Alleghany Corp De (Y) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

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Alleghany Corp De
Ticker: Y CIK: 775368

Exhibit 99.1

ALLEGHANY CORPORATION

1411 Broadway, 34^th Floor

New York, NY 10018

ALLEGHANY CORPORATION REPORTS 2018 SECOND QUARTER RESULTS

Book value per common share increases 2.8% in the second quarter

NEW YORK, NY, August 2, 2018 – Alleghany Corporation (NYSE-Y) announced today its financial results for the second quarter and first six months of 2018.

Weston Hicks, President and chief executive officer, stated, “Total revenues grew 22% in the second quarter contributing to strong earnings and solid growth in book value. Book value per common share¹ increased 2.8% in the second quarter and 1.3% year to date to $560.49 as of June 30, 2018. Including the $10 per share special dividend paid on March 15, 2018, book value per common share¹ increased 3.1% year to date. Our second quarter results reflect strong earnings at Alleghany Capital, solid underwriting at TransRe, and strong equity gains, which beginning in 2018 are included in the income statement. In addition, increased investment income and a lower effective tax rate contributed to an approximate 47% improvement in Alleghany’s operating earnings.

Both RSUI and CapSpecialty delivered strong growth in premiums written in the second quarter of 2018, as they capitalized on a number of opportunities across their businesses. These two businesses together produced a 9.6% increase in net premiums written in the second quarter. This growth largely offset the second quarter 2017 premium contribution for PacificComp, which was sold at year-end 2017.”

Mr. Hicks concluded, “Alleghany Capital’s overall performance was strong in the second quarter. Revenue growth was driven by the additions of W&W|AFCO Steel and Wilbert Funeral Services in 2017. Operating earnings before taxes were up 415% to $13.4 million in the second quarter of 2018, compared with the second quarter of 2017. Growth in earnings at Kentucky Trailer, Bourn & Koch and IPS, as well as the additions of W&W|AFCO Steel and Wilbert Funeral Services, were the main contributors to the growth in operating earnings.”

During the second quarter, Alleghany repurchased approximately $214.8 million worth of its shares at an average price of $582.92. At its June 2018 Board meeting, Alleghany’s Board of Directors authorized, upon completion of its previously announced program, the repurchase of additional shares of common stock, at such times and prices as management determines to be advisable, up to an aggregate of $400.0 million.

The following table summarizes the changes in book value per common share¹ for the three and six months ended June 30, 2018:


Book value per common share¹:	For the three months ended June 30, 2018			Percent Change		For the six months ended June 30, 2018			Percent Change			Percent Change ex-dividend
As of the beginning of the period	$	545.07				$	553.20
Special dividend²		-			-		(10.00	)		(1.8	%)
Diluted earnings per share		19.44			3.6%		30.52			5.5	%
Other comprehensive income and other³		(4.02	)		(0.8%)		(13.23	)		(2.4	%)


As of the end of the period	$	560.49			2.8%	$	560.49			1.3	%		3.1%

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

Adjusted to reflect a $10 per share special dividend payment on March 15, 2018.

Relates primarily to unrealized depreciation on bonds, after tax.

The following information was filed by Alleghany Corp De (Y) on Thursday, August 2, 2018 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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