INC         Common   17275R952      5,145     300,000   SH     Put      Sole                     300,000

CUMMINS INC           Common   231021956      6,577      60,000   SH     Put      Sole                      60,000

DISNEY WALT CO        Common   254687906      3,878      90,000   SH     Call     Sole                      90,000

DISNEY WALT CO        Common   254687956      4,740     110,000   SH     Put      Sole                     110,000

                                      --------------
                          TOTAL $             79,015
                                      --------------


                                                      Page 14 of 16 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      7,696     140,000   SH     Put      Sole                     140,000
NEMOURS & CO

GOLDCORP INC NEW      Common   380956909      2,988      60,000   SH     Call     Sole                      60,000

INTEL CORP            Common   458140950      4,036     200,000   SH     Put      Sole                     200,000

INTERNATIONAL         Common   459200951     14,676      90,000   SH     Put      Sole                      90,000
BUSINESS MACHS

JOHNSON & JOHNSON     Common   478160954      9,480     160,000   SH     Put      Sole                     160,000

LOWES COS INC         Common   548661957      2,114      80,000   SH     Put      Sole                      80,000

MARATHON OIL CORP     Common   565849956      3,199      60,000   SH     Put      Sole                      60,000

MARTIN MARIETTA       Common   573284956      7,174      80,000   SH     Put      Sole                      80,000
MATERIALS

MCKESSON CORP         Common   58155Q953      3,953      50,000   SH     Put      Sole                      50,000

MICROSOFT CORP        Common   594918954      7,617     300,000   SH     Put      Sole                     300,000

NEWMONT MINING CORP   Common   651639956      7,641     140,000   SH     Put      Sole                     140,000

ORACLE CORP           Common   68389X955      3,343     100,000   SH     Put      Sole                     100,000

PENNEY J. C. CO INC   Common   708160956      3,591     100,000   SH     Put      Sole                     100,000
                                      --------------
                          TOTAL $             77,508
                                      --------------


                                                      Page 15 of 16 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

PRAXAIR INC           Common   74005P954      2,032      20,000   SH     Put      Sole                      20,000

TARGET CORP           Common   87612E956      2,000      40,000   SH     Put      Sole                      40,000

UNITED PARCEL SERVICE Common   911312956      5,946      80,000   SH     Put      Sole                      80,000
INC

VULCAN  MATERIALS     Common   929160959      3,648      80,000   SH     Put      Sole                      80,000

WHIRLPOOL CORP        Common   963320956      3,414      40,000   SH     Put      Sole                      40,000
                                    ---------------
                        TOTAL $              17,040
                                    ---------------
              AGGREGATE TOTAL $          16,707,843
                                    ===============


                                              Page 16 of 16 Pages