Company Quick10K Filing
Quick10K
Alleghany
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$750.12 14 $10,834
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-10-22 Officers, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-07-01 Officers, Other Events, Exhibits
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-04-26 Shareholder Vote
8-K 2019-02-20 Earnings, Exhibits
8-K 2019-01-15 Officers, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-21 Other Events, Exhibits
8-K 2018-04-27 Shareholder Vote
TRV Travelers Companies 38,485
ORI Old Republic 7,107
AXS Axis Capital Holdings 5,431
AGO Assured Guaranty 4,332
KNSL Kinsale Capital Group 2,038
NAVG Navigators Group 1,735
SAFT Safety Insurance Group 1,502
MBI MBIA 811
TIPT Tiptree 228
KFS Kingsway Financial Services 64
Y 2019-09-30
Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 y-ex311_6.htm
EX-31.2 y-ex312_8.htm
EX-32.1 y-ex321_9.htm
EX-32.2 y-ex322_7.htm

Alleghany Earnings 2019-09-30

Y 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

y-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the quarterly period ended September 30, 2019

 

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the transition period from                      to                     

Commission File Number         1-9371

ALLEGHANY CORPORATION

                         (Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

51-0283071

State or Other Jurisdiction of

 

I.R.S. Employer Identification No.

Incorporation or Organization

 

 

 

 

 

1411 Broadway, 34th Floor, NY, NY

 

10018

Address of Principal Executive Offices

 

Zip Code

 

212-752-1356

Registrant’s Telephone Number, Including Area Code

 

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

Y

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer 

 

Accelerated filer 

 

 

 

 

 

Non-accelerated filer 

 

Smaller reporting company 

 

 

 

 

 

Emerging growth company 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes     No 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.      Yes     No 

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

14,393,281 Shares, par value $1.00 per share, as of October 27, 2019

 


ALLEGHANY CORPORATION

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I

 

 

ITEM 1.

 

Financial Statements

 

1

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

67

ITEM 4.

 

Controls and Procedures

 

68

PART II

 

 

ITEM 1.

 

Legal Proceedings

 

69

ITEM 1A.

 

Risk Factors

 

69

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

69

ITEM 6.

 

Exhibits

 

70

SIGNATURES

 

71

 

 


Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(unaudited)

 

 

 

 

 

 

 

($ in thousands, except share amounts)

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Securities at fair value:

 

 

 

 

 

 

 

 

Equity securities (cost: 2019 – $1,399,141; 2018 – $2,904,496)

 

$

2,092,267

 

 

$

3,572,790

 

Debt securities (amortized cost: 2019 – $14,012,407; 2018 – $11,895,850)

 

 

14,488,289

 

 

 

11,823,968

 

Short-term investments

 

 

968,547

 

 

 

893,776

 

 

 

 

17,549,103

 

 

 

16,290,534

 

Commercial mortgage loans

 

 

706,030

 

 

 

676,532

 

Other invested assets

 

 

610,234

 

 

 

555,972

 

Total investments

 

 

18,865,367

 

 

 

17,523,038

 

Cash

 

 

897,477

 

 

 

1,038,763

 

Accrued investment income

 

 

100,085

 

 

 

91,913

 

Premium balances receivable

 

 

928,740

 

 

 

842,642

 

Reinsurance recoverables

 

 

1,618,679

 

 

 

1,921,278

 

Ceded unearned premiums

 

 

258,617

 

 

 

221,232

 

Deferred acquisition costs

 

 

505,826

 

 

 

464,546

 

Property and equipment at cost, net of accumulated depreciation and amortization

 

 

206,346

 

 

 

195,243

 

Goodwill

 

 

484,556

 

 

 

455,142

 

Intangible assets, net of amortization

 

 

588,178

 

 

 

553,136

 

Current taxes receivable

 

 

30,243

 

 

 

116,637

 

Net deferred tax assets

 

 

-

 

 

 

164,890

 

Funds held under reinsurance agreements

 

 

740,291

 

 

 

744,057

 

Other assets

 

 

1,266,426

 

 

 

1,012,379

 

Total assets

 

$

26,490,831

 

 

$

25,344,896

 

 

 

 

 

 

 

 

 

 

Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

11,634,021

 

 

$

12,250,294

 

Unearned premiums

 

 

2,495,698

 

 

 

2,267,078

 

Senior Notes and other debt

 

 

1,695,303

 

 

 

1,669,039

 

Reinsurance payable

 

 

184,543

 

 

 

168,667

 

Net deferred tax liabilities

 

 

3,533

 

 

 

-

 

Other liabilities

 

 

1,468,222

 

 

 

1,127,346

 

Total liabilities

 

 

17,481,320

 

 

 

17,482,424

 

Redeemable noncontrolling interests

 

 

180,853

 

 

 

169,762

 

Common stock (shares authorized: 2019 and 2018 – 22,000,000; shares issued:

   2019 and 2018 – 17,459,961)

 

 

17,460

 

 

 

17,460

 

Contributed capital

 

 

3,608,353

 

 

 

3,612,830

 

Accumulated other comprehensive income (loss)

 

 

223,266

 

 

 

(202,003

)

Treasury stock, at cost (2019 – 3,054,453 shares; 2018 – 2,883,452 shares)

 

 

(1,423,901

)

 

 

(1,312,939

)

Retained earnings

 

 

6,403,480

 

 

 

5,577,362

 

Total stockholders’ equity attributable to Alleghany stockholders

 

 

8,828,658

 

 

 

7,692,710

 

Total liabilities, redeemable noncontrolling interests and stockholders’ equity

 

$

26,490,831

 

 

$

25,344,896

 

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.

1


ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Earnings and Comprehensive Income

(unaudited)

 

 

 

Three Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

 

($ in thousands, except per share amounts)

 

Revenues

 

 

 

 

 

 

 

 

Net premiums earned

 

$

1,389,981

 

 

$

1,225,346

 

Net investment income

 

 

147,829

 

 

 

127,329

 

Change in the fair value of equity securities

 

 

(16,691

)

 

 

370,175

 

Net realized capital gains

 

 

3,957

 

 

 

16,230

 

Other than temporary impairment losses

 

 

(3,597

)

 

 

(3

)

Noninsurance revenue

 

 

638,478

 

 

 

438,338

 

Total revenues

 

 

2,159,957

 

 

 

2,177,415

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

Net loss and loss adjustment expenses

 

 

907,736

 

 

 

957,703

 

Commissions, brokerage and other underwriting expenses

 

 

449,519

 

 

 

407,679

 

Other operating expenses

 

 

617,326

 

 

 

415,378

 

Corporate administration

 

 

22,276

 

 

 

19,094

 

Amortization of intangible assets

 

 

8,095

 

 

 

5,500

 

Interest expense

 

 

25,703

 

 

 

22,189

 

Total costs and expenses

 

 

2,030,655

 

 

 

1,827,543

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

129,302

 

 

 

349,872

 

Income taxes

 

 

28,010

 

 

 

60,413

 

Net earnings

 

 

101,292

 

 

 

289,459

 

Net earnings attributable to noncontrolling interest

 

 

10,860

 

 

 

4,559

 

Net earnings attributable to Alleghany stockholders

 

$

90,432

 

 

$

284,900

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

101,292

 

 

$

289,459

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Change in unrealized gains (losses), net of deferred taxes of $22,918 and ($8,932)

   in 2019 and 2018, respectively

 

 

86,215

 

 

 

(33,601

)

Less: reclassification for net realized capital gains and other than temporary

   impairments, net of taxes of ($1,301) and ($3,408) for 2019 and 2018,

   respectively

 

 

(4,892

)

 

 

(12,819

)

Change in unrealized currency translation adjustment, net of deferred taxes

   of ($2,749) and ($407) for 2019 and 2018, respectively

 

 

(10,343

)

 

 

(1,530

)

Retirement plans

 

 

322

 

 

 

(551

)

Comprehensive income

 

 

172,594

 

 

 

240,958

 

Comprehensive income attributable to noncontrolling interests

 

 

10,860

 

 

 

4,559

 

Comprehensive income attributable to Alleghany stockholders

 

$

161,734

 

 

$

236,399

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to Alleghany stockholders

 

$

6.27

 

 

$

19.07

 

Diluted earnings per share attributable to Alleghany stockholders

 

 

6.27

 

 

 

19.07

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.

2


ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Earnings and Comprehensive Income

(unaudited)

 

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

 

($ in thousands, except per share amounts)

 

Revenues

 

 

 

 

 

 

 

 

Net premiums earned

 

$

4,043,298

 

 

$

3,670,161

 

Net investment income

 

 

413,623

 

 

 

377,728

 

Change in the fair value of equity securities

 

 

519,322

 

 

 

512,771

 

Net realized capital gains

 

 

20,753

 

 

 

67,197

 

Other than temporary impairment losses

 

 

(13,617

)

 

 

(514

)

Noninsurance revenue

 

 

1,756,507

 

 

 

1,032,690

 

Total revenues

 

 

6,739,886

 

 

 

5,660,033

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

Net loss and loss adjustment expenses

 

 

2,497,037

 

 

 

2,366,491

 

Commissions, brokerage and other underwriting expenses

 

 

1,313,961

 

 

 

1,216,057

 

Other operating expenses

 

 

1,701,218

 

 

 

1,023,440

 

Corporate administration

 

 

67,612

 

 

 

40,998

 

Amortization of intangible assets

 

 

23,790

 

 

 

16,730

 

Interest expense

 

 

74,363

 

 

 

65,997

 

Total costs and expenses

 

 

5,677,981

 

 

 

4,729,713

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

1,061,905

 

 

 

930,320

 

Income taxes

 

 

207,878

 

 

 

171,275

 

Net earnings

 

 

854,027

 

 

 

759,045

 

Net earnings attributable to noncontrolling interest

 

 

27,909

 

 

 

7,454

 

Net earnings attributable to Alleghany stockholders

 

$

826,118

 

 

$

751,591

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

854,027

 

 

$

759,045

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Change in unrealized gains (losses), net of deferred taxes of

   $117,548 and ($56,690) in 2019 and 2018, respectively

 

 

442,205

 

 

 

(213,263

)

Less: reclassification for net realized capital gains and other than temporary

   impairments, net of taxes of ($2,723) and ($4,398) for 2019 and 2018, respectively

 

 

(10,246

)

 

 

(16,546

)

Change in unrealized currency translation adjustment, net of deferred taxes

   of ($2,141) and ($1,848) for 2019 and 2018, respectively

 

 

(8,054

)

 

 

(6,953

)

Retirement plans

 

 

1,363

 

 

 

(1,664

)

Comprehensive income

 

 

1,279,295

 

 

 

520,619

 

Comprehensive income attributable to noncontrolling interests

 

 

27,909

 

 

 

7,454

 

Comprehensive income attributable to Alleghany stockholders

 

$

1,251,386

 

 

$

513,165

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to Alleghany stockholders

 

$

57.18

 

 

$

49.55

 

Diluted earnings per share attributable to Alleghany stockholders

 

 

57.14

 

 

 

49.53

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.  

3


ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)

 

 

 

Nine Months Ended September 30, 2019

 

 

 

Common

Stock

 

 

Contributed

Capital

 

 

Accumulated

Other

Comprehensive

Income (loss)

 

 

Treasury

Stock

 

 

Retained

Earnings

 

 

Total

Stockholders'

Equity

Attributable

to Alleghany

Shareholders

 

 

Redeemable

Non-

controlling

Interest

 

 

 

($ in thousands, except share amounts)

 

Balance as of December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,459,961 shares of common stock issued; 2,883,452 in treasury)

 

$

17,460

 

 

$

3,612,830

 

 

$

(202,003

)

 

$

(1,312,939

)

 

$

5,577,362

 

 

$

7,692,710

 

 

$

169,762

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

440,227

 

 

 

440,227

 

 

 

7,675

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement plans

 

 

-

 

 

 

-

 

 

 

937

 

 

 

-

 

 

 

-

 

 

 

937

 

 

 

-

 

Change in unrealized appreciation of investments, net

 

 

-

 

 

 

-

 

 

 

187,794

 

 

 

-

 

 

 

-

 

 

 

187,794

 

 

 

-

 

Change in unrealized currency translation adjustment, net

 

 

-

 

 

 

-

 

 

 

(885

)

 

 

-

 

 

 

-

 

 

 

(885

)

 

 

-

 

Comprehensive income

 

 

-

 

 

 

-

 

 

 

187,846

 

 

 

-

 

 

 

440,227

 

 

 

628,073

 

 

 

7,675

 

Treasury stock repurchase

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(80,486

)

 

 

-

 

 

 

(80,486

)

 

 

-

 

Other, net

 

 

-

 

 

 

(4,176

)

 

 

-

 

 

 

366

 

 

 

-

 

 

 

(3,810

)

 

 

(1,716

)

Balance as of March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,459,961 shares of common stock issued; 3,012,224 in treasury)

 

 

17,460

 

 

 

3,608,654

 

 

 

(14,157

)

 

 

(1,393,059

)

 

 

6,017,589

 

 

 

8,236,487

 

 

 

175,721

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-