Reinsurance Ceded (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Reinsurance Recoverables After Allowance for Credit Losses

Amounts recoverable from reinsurers are recognized in a manner consistent with the loss and LAE liabilities associated with the reinsurance placement and presented on the balance sheet as reinsurance recoverables, and are recorded after an allowance for credit losses. Such balances as of December 31, 2021 and 2020 are presented in the table below:

	As of December 31,
	2021			2020
	($ in millions)
Reinsurance recoverables on paid losses	$	173.1		$	85.3
Ceded outstanding loss and LAE		2,026.1			1,703.7
Reinsurance recoverables, before allowance for credit losses		2,199.2			1,789.0
Allowance for credit losses		(3.2	)		(7.9	)
Total	$	2,196.0		$	1,781.1

Information Regarding Concentration of Reinsurance Recoverables and Ratings Profile of Our Reinsurers

The following table presents information regarding concentration of Alleghany’s reinsurance recoverables and the ratings profile of its reinsurers as of December 31, 2021:

Reinsurer(1)	Rating(2)	Amount			Percentage
		($ in millions)
Syndicates at Lloyd's of London	A (Excellent)	$	154.5			7.0	%
Kane SAC Ltd, Rondout Segregated Account(3)	not rated		154.3			7.0	%
PartnerRe Ltd	A (Excellent)		142.7			6.5	%
RenaissanceRe Holdings Ltd	A+ (Superior)		135.5			6.2	%
Fairfax Financial Holdings Ltd	A (Excellent)		124.4			5.7	%
Swiss Reinsurance Company	A+ (Superior)		99.2			4.5	%
Integral Reinsurance Ltd.(3)	not rated		97.4			4.4	%
Chubb Ltd.	A++ (Superior)		79.3			3.6	%
W.R. Berkley Corporation	A+ (Superior)		77.0			3.5	%
SiriusPoint Ltd.	A- (Excellent)		73.6			3.3	%
All other reinsurers			1,061.3			48.3	%
Total reinsurance recoverables, before allowance for credit losses(4)			2,199.2			100.0	%
Allowance for credit losses			(3.2	)
Total		$	2,196.0
Secured reinsurance recoverables(3)		$	967.7			44.0	%

(1)Reinsurance recoverables reflect amounts due from one or more reinsurance subsidiaries of the listed company.

(2)Represents the A.M. Best Company, Inc. financial strength rating for the applicable reinsurance subsidiary or subsidiaries from which the reinsurance recoverable is due.

(3)Represents reinsurance recoverables secured by funds held, trust agreements or letters of credit.

Approximately 66 percent of Alleghany’s reinsurance recoverables balance as of December 31, 2021 was due from reinsurers having an A.M. Best Company, Inc. financial strength rating of A (Excellent) or higher, with a majority of the other reinsurance recoverables being secured by funds held, trust agreements or letters of credit.

Allowance for Credit Losses on Reinsurance Recoverables

The following table presents a rollforward of Alleghany’s allowance for credit losses on reinsurance recoverables for 2021 and 2020:

	Year Ended December 31,
	2021			2020
	($ in millions)
Allowance for Credit Losses
Beginning balance	$	7.9		$	—
Beginning balance - cumulative effect of an accounting change		—			3.3
Provision for credit losses		(4.7	)		4.6
Charge-offs		—			—
Recoveries		—			—
Ending balance	$	3.2		$	7.9

Property and Casualty Premiums Written and Earned

The following table presents property and casualty premiums written and earned for 2021, 2020 and 2019:

	Year Ended December 31,
	2021			2020			2019
	($ in millions)
Gross premiums written – direct	$	2,704.3		$	2,214.6		$	1,800.3
Gross premiums written – assumed		5,834.5			5,114.8			4,856.1
Ceded premiums written		(1,389.4	)		(985.0	)		(904.7	)
Net premiums written	$	7,149.4		$	6,344.4		$	5,751.7
Gross premiums earned – direct	$	3,005.7		$	2,370.4		$	2,114.1
Gross premiums earned – assumed		5,364.8			4,582.9			4,268.8
Ceded premiums earned		(1,272.8	)		(953.1	)		(904.8	)
Net premiums earned	$	7,097.7		$	6,000.2		$	5,478.1