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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, 2021

 

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.

13,699,071 Shares, par value $1.00 per share, as of October 24, 2021

 

 

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

 

29

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

66

ITEM 4.

 

Controls and Procedures

 

67

PART II

 

 

ITEM 1.

 

Legal Proceedings

 

68

ITEM 1A.

 

Risk Factors

 

68

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

68

ITEM 6.

 

Exhibits

 

69

SIGNATURES

 

70

 

 

 

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

 

 

 

 

($ in thousands, except share amounts)

 

Assets

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

Securities at fair value:

 

 

 

 

 

 

Equity securities (cost: 2021 – $2,704,230; 2020 – $2,051,996)

 

$

3,471,705

 

 

$

2,718,902

 

Debt securities (amortized cost: 2021 – $15,441,754; 2020 –
   $14,898,522; allowance for credit losses: 2021 – $307; 2020 – $2,579)

 

 

15,884,928

 

 

 

15,618,470

 

Short-term investments

 

 

1,060,414

 

 

 

714,208

 

 

 

 

20,417,047

 

 

 

19,051,580

 

Commercial mortgage loans

 

 

543,412

 

 

 

670,239

 

Other invested assets

 

 

543,662

 

 

 

465,153

 

Total investments

 

 

21,504,121

 

 

 

20,186,972

 

Cash

 

 

995,506

 

 

 

791,442

 

Accrued investment income

 

 

94,844

 

 

 

88,760

 

Premium balances receivable

 

 

1,487,785

 

 

 

1,145,341

 

Reinsurance recoverables

 

 

2,187,575

 

 

 

1,781,096

 

Ceded unearned premiums

 

 

447,125

 

 

 

311,898

 

Deferred acquisition costs

 

 

679,796

 

 

 

595,117

 

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

 

 

299,404

 

 

 

267,872

 

Goodwill

 

 

631,827

 

 

 

614,163

 

Intangible assets, net of amortization

 

 

786,029

 

 

 

787,462

 

Current taxes receivable

 

 

—

 

 

 

3,189

 

Funds held under reinsurance agreements

 

 

887,551

 

 

 

794,453

 

Other assets

 

 

1,867,624

 

 

 

1,559,245

 

Total assets

 

$

31,869,187

 

 

$

28,927,010

 

 

 

 

 

 

 

 

Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

14,354,864

 

 

$

12,970,626

 

Unearned premiums

 

 

3,507,790

 

 

 

2,984,060

 

Senior notes and other debt

 

 

2,552,198

 

 

 

2,135,946

 

Reinsurance payable

 

 

333,033

 

 

 

208,384

 

Current taxes payable

 

 

8,966

 

 

 

—

 

Net deferred tax liabilities

 

 

16,670

 

 

 

43,547

 

Other liabilities

 

 

1,973,630

 

 

 

1,594,918

 

Total liabilities

 

 

22,747,151

 

 

 

19,937,481

 

Redeemable noncontrolling interests

 

 

262,526

 

 

 

233,809

 

Common stock (shares authorized: 2021 and 2020 – 22,000,000; shares issued:
   2021 and 2020 – 17,459,961)

 

 

17,460

 

 

 

17,460

 

Contributed capital

 

 

3,611,383

 

 

 

3,613,454

 

Accumulated other comprehensive income

 

 

228,349

 

 

 

452,402

 

Treasury stock, at cost (2021 – 3,710,825 shares; 2020 – 3,418,781 shares)

 

 

(1,834,742

)

 

 

(1,645,930

)

Retained earnings

 

 

6,837,060

 

 

 

6,318,334

 

Total stockholders’ equity attributable to Alleghany stockholders

 

 

8,859,510

 

 

 

8,755,720

 

Total liabilities, redeemable noncontrolling interests and stockholders’ equity

 

$

31,869,187

 

 

$

28,927,010

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

 

 

($ in thousands, except per share amounts)

 

Revenues

 

 

 

 

 

 

Net premiums earned

 

$

1,842,894

 

 

$

1,556,859

 

Net investment income

 

 

132,965

 

 

 

129,265

 

Change in the fair value of equity securities

 

 

(136,042

)

 

 

92,799

 

Net realized capital gains

 

 

20,172

 

 

 

16,751

 

Change in allowance for credit losses on available for sale securities

 

 

54

 

 

 

3,454

 

Product and service revenues

 

 

1,006,570

 

 

 

723,785

 

Total revenues

 

 

2,866,613

 

 

 

2,522,913

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

Net loss and loss adjustment expenses

 

 

1,513,877

 

 

 

1,173,655

 

Commissions, brokerage and other underwriting expenses

 

 

529,247

 

 

 

464,522

 

Other operating expenses

 

 

890,972

 

 

 

669,423

 

Corporate administration

 

 

6,225

 

 

 

12,871

 

Amortization of intangible assets

 

 

12,637

 

 

 

11,223

 

Interest expense

 

 

25,659

 

 

 

23,319

 

Total costs and expenses

 

 

2,978,617

 

 

 

2,355,013

 

 

 

 

 

 

 

 

(Losses) earnings before income taxes

 

 

(112,004

)

 

 

167,900

 

Income taxes

 

 

(28,509

)

 

 

30,253

 

Net (losses) earnings

 

 

(83,495

)

 

 

137,647

 

Net earnings attributable to noncontrolling interest

 

 

31,471

 

 

 

11,125

 

Net (losses) earnings attributable to Alleghany stockholders

 

$

(114,966

)

 

$

126,522

 

 

 

 

 

 

 

 

Net (losses) earnings

 

$

(83,495

)

 

$

137,647

 

Other comprehensive income (loss):

 

 

 

 

 

 

Change in unrealized gains, net of deferred taxes of ($14,784) and $20,504
   in 2021 and 2020, respectively

 

 

(55,616

)

 

 

77,133

 

Less: reclassification for net realized capital gains and change in allowance
   for credit losses on available for sale securities, net of taxes of ($4,248)
   and ($1,687) for 2021 and 2020, respectively

 

 

(15,978

)

 

 

(6,345

)

Change in unrealized currency translation adjustment, net of deferred taxes
   of ($896) and $3,219 for 2021 and 2020, respectively

 

 

(3,370

)

 

 

12,109

 

Retirement plans

 

 

117

 

 

 

420

 

Comprehensive (loss) income

 

 

(158,342

)

 

 

220,964

 

Comprehensive income attributable to noncontrolling interests

 

 

31,471

 

 

 

11,125

 

Comprehensive (loss) income attributable to Alleghany stockholders

 

$

(189,813

)

 

$

209,839

 

 

 

 

 

 

 

 

Basic (losses) earnings per share attributable to Alleghany stockholders

 

$

(8.31

)

 

$

8.86

 

Diluted (losses) earnings per share attributable to Alleghany stockholders

 

 

(8.60

)

 

 

8.86

 

 

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,

 

 

 

2021

 

 

2020

 

 

 

($ in thousands, except per share amounts)

 

Revenues

 

 

 

 

 

 

Net premiums earned

 

$

5,232,008

 

 

$

4,396,147

 

Net investment income

 

 

413,380

 

 

 

359,938

 

Change in the fair value of equity securities

 

 

180,588

 

 

 

(187,991

)

Net realized capital gains

 

 

46,045

 

 

 

(8,323

)

Change in allowance for credit losses on available for sale securities

 

 

2,272

 

 

 

(10,900

)

Product and service revenues

 

 

2,574,830

 

 

 

1,684,335

 

Total revenues

 

 

8,449,123

 

 

 

6,233,206

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

Net loss and loss adjustment expenses

 

 

3,713,153

 

 

 

3,225,461

 

Commissions, brokerage and other underwriting expenses

 

 

1,528,796

 

 

 

1,315,935

 

Other operating expenses

 

 

2,354,453

 

 

 

1,646,390

 

Corporate administration

 

 

35,931

 

 

 

17,143

 

Amortization of intangible assets

 

 

36,546

 

 

 

32,884

 

Interest expense

 

 

73,448

 

 

 

63,869

 

Total costs and expenses

 

 

7,742,327

 

 

 

6,301,682

 

 

 

 

 

 

 

 

Earnings (losses) before income taxes

 

 

706,796

 

 

 

(68,476

)

Income taxes

 

 

132,639

 

 

 

(21,111

)

Net earnings (losses)

 

 

574,157

 

 

 

(47,365

)

Net earnings attributable to noncontrolling interest

 

 

55,431

 

 

 

9,953

 

Net earnings (losses) attributable to Alleghany stockholders

 

$

518,726

 

 

$

(57,318

)

 

 

 

 

 

 

 

Net earnings (losses)

 

$

574,157

 

 

$

(47,365

)

Other comprehensive income (loss):

 

 

 

 

 

 

Change in unrealized gains, net of deferred taxes of ($48,377) and $56,401
   in 2021 and 2020, respectively

 

 

(181,991

)

 

 

212,175

 

Less: reclassification for net realized capital gains and change in allowance
   for credit losses on available for sale securities, net of taxes of ($10,147)
   and ($6,051) for 2021 and 2020, respectively

 

 

(38,170

)

 

 

(22,761

)

Change in unrealized currency translation adjustment, net of deferred taxes
   of ($839) and $3,506 for 2021 and 2020, respectively

 

 

(3,158

)

 

 

13,190

 

Retirement plans

 

 

(735

)

 

 

1,356

 

Comprehensive income

 

 

350,103

 

 

 

156,595

 

Comprehensive income attributable to noncontrolling interests

 

 

55,431

 

 

 

9,953

 

Comprehensive income attributable to Alleghany stockholders

 

$

294,672

 

 

$

146,642

 

 

 

 

 

 

 

 

Basic earnings (losses) per share attributable to Alleghany stockholders

 

$

37.28

 

 

$

(4.01

)

Diluted earnings (losses) per share attributable to Alleghany stockholders

 

 

37.22

 

 

 

(4.43

)

 

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, 2021

 

 

 

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, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,459,961 shares of common stock issued; 3,418,781 in treasury)

 

$

17,460

 

 

$

3,613,454

 

 

$

452,402

 

 

$

(1,645,930

)

 

$

6,318,334

 

 

$

8,755,720

 

 

$

233,809

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

230,041

 

 

 

230,041

 

 

 

8,022

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement plans

 

 

—

 

 

 

—

 

 

 

(965

)

 

 

—

 

 

 

—

 

 

 

(965

)

 

 

—

 

Change in unrealized appreciation of investments, net

 

 

—

 

 

 

—

 

 

 

(229,708

)

 

 

—

 

 

 

—

 

 

 

(229,708

)

 

 

—

 

Change in unrealized currency translation adjustment, net

 

 

—

 

 

 

—

 

 

 

2,461

 

 

 

—

 

 

 

—

 

 

 

2,461

 

 

 

—

 

Comprehensive (loss) income

 

 

—

 

 

 

—

 

 

 

(228,212

)

 

 

—

 

 

 

230,041

 

 

 

1,829

 

 

 

8,022

 

Treasury stock repurchase

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(63,192

)

 

 

—

 

 

 

(63,192

)

 

 

—

 

Other, net

 

 

—

 

 

 

310

 

 

 

—

 

 

 

1,214

 

 

 

—

 

 

 

1,524

 

 

 

(8,268

)

Balance as of March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,459,961 shares of common stock issued; 3,519,292 in treasury)