Alleghany (Y) Tops Q2 EPS Views
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EPS Growth %: +100.0%
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Other operating expenses: 228.41M
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Alleghany (NYSE: Y) reported Q2 EPS of $11.40, $3.87 better than the analyst estimate of $7.53.
Weston Hicks, President and chief executive officer of Alleghany stated, “Strong underwriting results at TransRe and RSUI led to solid operating performance for Alleghany in the second quarter. Book value per common share was up 0.3% in the second quarter despite a rise in interest rates, as the strong underwriting results offset an interest rate driven drop in the market value of Alleghany’s fixed income portfolio. Both RSUI and TransRe remained disciplined in their underwriting in a price competitive market rather than sacrifice profitability for top-line growth. In addition, modest catastrophe losses in the quarter and continued favorable prior year loss reserve development led to an improved combined ratio of 89.3% in the current quarter compared with 90.0% in the second quarter of 2014.”
Mr. Hicks continued, “CapSpecialty and PacificComp continue to make progress in their organizations, and both companies are successfully expanding their niche product offerings. PacificComp saw its combined ratio improve to 116.3%, compared with 123.7% for the 2014 second quarter due to a lower expense ratio. CapSpecialty’s expense ratio improved in the quarter but its results were impacted by unfavorable prior accident year development on loss reserves and higher surety losses in the current accident year.”
For earnings history and earnings-related data on Alleghany (Y) click here.
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