Alleghany Corporation Announces Its Preliminary Sandy Loss Estimate

Tue Dec 18, 2012 4:21pm EST

* Reuters is not responsible for the content in this press release.

For best results when printing this announcement, please click on the link
below:

http://pdf.reuters.com/pdfnews/pdfnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20121218:nPnNY31265


NEW YORK,  Dec. 18, 2012  /PRNewswire/ -- Alleghany Corporation (NYSE-Y)
("Alleghany") today announced a preliminary estimate of its consolidated
after-tax loss related to Sandy, net of reinsurance and reinstatement premiums,
of approximately  $288 million.  This estimate reflects a consolidated pre-tax
loss estimate, net of reinsurance and reinstatement premiums, of approximately 
$443 million, comprising  $265 million  from Transatlantic Holdings, Inc.,  $165
million  from RSUI Group, Inc., and  $13 million  from  Alleghany's Homesite
Group Incorporated investment.

Alleghany's preliminary loss estimate is based upon an analysis of reported
claims, an underwriting review of in-force contracts, estimates of losses
resulting from wind and other perils, including storm surge and flooding to the
extent covered by applicable policies, and other factors requiring considerable
judgment.

The ultimate amount of  Alleghany's actual losses associated with Sandy may be
materially different from this preliminary estimate due to the size and
complexity of the event and the preliminary nature of the information available
to prepare the estimate.

Losses related to Sandy will be reflected in  Alleghany's fourth quarter 2012
results, and any subsequent changes will be recorded in the period in which they
occur.

About Alleghany Corporation  

Alleghany Corporation (NYSE-Y) creates stockholder value through the ownership
and management of operating subsidiaries and investments, anchored by a core
position in property and casualty reinsurance and insurance.  Alleghany's
property and casualty subsidiaries include: Transatlantic Holdings, Inc., a
leading global reinsurance organization headquartered in  New York; RSUI Group,
Inc., a national underwriter of specialty property and liability insurance
coverages; Capitol Transamerica Corporation, an underwriter of specialty
property, casualty and surety insurance coverages; and Pacific Compensation
Corporation, an underwriter of workers' compensation insurance primarily in 
California.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are not historical facts but instead represent only  Alleghany's
belief regarding future events, many of which, by their nature, are inherently
uncertain and outside  Alleghany's control.  Except for  Alleghany's ongoing
obligation to disclose material information as required by federal securities
laws,  Alleghany  is not under any obligation (and expressly disclaims any
obligation) to update or alter any projections, goals, assumptions, or other
statements, whether written or oral, that may be made from time to time, whether
as a result of new information, future events or otherwise.  Factors that could
cause these forward-looking statements to differ, possibly materially, from that
currently contemplated include the factors set forth in  Alleghany's most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the
United States Securities and Exchange Commission.  

SOURCE  Alleghany Corporation


Jeff Majtyka/Mike Smargiassi, Brainerd Communicators, Inc., +1-212-986-6667
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.