Company Quick10K Filing
Quick10K
Alleghany
Market
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$678.35 14 $9,800
Financials
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
Current Reports
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
Comparables
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MHLD Maiden Holdings 59
OTTW Ottawa Bancorp 45
BHL Brighthouse Life Insurance 0
WYN Wyndham 0
PROC Procaccianti Hotel REIT 0
DDG Diverse Development Group 0
TNTY True Nature Holding 0
Y 2019-06-30
Content
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.
Exhibits
EX-31.1 d741567dex311.htm
EX-31.2 d741567dex312.htm
EX-32.1 d741567dex321.htm
EX-32.2 d741567dex322.htm

Alleghany Earnings 2019-06-30

Y 10Q Quarterly Report

Balance SheetIncome StatementCash Flow
Form 10-Q
false2019Q2ALLEGHANY CORP /DE00007753681,4239912,5941,357266.7--12-31New YorkThis table includes debt and equity securities, as well as partnership and non-marketable equity investments accounted for at fair value that are included in other invested assets. This table excludes investments accounted for using the equity method and commercial mortgage loans that are accounted for at unpaid principal balance. The fair value of short-term investments approximates amortized cost. The fair value of all other categories of investments is disclosed below.See Note 8 to Notes to Consolidated Financial Statements set forth in Part II, Item 8, “Financial Statements and Supplementary Data” of the 2018 Form 10-K for additional information on the senior notes and other debt.Primarily includes government agency pass-through securities guaranteed by a government agency or government sponsored enterprise, among other types of RMBS.Includes $952.5 million and $1,266.9 million of collateralized loan obligations as of June 30, 2019 and December 31, 2018, respectively.Includes partnership and non-marketable equity investments accounted for at fair value, and excludes investments accounted for using the equity method.Includes partnership and non-marketable equity investments accounted for at fair value.There were no other than temporary impairment (“OTTI”) losses recorded in net earnings related to Level 3 assets still held as of June 30, 2019 and 2018.Mortgage and asset-backed securities by their nature do not generally have single maturity dates.See Note 3(h) of this Form 10-Q for discussion of the Pillar Investments, as defined therein, and limited partnership interests in certain subsidiaries of Ares.Reinsurance recoverables in this table include only ceded loss and LAE reserves.Includes paid losses, net of reinsurance, related to commutations.Primarily reflects favorable prior accident year loss reserve development related to wildfires in California in the 2018 accident year.Primarily reflects unfavorable prior accident year loss reserve development related to Hurricane Maria in the 2017 accident year, partially offset by favorable prior accident year loss reserve development related to Hurricane Harvey in the 2017 accident year and catastrophes in the 2016 accident year.Primarily reflects favorable prior accident year loss reserve development in the 2018 accident year.Primarily reflects favorable prior accident year loss reserve development in the 2016 and 2017 accident years.Primarily reflects favorable prior accident year loss reserve development in the directors’ and officers’ liability and umbrella/excess lines of business in the 2011 through 2015 accident years, partially offset by unfavorable prior accident year loss reserve development in the professional liability lines of business in recent accident years.Primarily reflects favorable prior accident year loss reserve development in the umbrella/excess lines of business in the 2005 through 2012 accident years, partially offset by unfavorable prior accident year loss reserve development in the directors’ and officers’ liability lines of business in recent accident years.Primarily reflects unfavorable prior accident year loss reserve development in the professional liability lines of business in the 2016 accident year.Primarily reflects favorable prior accident year loss reserve development related to wildfires in California in the 2018 accident year, partially offset by unfavorable prior accident year loss reserve development related to Typhoon Jebi in the 2018 accident year.Primarily reflects favorable prior accident year loss reserve development related to Hurricanes Harvey and Maria in the 2017 accident year and catastrophes in the 2016 accident year.Primarily reflects favorable prior accident year loss reserve development in the 2016 through 2018 accident years. Primarily reflects unfavorable prior accident year loss reserve development related to the assumed property reinsurance lines of business from catastrophe losses in recent accident years, partially offset by favorable prior accident year loss reserve development related to Superstorm Sandy in the 2012 accident year and by Hurricane Harvey in the 2017 accident year.Primarily reflects unfavorable prior accident year loss reserve development in certain specialty lines of business written through a program administrator in connection with a terminated program in the 2009 and 2010 accident years.Primarily reflects favorable prior accident year loss reserve development in the surety lines of business in the 2016 and 2017 accident years.Represents certain malpractice treaties pursuant to which the increased underwriting profits created by the favorable prior accident year loss reserve development are largely retained by the cedants. As a result, the favorable prior accident year loss reserve development is largely offset by an increase in profit commission expense incurred when such favorable prior accident year loss reserve development occurs.Primarily reflects favorable prior accident year loss reserve development in the longer-tailed lines of business in the 2013 and prior accident years.Primarily reflects favorable prior accident year loss reserve development in the shorter-tailed casualty lines of business in the 2015 and 2017 accident years and the longer-tailed lines of business in the 2008 through 2010 accident years.Primarily reflects favorable prior accident year loss reserve development in the longer-tailed lines of business in the 2013 and prior accident years and the shorter-tailed lines of business in the 2012 through 2014 accident years.Primarily reflects favorable prior accident year loss reserve development in the shorter-tailed casualty lines of business in the 2016 and 2017 accident years and the longer-tailed lines of business in the 2008 through 2010 accident years.For the six month period ended June 30, 2018, excludes a $45.7 million pre-tax gain from AIHL’s conversion of its limited partnership interests in certain subsidiaries of Ares into Ares common units. See Note 3(h) of this Form 10-Q for additional information.Primarily consists of the following reinsurance lines of business: directors’ and officers’ liability; errors and omissions liability; general liability; medical malpractice; ocean marine and aviation; auto liability; accident and health; mortgage reinsurance; surety; and credit.Includes elimination of minor reinsurance activity between segments. Also, includes certain minor, legacy investments that were previously reflected in Alleghany Capital in 2018 and prior periods.Underwriting profit represents net premiums earned less net loss and LAE and commissions, brokerage and other underwriting expenses, all as determined in accordance with GAAP, and does not include net investment income, change in the fair value of equity securities, net realized capital gains, OTTI losses, noninsurance revenue, other operating expenses, corporate administration, amortization of intangible assets or interest expense. Underwriting profit does not replace earnings before income taxes determined in accordance with GAAP as a measure of profitability. Rather, Alleghany believes that underwriting profit enhances the understanding of its reinsurance and insurance segments’ operating results by highlighting net earnings attributable to their underwriting performance. Earnings before income taxes (a GAAP measure) may show a profit despite an underlying underwriting loss. Where underwriting losses persist over extended periods, a reinsurance or an insurance company’s ability to continue as an ongoing concern may be at risk. Therefore, Alleghany views underwriting profit as an important measure in the overall evaluation of performance.Excludes certain minor, legacy investments that were previously reflected in Alleghany Capital in 2018 and prior periods, to align with management’s view of reportable segments.See Note 1(c) of this Form 10-Q for additional information on Alleghany’s adoption of new investment accounting guidance and new guidance on certain tax effects caused by the Tax Act.Contingently issuable shares were potentially available in the periods presented, but were not included in the diluted earnings per share computations because the impact was anti-dilutive to the earnings per share calculation.As of June 30, 2019, the weighted average lease term was approximately 12 years.As of June 30, 2019, the weighted average discount rate was approximately 5 percent.Represents the present value of lease liabilities and is reported as a component of other liabilities on Alleghany’s Consolidated Balance Sheet.Reported as a component of other assets on Alleghany’s Consolidated Balance Sheet.For the three and six months ended June 30, 2019 and 2018, the vast majority of noninsurance revenue was recognized as goods and services transferred to customers over time. See Note 1(c) of this Form 10-Q for additional information on Alleghany’s adoption of new revenue recognition accounting guidance effective in the first quarter of 2018.For the three and six months ended June 30, 2019, approximately 77 percent and 72 percent, respectively, of noninsurance revenue was recognized as services transferred to customers over time, with the remainder recognized as goods transferred at a point in time. For the three and six months ended June 30, 2018, approximately 70 percent of noninsurance revenue was recognized as services transferred to customers over time, with the remainder recognized as goods transferred at a point in time. 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Table of Contents
 
  
 
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
June 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 Numbe
r         
1-9371
ALLEGHANY CORPORATION
                      (Exact Name of Registrant as Specified in its Charter)
                 
 
 
Delaware
  
 
 
51-0283071
 
 
 
 
State or Other Jurisdiction of
Incorporation or Organization
 
 
 
I.R.S. Employer 
Identification No.
 
 
 
 
    
 
 
  
 
 
 
 
1411 Broadway, 34
th
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.
14,430,187
Shares, par value $1.00 per share, as of
July 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table of Contents
 

 
ALLEGHANY CORPORATION
TABLE OF CONTENTS
             
 
 
    Page    
  
   
 
             
ITEM 1.
      
1
  
ITEM 2.
      
26
  
ITEM 3.
      
67
  
ITEM 4.
      
69
  
   
 
             
ITEM 1.
      
70
  
ITEM 1A.
      
70
  
ITEM 2.
      
70
  
ITEM 6.
      
71
  
   
72
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table of Contents
  
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
ALLEGHANY CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
                   
 
June 30,
 
December 31,
 
 
2019
 
2018
 
 
(unaudited)
   
 
 
($ in thousands, except share amounts)
 
Assets
   
     
 
 
Investments:
   
     
 
 
  Securities at fair value:
   
     
 
 
Equity securities (cost: 2019 – $
1,471,057
; 2018 – $
2,904,496
)
  $
2,292,803
    $
3,572,790
 
 
Debt securities (amortized cost: 2019 – $
13,756,921
; 2018 – $
11,895,850
)
   
14,129,577
     
11,823,968
 
 
Short-term investments
   
1,054,793
     
893,776
 
 
   
17,477,173
     
16,290,534
 
 
  Commercial mortgage loans
   
691,437
     
676,532
 
 
  Other invested assets
   
579,018
     
555,972
 
 
Total investments
   
18,747,628
     
17,523,038
 
 
Cash
   
824,818
     
1,038,763
 
 
Accrued investment income
   
101,384
     
91,913
 
 
Premium balances receivable
   
965,514
     
842,642
 
 
Reinsurance recoverables
   
1,667,516
     
1,921,278
 
 
Ceded unearned premiums
   
243,316
     
221,232
 
 
Deferred acquisition costs
   
502,645
     
464,546
 
 
Property and equipment at cost, net of accumulated depreciation and amortization
   
202,480
     
195,243
 
 
Goodwill
   
481,212
     
455,142
 
 
Intangible assets, net of amortization
   
587,807
     
553,136
 
 
Current taxes receivable
   
29,628
     
116,637
 
 
Net deferred tax assets
   
-
     
164,890
 
 
Funds held under reinsurance agreements
   
729,586
     
744,057
 
 
Other assets
   
1,272,844
     
1,012,379
 
 
  Total assets
  $
26,356,378
    $
25,344,896
 
 
                 
 
Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
   
     
 
 
Loss and loss adjustment expenses
  $
11,631,798
    $
12,250,294
 
 
Unearned premiums
   
2,464,150
     
2,267,078
 
 
Senior Notes and other debt
   
1,714,652
     
1,669,039
 
 
Reinsurance payable
   
186,018
     
168,667
 
 
Net deferred tax liabilities
 
 
42,868
 
 
 
-
 
 
Other liabilities
   
1,455,406
     
1,127,346
 
 
  Total liabilities
   
17,494,892
     
17,482,424
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests
   
175,572
     
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
   
3,608,069
     
3,612,830
 
 
Accumulated other comprehensive income (loss)
   
151,964
     
(202,003
 )
 
Treasury stock, at cost (2019 –
3,029,099
shares; 2018 –
2,883,452
shares)
   
(1,404,627
)    
(1,312,939
 )
 
Retained earnings
   
6,313,048
     
5,577,362
 
 
  Total stockholders’ equity attributable to Alleghany stockholders
   
8,685,914
     
7,692,710
 
 
  Total liabilities, redeemable noncontrolling interests and stockholders’ equity
  $
26,356,378
    $
25,344,896
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Unaudited Consolidated Financial Statements.
 
1
 
 
 
Table of Contents
 
ALLEGHANY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Earnings and Comprehensive Income
(unaudited)
                   
 
Three Months Ended
June 30,
 
 
 
2019
 
2018
 
 
($ in thousands, except per share amounts)
 
Revenues
   
     
 
 
Net premiums earned
  $
1,356,008
    $
1,236,959
 
 
Net investment income
   
142,745
     
126,273
 
 
Change in the fair value of equity securities
   
143,660
     
185,245
 
 
Net realized capital gains
   
12,354
     
6,462
 
 
Other than temporary impairment losses
   
-
     
-
 
 
Noninsurance revenue
   
603,906
     
342,725
 
 
  Total revenues
   
2,258,673
     
1,897,664
 
 
                 
 
Costs and Expenses
   
     
 
 
Net loss and loss adjustment expenses
   
796,803
     
738,210
 
 
Commissions, brokerage and other underwriting expenses
   
444,316
     
402,083
 
 
Other operating expenses
   
581,474
     
343,165
 
 
Corporate administration
   
25,967
     
14,119
 
 
Amortization of intangible assets
   
8,795
     
5,966
 
 
Interest expense
   
25,129
     
22,277
 
 
  Total costs and expenses
   
1,882,484
     
1,525,820
 
 
                 
 
Earnings before income taxes
   
376,189
     
371,844
 
 
Income taxes
   
71,356
     
73,440
 
 
Net earnings
   
304,833
     
298,404
 
 
Net earnings attributable to noncontrolling interest
   
9,374
     
3,288
 
 
Net earnings attributable to Alleghany stockholders
  $
295,459
    $
295,116
 
 
                 
 
Net earnings
  $
304,833
    $
298,404
 
 
Other comprehensive income (loss):
   
     
 
 
Change in unrealized gains (losses), net of deferred taxes of $
45,881
and ($
8,853
) in 2019 and 2018,   
  respectively
   
172,602
     
(33,305
 )
 
Less: reclassification for net realized capital gains and other than temporary impairments, net of taxes of
  ($
2,594
) 
and ($
1,357
) for 2019 and 2018, respectively
   
(9,760
)    
(5,105
 )
 
Change in unrealized currency translation adjustment, net of deferred taxes of $
844
and ($
2,797
) for 2019 and
  2018, respectively
   
3,175
     
(10,523
 )
 
  Retirement plans
   
104
     
209
 
 
Comprehensive income
   
470,954
     
249,680
 
 
  Comprehensive income attributable to noncontrolling interests
   
9,374
     
3,288
 
 
Comprehensive income attributable to Alleghany stockholders
  $
461,580
    $
246,392
 
 
                 
 
Basic earnings per share attributable to Alleghany stockholders
  $
20.46
    $
19.44
 
 
Diluted earnings per share attributable to Alleghany stockholders
   
20.46
     
19.44
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Unaudited Consolidated Financial Statements.
2
 
 
Table of Contents
 
ALLEGHANY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Earnings and Comprehensive Income
(unaudited)
                   
 
Six Months Ended
June 30,
 
 
 
2019
   
2018
 
 
($ in thousands, except per share amounts)
 
Revenues
   
     
 
 
Net premiums earned
  $
2,653,317
    $
2,444,815
 
 
Net investment income
   
265,794
     
250,399
 
 
Change in the fair value of equity securities
   
536,013
     
142,596
 
 
Net realized capital gains
   
16,796
     
50,967
 
 
Other than temporary impairment losses
   
(10,020
)    
(511
 )
 
Noninsurance revenue
   
1,118,029
     
594,352
 
 
Total revenues
   
4,579,929
     
3,482,618
 
 
                 
 
Costs and Expenses
   
     
 
 
Net loss and loss adjustment expenses
   
1,589,301
     
1,408,788
 
 
Commissions, brokerage and other underwriting expenses
   
864,442
     
808,378
 
 
Other operating expenses
   
1,083,892
     
608,062
 
 
Corporate administration
   
45,336
     
21,904
 
 
Amortization of intangible assets
   
15,695
     
11,230
 
 
Interest expense
   
48,660
     
43,808
 
 
Total costs and expenses
   
3,647,326
     
2,902,170
 
 
                 
 
Earnings before income taxes
   
932,603
     
580,448
 
 
Income taxes
   
179,868
     
110,862
 
 
Net earnings
   
752,735
     
469,586
 
 
Net earnings attributable to noncontrolling interest
   
17,049
     
2,895
 
 
Net earnings attributable to Alleghany stockholders
  $
735,686
    $
466,691
 
 
                 
 
Net earnings
  $
752,735
    $
469,586
 
 
Other comprehensive income (loss):
   
     
 
 
Change in unrealized gains (losses), net of deferred taxes of $
94,630
and ($
47,758
) in 2019 and 2018,    respectively
   
355,989
     
(179,663
 )
 
Less: reclassification for net realized capital gains and other than temporary impairments, net of taxes
  of ($
1,423
)
and ($
991
) for 2019 and 2018, respectively
   
(5,353
)    
(3,726
 )
 
Change in unrealized currency translation adjustment, net of deferred taxes of $
608
and ($
1,442
) for
  2019 and 2018, respectively
   
2,290
     
(5,423
 )
 
Retirement plans
   
1,041
     
(1,113
 )
 
Comprehensive income
   
1,106,702
     
279,661
 
 
Comprehensive income attributable to noncontrolling interests
   
17,049
     
2,895
 
 
Comprehensive income attributable to Alleghany stockholders
  $
1,089,653
    $
276,766
 
 
                 
 
Basic earnings per share attributable to Alleghany stockholders
  $
50.88
    $
30.53
 
 
Diluted earnings per share attributable to Alleghany stockholders
   
50.82
     
30.52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Unaudited Consolidated Financial Statements.
3
 
 
 
Table of Contents
 
ALLEGHANY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Earnings and Comprehensive Income
(unaudited)
                                                         
 
Six Months Ended June 
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
   
-    
      
-    
      
-    
      
-    
      
295,459
     
295,459
     
9,374
 
Other comprehensive income (loss), net of tax:
                   
             
     
     
 
Retirement plans
   
-    
      
-    
      
104
     
-    
      
-    
      
104
     
-    
  
Change in unrealized appreciation of investments, net
   
-    
      
-    
      
162,842
     
-    
      
-    
      
162,842
     
-    
  
Change in unrealized currency translation adjustment, net
   
-    
      
-    
      
3,175
     
-    
      
-    
      
3,175
     
-    
  
Comprehensive income
   
-    
      
-    
      
166,121
     
-    
      
295,459
     
461,580
     
9,374
 
Treasury stock repurchase
   
-    
      
-    
      
-    
      
(12,666
)
    
-    
      
(12,666
)
    
-    
  
Other, net
   
-    
      
(585
)
    
-    
      
1,098
     
-    
      
513
     
(9,523
)
Balance as of June 
30, 2019
   
     
     
     
     
     
     
 
(
17,459,961
shares of common stock issued;
3,029,099
in treasury)
 
  $
17,460
   
  $
3,608,069
   
  $
151,964
    
  $
(1,404,627
)
  
  $
6,313,048
   
  $
8,685,914
   
  $
175,572
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                         
 
Six Months Ended June 
30, 2018
 
 
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, 2017
   
     
     
     
     
     
     
 
(
17,459,961
shares of common stock issued;
2,069,461
in treasury)
 
  $  
17,460
   
  $  
3,612,109
   
  $  
618,118
   
  $    
(824,906
)
  
  $       
5,091,282
   
  $  
8,514,063
   
  $  
106,530
 
Add (deduct):
   
     
     
     
     
     
     
 
Cumulative effect of adoption of new accounting pronouncements
   
-    
      
-    
      
(600,508
)
    
-    
      
600,508
     
-    
      
-    
  
Net earnings
   
-    
      
-    
      
-    
      
-    
      
171,575
     
171,575
     
(393
)
Other comprehensive income (loss), net of tax:
                   
             
     
     
 
Retirement plans
   
-    
      
-    
      
(1,322
)
    
-    
      
-    
      
(1,322
)
    
-    
  
Change in unrealized appreciation of investments, net
   
-    
      
-    
      
(144,979
)
    
-    
      
-    
      
(144,979
)
    
-    
  
Change in unrealized currency translation adjustment, net
   
-    
      
-    
      
5,100
     
-    
      
-    
      
5,100
     
-    
  
Comprehensive income
   
-    
      
-    
      
(141,201
)
    
-    
      
171,575
     
30,374
     
(393
)
Dividends paid
   
-    
      
-    
      
-    
      
-    
      
(153,967
)
    
(153,967
)
    
-