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1411 Broadway, 34th Floor
New York, NY 10018
ALLEGHANY CORPORATION REPORTS 2017 THIRD QUARTER RESULTS
NEW YORK, NY, November 2, 2017 Alleghany Corporation (NYSE-Y) announced today its financial results for the three and nine months ended September 30, 2017. Highlights are listed below.
|●||Book value per common share1 was $532.40 as of September 30, 2017, an increase of 3.3% from book value per common share1 as of December 31, 2016.|
|●||Book value per common share1 decreased 2.7% from book value per common share1 as of June 30, 2017.|
|●||Alleghany reported after-tax net catastrophe losses, including reinstatement premiums earned of $491 million for the third quarter of 2017 (of which $461.4 million was from Hurricanes Harvey, Irma and Maria), compared with net after-tax catastrophe losses of approximately $21 million for the third quarter of 2016.|
|●||Alleghany reported a net loss2 of $314.2 million in the 2017 third quarter, compared with net earnings of $155.8 million in the 2016 third quarter.|
|●||Alleghany reported net losses2 of $63.2 million for the first nine months of 2017, compared with $387.4 million of net earnings for the first nine months of 2016.|
|●||Alleghany reported $20.90 of losses per diluted share and $22.03 of operating losses per diluted share in the 2017 third quarter, compared with $10.09 of earnings per diluted share and $9.44 of operating earnings per diluted share in the 2016 third quarter.|
|●||Alleghany reported $4.10 of losses per diluted share and $7.84 of operating losses per diluted share for the first nine months of 2017, compared with $25.08 of earnings per diluted share and $21.75 of operating earnings per diluted share for the first nine months of 2016.|
|●||The consolidated (re)insurance combined ratio was 152.4% in the third quarter of 2017, compared with 91.0% in the third quarter of 2016.|
|●||On September 13, 2017, Alleghany Corporation announced that its wholly-owned subsidiary, Alleghany Insurance Holdings LLC, signed a definitive agreement to sell Pacific Compensation Insurance Company to CopperPoint Mutual Insurance Company for approximately $150 million of total cash consideration. The transaction, which is subject to customary closing conditions and regulatory review and approvals, is expected to close at the end of the year.|
Weston Hicks, President and chief executive officer of Alleghany, stated, Our results reflect large catastrophe losses in the third quarter of 2017, primarily arising from three hurricanes. We are pleased that our rigorous risk management protocols stood up to the test, and our (re)insurance subsidiaries are well-positioned to continue to serve their customers and markets. We continue to have a strong balance sheet and excellent liquidity. Despite these losses, Alleghany has been able to grow its book value per share by 3.3% in the first nine months of 2017.
|1||Stockholders equity attributable to Alleghany stockholders divided by common stock outstanding.|
|2||Net (losses) earnings attributable to Alleghany stockholders.|
The following information was filed by Alleghany Corp De (Y) on Thursday, November 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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