NEW YORK, Nov. 17, 2016 /PRNewswire/ -- Alleghany
Corporation (NYSE: Y) today announced that its consolidated pre-tax
loss related to Hurricane Matthew, net of reinsurance and
reinstatement premiums, is estimated to be less than $75 million. Alleghany's preliminary loss
estimate is comprised of losses from its Transatlantic Holdings,
Inc. and RSUI Group, Inc. subsidiaries, with each contributing
approximately equally to the loss.
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, industry loss estimates and other factors requiring
considerable judgment.
The ultimate amount of Alleghany's actual losses associated with
Hurricane Matthew may be different from this preliminary estimate
due to the preliminary nature of the information available to
prepare the estimate.
Losses related to Hurricane Matthew will be reflected in
Alleghany's fourth quarter 2016 results.
About Alleghany Corporation
Alleghany Corporation
(NYSE: Y) creates value through owning and managing 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 reinsurer; RSUI Group, Inc., a national
underwriter of property and liability specialty insurance
coverages; CapSpecialty, Inc., an underwriter of commercial
property, casualty and surety insurance coverages; and Pacific
Compensation Corporation, an underwriter of workers' compensation
insurance, primarily in California. Alleghany's subsidiary
Alleghany Capital Corporation engages in and oversees strategic
investments and acquisitions.
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.
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SOURCE Alleghany Corporation