Profile: Alleghany Corp (Y)
24 Apr 2017
Alleghany Corporation, incorporated on November 16, 1984, is an insurance holding company. The Company, through its subsidiary Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries, is engaged in the property and casualty insurance business. AIHL's insurance operations are conducted by its subsidiaries RSUI Group, Inc. (RSUI), CapSpecialty, Inc. (CapSpecialty) and Pacific Compensation Corporation (PacificComp). The Company's segments include reinsurance and insurance. The Company's reinsurance segment consists of property and casualty reinsurance operations conducted by Transatlantic Holdings, Inc.'s (TransRe's) reinsurance operating subsidiaries. Its insurance segment consists of property and casualty insurance operations conducted in the United States by AIHL through its insurance operating subsidiaries RSUI, CapSpecialty and PacificComp. The Company owns and manages properties in the Sacramento, California region through its subsidiary, Alleghany Properties Holdings LLC (Alleghany Properties). AIHL Re LLC (AIHL Re), which is a captive reinsurance company, provides reinsurance to its insurance operating subsidiaries and affiliates.
TransRe, through its principal 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. As of December 31, 2016, TransRe had operations around 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. As of December 31, 2016, TRC served as a reinsurer in 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 the People's Republic of China, Germany, Australia and Singapore. In addition, TRL is licensed as a reinsurer in the United Kingdom. RZ 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 property include fire, allied lines, auto physical damage and homeowners multiple peril (which include property catastrophe risks). TransRe's principal lines of business within casualty & other 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. Reinsurance contracts are classified as treaty or facultative contracts. TransRe offers reinsurance capacity on both a treaty and facultative basis. TransRe provides pro rata and excess-of-loss reinsurance for various 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.
RSUI includes the operations of its subsidiaries RSUI Indemnity Company (RIC), Landmark American Insurance Company, (Landmark), and Covington Specialty Insurance Company, (Covington), underwrites specialty insurance coverages in the property, umbrella/excess liability, general liability, directors' and officers' liability and professional liability lines of business. RSUI also writes an amount of reinsurance business on an assumed basis, which is included in the insurance segment. RSUI writes specialty business on both an admitted and non-admitted basis. RSUI writes specialty business in the admitted specialty market primarily through RIC. RSUI writes business on an approved, non-admitted basis primarily through Landmark. Covington 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, 2016, CapSpecialty, primarily through its subsidiaries Capitol Indemnity Corporation (CIC), Capitol Specialty Insurance Corporation (CSIC) and Platte River Insurance Company (Platte River), operated in the 50 states and the District of Columbia. 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 country. 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. As of December 31, 2016, Platte River was licensed in the 50 states and the District of Columbia and operated in conjunction with CIC primarily providing surety products and offering pricing flexibility in those jurisdictions where both CIC and Platte River were licensed. CapSpecialty conducts its insurance business through independent wholesale brokerage and retail agents and general insurance agents located throughout the United States. As of December 31, 2016, CapSpecialty had approximately 123 independent wholesale brokerage and retail agents and 70 general agents licensed to write property and casualty and surety coverages, approximately 118 brokers specializing in professional liability coverages and approximately 271 independent agents licensed only to write surety coverages.
1411 Broadway Fl 34
NEW YORK NY 10018-3410
Company Web Links
- BRIEF-Alleghany Q4 operating earnings per share $7.02
- BRIEF-Alleghany corporation announces preliminary hurricane Matthew loss estimate
- BRIEF-Alleghany Capital Corporation announces acquisition by Kentucky trailer
- Fitch Affirms Alleghany Corporation; Outlook Stable
- BRIEF-Alleghany Q3 operating EPS $9.44