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Consolidated Statements of Earnings and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Net premiums earned $ 1,842,894 $ 1,556,859 $ 5,232,008 $ 4,396,147
Net investment income 132,965 129,265 413,380 359,938
Change in the fair value of equity securities (136,042) 92,799 180,588 (187,991)
Net realized capital gains 20,172 16,751 46,045 (8,323)
Change in allowance for credit losses on available for sale securities 54 3,454 2,272 (10,900)
Product and service revenues 1,006,570 723,785 2,574,830 1,684,335
Total revenues 2,866,613 2,522,913 8,449,123 6,233,206
Costs and Expenses        
Net loss and loss adjustment expenses 1,513,877 1,173,655 3,713,153 3,225,461
Commissions, brokerage and other underwriting expenses 529,247 464,522 1,528,796 1,315,935
Other operating expenses 890,972 669,423 2,354,453 1,646,390
Corporate administration 6,225 12,871 35,931 17,143
Amortization of intangible assets 12,637 11,223 36,546 32,884
Interest expense 25,659 23,319 73,448 63,869
Total costs and expenses 2,978,617 2,355,013 7,742,327 6,301,682
(Losses) earnings before income taxes (112,004) 167,900 706,796 (68,476)
Income taxes (28,509) 30,253 132,639 (21,111)
Net (losses) earnings (83,495) 137,647 574,157 (47,365)
Net earnings attributable to noncontrolling interest 31,471 11,125 55,431 9,953
Net (losses) earnings attributable to Alleghany stockholders (114,966) 126,522 518,726 (57,318)
Net earnings (losses) (83,495) 137,647 574,157 (47,365)
Other comprehensive income (loss):        
Change in unrealized gains, net of deferred taxes (55,616) 77,133 (181,991) 212,175
Change in unrealized currency translation adjustment, net of deferred taxes (3,370) 12,109 (3,158) 13,190
Retirement plans 117 420 (735) 1,356
Comprehensive (loss) income (158,342) 220,964 350,103 156,595
Comprehensive income attributable to noncontrolling interests 31,471 11,125 55,431 9,953
Comprehensive (loss) income attributable to Alleghany stockholders $ (189,813) $ 209,839 $ 294,672 $ 146,642
Basic (losses) earnings per share attributable to Alleghany stockholders $ (8.31) $ 8.86 $ 37.28 $ (4.01)
Diluted (losses) earnings per share attributable to Alleghany stockholders $ (8.60) $ 8.86 $ 37.22 $ (4.43)
Accumulated Net Unrealized Investment Gain Loss        
Other comprehensive income (loss):        
Less: reclassification for net realized capital gains and change in allowance for credit losses on available for sale securities, net of taxes $ (15,978) $ (6,345) $ (38,170) $ (22,761)