Profile: Alleghany Corp (Y)
4 Sep 2015
Alleghany Corporation (Alleghany), incorporated on November 16, 1984, owns and manages operating subsidiaries and investments, which are involved in the property and casualty reinsurance and insurance business. The Company operates through two segments: reinsurance and insurance. The Company’s reinsurance segment consists of property and casualty reinsurance operations conducted by the Company’s subsidiary, Transatlantic Holdings, Inc., and its reinsurance operating subsidiaries. The Company, through its wholly owned subsidiary Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries, is engaged in the property and casualty insurance business. AIHL’s insurance operations are principally conducted by its subsidiaries, RSUI Group, Inc. (RSUI), CapSpecialty, Inc. (CapSpecialty) and Pacific Compensation Corporation (PacificComp). AIHL Re LLC (AIHL Re) is a wholly owned subsidiary of the Company, which is a captive reinsurance company that provides reinsurance to its insurance operating subsidiaries and affiliates. The Company also manages, sources, executes and monitors certain private capital investments primarily through its wholly owned subsidiary, Alleghany Capital Corporation (ACC).
The Company’s reinsurance segment consists of property and casualty reinsurance operations conducted by Transatlantic Holdings, Inc.’s (TransRe) reinsurance operating subsidiaries. TransRe, through its principal wholly owned subsidiaries Transatlantic Reinsurance Company (TRC), TransRe London Ltd. (TRL), and TransRe Zurich Ltd. (TRZ), offers reinsurance capacity to reinsurance and insurance companies for property and casualty products. These products are distributed through brokers and on a direct basis in both the domestic and foreign markets. TransRe is headquartered in New York, with five other locations in the United States and has operations across the world, including Africa, Australia, Bermuda, Canada, five locations in Asia, three locations in Central and South America, and seven locations in the United Kingdom and Europe. TRC is licensed, accredited or authorized or can serve as a reinsurer in all 50 states and the District of Columbia in the United States and in Puerto Rico and Guam. TRC is also licensed in Bermuda, Canada, Japan, the United Kingdom, the Dominican Republic, the Hong Kong Special Administrative Region of China, Germany, Australia and Singapore. TRL is licensed as a reinsurer in the United Kingdom and TRZ is licensed as a reinsurer in Switzerland and Dubai.
The Company’s reinsurance segment consists of two product lines, property and casualty & other. TransRe’s principal lines of business within the property product line include fire, allied lines, auto physical damage and homeowners multiple peril lines, which include property catastrophe risks. TransRe’s principal lines of business within the casualty & other product line include liability (including directors’ and officers’ liability, errors and omissions liability and general liability), medical malpractice, ocean marine and aviation, auto liability (including non-standard risks), accident and health, surety and credit. TransRe offers reinsurance capacity on both a treaty and facultative basis. TransRe provides pro rata and excess-of-loss reinsurance for major lines of business. TransRe provides property and casualty reinsurance capacity through brokers, as well as directly to insurance and reinsurance companies in both the domestic and foreign markets. The Company also provides underwriting services.
The Company’s insurance segment consists of property and casualty insurance operations conducted by AIHL through its insurance operating subsidiaries, RSUI, CapSpecialty and PacificComp. AIHL Re, its Vermont-domiciled captive reinsurance company, provides reinsurance to its insurance operating subsidiaries and affiliates. As of December 31, 2014, property insurance accounted for approximately 47%, and casualty insurance accounted for approximately 53%, of AIHL’s gross premiums written.
RSUI includes the operations of its wholly owned subsidiaries, RSUI Indemnity Company (RIC), Landmark American Insurance Company (Landmark) and Covington Specialty Insurance Company (Covington). RSUI underwrites specialty insurance coverages in the property, umbrella and excess liability, general liability, directors’ and officers’ liability, and professional liability lines of business. RSUI also writes reinsurance business on an assumed basis. RSUI writes specialty business on both an admitted and non-admitted basis. RSUI writes specialty business in the admitted specialty market primarily through RIC, a New Hampshire-domiciled insurer, in the 50 states and the District of Columbia in the United States. RSUI writes business on an approved, non-admitted basis primarily through Landmark, an Oklahoma-domiciled insurer. As of December 31, 2014, Landmark was approved to write business on a non-admitted basis in 49 states of the United States. Covington, a New Hampshire-domiciled insurer, supports non-admitted business written primarily by RSUI’s binding authority department, which writes small, specialized coverages pursuant to underwriting authority arrangements with managing general agents. As of December 31, 2014, RSUI conducted its insurance business through approximately 124 independent wholesale insurance brokers located throughout the United States and 31 managing general agents.
CapSpecialty, primarily through its wholly owned subsidiaries, Capitol Indemnity Corporation (CIC), Capitol Specialty Insurance Corporation (CSIC) and Platte River Insurance Company (Platte River), operates in the 50 states and the District of Columbia in the United States. CapSpecialty also includes the operations and results of Professional Risk Management Services, Inc. CIC conducts its property and casualty insurance business on an admitted basis throughout the United States, with a geographic concentration in the Midwestern and Plains states. CIC also writes surety products, such as commercial surety bonds and contract surety bonds on a national basis. CIC offers contract surety bonds in the non-construction segment of the market , which secure performance under supply, service and maintenance contracts. Commercial surety bonds include all surety bonds other than contract surety bonds and cover obligations required by law or regulation, such as licenses and permits. CSIC conducts all of its business on an approved, non-admitted basis on a national basis and primarily writes specialty lines of property and casualty insurance, including the professional lines of business. Platte River is licensed in the 50 states and the District of Columbia in the United States and operates in conjunction with CIC by providing surety products and offering pricing in those jurisdictions where both CIC and Platte River are licensed. CapSpecialty conducts its insurance business through independent and general insurance agents located throughout the United States. CapSpecialty’s underwriting process includes prudent risk selection, appropriate pricing and coverage customization. As of December 31, 2014, CapSpecialty had approximately 146 independent agents and 73 general agents licensed to write property and casualty and surety coverages, approximately 112 agents specializing in professional liability coverages and approximately 311 independent agents licensed only to write surety coverages. PacificComp, through PCIC, is engaged in writing of new business through brokers. PCIC is licensed in California and six other states in the United States.
7 Times Sq Fl 17
NEW YORK NY 10036-6524