Exhibit 99.1

ALLEGHANY CORPORATION

1411 Broadway, 34th Floor

New York, NY 10018

 

ALLEGHANY CORPORATION REPORTS 2016 FOURTH QUARTER AND FULL YEAR RESULTS

NEW YORK, NY, February 22, 2017 – Alleghany Corporation (NYSE-Y) announced today its financial results for the three months and year ended December 31, 2016. Highlights are listed below.

 

    Book value per common share1 was $515.24 as of December 31, 2016, an increase of 6.0% from book value per common share1 as of December 31, 2015.

 

    Book value per common share1 decreased 1.9% from book value per common share1 as of September 30, 2016.

 

    Alleghany reported net earnings2 of $456.9 million for the full year 2016, compared with $560.3 million for the full year 2015.

 

    Alleghany reported net earnings2 of $69.5 million for the 2016 fourth quarter, compared with $156.1 million for the 2015 fourth quarter.

 

    Alleghany reported $29.59 of earnings per diluted share and $28.83 of operating earnings per diluted share for the full year 2016, compared with $35.13 and $31.86, respectively, for the full year 2015.

 

    Alleghany reported $4.45 of earnings per diluted share and $7.02 of operating earnings per diluted share for the 2016 fourth quarter, compared with $9.85 and $8.44, respectively, for the 2015 fourth quarter.

Weston Hicks, President and chief executive officer of Alleghany, stated, “Our fourth quarter and full year results reflect solid underwriting performance from each of our (re)insurance businesses as they continued to execute their respective business plans, somewhat offset by an impairment charge at SORC. The combined ratio was 91.7% in the fourth quarter and 91.9% for the full year, despite elevated catastrophe losses. The fourth quarter underwriting results reflect favorable prior accident year reserve development of $106.3 million, primarily at TransRe and RSUI, partially offset by catastrophe losses of $66.1 million, primarily from Hurricane Matthew in October 2016. TransRe and RSUI continue to demonstrate leadership in their respective markets and remain well positioned for 2017. CapSpecialty and PacificComp also performed well as both achieved underwriting profitability in the quarter, and in CapSpecialty’s case, for the full year. These strong underwriting results were offset by a challenging investment environment in the fourth quarter, when rising rates negatively impacted book value.”

 

 

 

 

 

1  Stockholders’ equity attributable to Alleghany stockholders divided by common stock outstanding.

2  Net earnings attributable to Alleghany stockholders.

 

1


The following information was filed by Alleghany Corp De (Y) on Wednesday, February 22, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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