Chief Executive Officer at Loews
Thank you Chris, and good morning. Before I discuss our financial results, I'd like to tell you about some executive changes that are taking place at Loews Hotels. On January first of next year, John Tisch, will become the Executive Chairman of Loews Hotels and Alex Tisch will assume the role of President and CEO. John will also continue to be a member of the Office of the President of Loews Corp and the Co-Chairman of the Loews Corporation Board of Directors along with Andrew Tisch. And is 43 years of Loews Hotels, John this engineering the company's expansion and emergence as a leading hotel business. In particular, John was instrumental in building Loews Hotels has longstanding partnership and Orlando with Universal Studios. Also having the foresight to develop the iconic Loews Miami Beach Hotel. As a result Loews Hotels now has nearly 10,000 rooms in the sought after Florida market additionally, John created a corporate culture that places a high-value on empowering team members, satisfying customers and contributing to communities. John has successfully guided the company through several of the most turbulent periods in the hospitality industry, most recently the COVID pandemic. Loews Hotels is now stronger than it has ever been as evidenced by the company's outstanding financial results, we are deeply grateful for John's contributions to the company and his continued presence will be of tremendous value to Loews Hotels. Alex Tisch joined Loews Hotels in June of 2017 after working Loews Corp since 2008. Over the last five years, Alex has been instrumental in the creation and execution of the company's highly effective growth strategy and has proven himself to be a dynamic leader and a talented hotel executive. Alex oversaw the development of Loews Hotels' 800 room property in Kansas City and was integral in developing key partnerships such as the company's partnership with the City of Arlington, Texas. I'm confident that Alex will continue to chart a course for sustained growth at Loews Hotels and we are excited to welcome him into this new leadership role.
Moving on to our third-quarter financial results, our subsidiaries performed very well this quarter which led to good consolidated results for the company. Before we discuss the financials, I'd like to acknowledge our employees who were impacted by Hurricane Ian and thank them for their strength and dedication during these trying times. In particular, I want to give a big shout-out to the almost 2000 employees who moved into our properties in Orlando in order to help our approximately 20,000 guests and displaced residents on the universal campus who are fleeing the storm. Thank you very much guys. I'm happy to report that Loews Hotels experienced minimum financial impacts from Hurricane Ian both leisure and group travel has bounced back dramatically from the pandemic levels and the company continues to benefit from its five Resort and Convention properties that opened during the past few years. Very soon, we'll be able to add the Loews Coral Gables hotel to that list. The new property will formally open in November adding to Loews Hotels' presence in South Florida. With the addition of Coral Gables the company will have approximately 16,500 guestrooms. Loews Hotels' adjusted EBITDA for the third-quarter was $77 million, up $18 million compared to the third-quarter of 2021.
And for the nine months ending September 30th, Loews Hotels reported $261 million of adjusted EBITDA, which is higher than the company's pre COVID full-year 2019 adjusted EBITDA of $227 million. In Texas, construction continues on-schedule and on-budget for the nearly 900 room Loews Arlington Hotel. Slated to open in the first-quarter of 2024, this property epitomizes Loews Hotels strategy of owning and operating hotels with high-quality meeting and event space that also have built-in demand generators. The Loews Arlington will be within walking distance of three professional sports and performance venues as well as the National Medal of Honor Museum among other attractions. We remain committed to growth in this area of the hotel and hospitality industry. Moving on to CNA, CNA's core income of $213 million during the third-quarter includes $80 million -- $87 million in pre-tax catastrophe losses related to Hurricane In. Results continue to be strong with CNA reporting an underlying combined ratio of 91.1 during the third-quarter. CNA's all-in combined ratio including catastrophe losses was 95.8, an improvement of 4.2 points over the prior year. Net written premiums grew by 8% due to improved retention and new business. Despite CNA's stellar performance over the past several years, we believe the company still trades at a substantial discount to its peers.
Furthermore, I believe the property and casualty insurance industry itself is undervalued by the market. While the S&P 500 trades at around 17 times 2022 earnings, the commercial P&C insurance industry trades in the low-double-digits and it shores support for CNA, its strategy and its management team. In the third-quarter Loews bought about 670,000 shares of CNA common stock for approximately $26 million. As for Boardwalk Pipeline, the company continues to perform well and grow revenue. We look-forward to the resolution of our litigation whose appeal is currently pending in the Delaware Supreme Court. That case was heard on September 14th. We continue to have every hope that this case will be resolved positively by the end of this year. If you'd like to know more about our thoughts on the Boardwalk litigation, I refer you to my remarks from the first-quarter earnings call of this year. Our plastic packaging company Altium completed the $270 million acquisition of Plastic Industries in the second-quarter which was funded with $150 million of equity including $79 million from Loews and $120 million of debt.
Plastic Industries is a blow-moldings packaging manufacturer that was headquartered in Nashua, New Hampshire. Altium purchased the company for approximately nine times EBITDA and we anticipate that that multiple will be several turns lower after operational synergies are realized. Concerning share repurchases from 29 -- from July 29th, the last-time we reported share repurchases until today, we have repurchased approximately 3.5 million shares of Loews common stock for $193 million. Year-to-date, we've bought back 4.5% of our outstanding shares for $652 million. Since we believe that Loews trades at a significant discount to our view of its intrinsic value, we are very enthusiastic about purchasing our shares at these levels. However, with the Boardwalk litigation pending, we believe it's prudent to moderate our share repurchase activity until the case is fully resolved. Finally, we understand that most of you are reading a transcript of this call as opposed to listening to the live broadcast. For this reason, we are considering simply posting a transcript and discontinuing the call-in the future. We welcome your feedback on this option, thank you and stay-tuned for more detail.
And now I'd like to hand the call over to our CFO Jane Wang.