Alleghany (Y) Tops Q3 Views
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Alleghany (NYSE: Y) reported Q3 EPS of $10.09, $2.35 better than the analyst estimate of $7.74.
Weston Hicks, President and chief executive officer of Alleghany, stated, “Our third quarter results were strong and represent solid underwriting performance from each of our (re)insurance businesses and a positive contribution from Alleghany Capital as all of its businesses delivered improved results. A rebound in equity markets also contributed to Alleghany’s 2.4% growth in book value in the quarter. Alleghany’s underwriting results produced a combined ratio of 91.0% in the third quarter and 92.0% for the year to date. The third quarter underwriting results reflect favorable prior year reserve development of $86.4 million, primarily at TransRe and RSUI, partially offset by catastrophe losses of $32.1 million. We remain pleased with the performance at TransRe and our insurance businesses both of which are successfully executing on their operating plans in challenging markets.”
“During the third quarter, A.M. Best confirmed the financial strength ratings of RSUI, CapSpecialty and PacificComp and upgraded TransRe to A+ (Superior). We believe this upgrade, combined with TransRe’s valuable brand, strong capital and its global market presence, position TransRe well in the current environment.”
“Growth in net premiums written of 22.1% in the third quarter included increases at TransRe, CapSpecialty and PacificComp and was primarily attributable to the large whole account quota share treaty written by TransRe in the fourth quarter of 2015. PacificComp and CapSpecialty again delivered improved operating performance in the current quarter.”
For earnings history and earnings-related data on Alleghany (Y) click here.
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