UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 6, 2012
ALLEGHANY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 1-9371 | 51-0283071 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
7 Times Square Tower, 17th Floor, New York, New York |
10036 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (212) 752-1356
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
On August 6, 2012, Alleghany Corporation (Alleghany) issued a press release on the subject of its 2012 second quarter consolidated earnings. A copy of such release is furnished herewith as Exhibit 99.1. The information hereunder shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
99.1 | 2012 Second Quarter Earnings Release, dated August 6, 2012 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALLEGHANY CORPORATION | ||||||
Date: August 6, 2012 | By: | /s/ Roger B. Gorham | ||||
Name: Roger B. Gorham | ||||||
Title: Senior Vice President and chief financial officer |
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INDEX TO EXHIBITS
Exhibit Number | Exhibit Description | |
99.1 | 2012 Second Quarter Earnings Release, dated August 6, 2012 |
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Exhibit 99.1
ALLEGHANY CORPORATION
7 Times Square Tower, 17th Floor
New York, NY 10036
ALLEGHANY CORPORATION REPORTS 2012 SECOND QUARTER RESULTS:
STOCKHOLDERS EQUITY PER COMMON SHARE
INCREASES 8.4% SINCE 2011 YEAR-END
NEW YORK, NY, August 6, 2012 Alleghany Corporation (NYSE-Y) reported stockholders equity per common share of $370.93 at June 30, 2012, an increase of 8.4% from stockholders equity per common share of $342.12 at 2011 year-end. Stockholders equity per common share as of June 30, 2012 reflects 8,360,959 shares issued in connection with the merger between Alleghany and Transatlantic Holdings, Inc., which closed on March 6, 2012.
Stockholders equity increased to approximately $6.3 billion as of June 30, 2012, compared with approximately $2.9 billion as of December 31, 2011, reflecting both the merger and Alleghanys net earnings in the first six months of 2012. Alleghanys results for the first six months of 2012 include Transatlantics operations subsequent to the closing date.
Alleghanys cash and invested assets as of June 30, 2012 totaled approximately $18.5 billion, compared with $4.9 billion at December 31, 2011. Net premiums written for the second quarter of 2012 were $1,224 million, compared with $245 million for the second quarter of 2011. For the first six months of 2012, net premiums written totaled $1,658 million, compared with $411 million for the first six months of 2011.
Alleghanys net earnings for the second quarter of 2012 were $109.3 million or $6.46 per common share (presented on a basic basis throughout), compared with $15.1 million, or $1.69 per common share for the second quarter of 2011. For the first six months of 2012, net earnings were $669.4 million or $48.03 per common share, compared with $86.4 million, or $9.69 per common share for the first six months of 2011. The first six months of 2012 include merger-related items associated with the purchase of Transatlantic, including a gain of $494.9 million resulting from the application of purchase accounting treatment, amortization of intangible assets of $140.0 million and transaction costs of $33.8 million.
Alleghanys pre-tax net earnings for the second quarter of 2012, before merger-related items, were $252.7 million, compared with $15.3 million in the second quarter of 2011. For the first six months of 2012, pre-tax net earnings, before merger-related items, were $434.6 million, compared with $105.6 million in the first six months of 2011. A summary of Alleghanys pre-tax results for the three and six months ended June 30, 2012 and 2011 follows:
Three Months ended June 30, |
Six Months ended June 30, |
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(in millions) | 2012 | 2011 | Change | 2012 | 2011 | Change | ||||||||||||||||||
Underwriting profit (loss): |
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Reinsurance |
$ | 165.5 | $ | | $ | 165.5 | $ | 231.7 | $ | | $ | 231.7 | ||||||||||||
Insurance |
10.4 | (2.8 | ) | 13.2 | 44.5 | 40.6 | 3.9 | |||||||||||||||||
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175.9 | (2.8 | ) | 178.7 | 276.2 | 40.6 | 235.6 | ||||||||||||||||||
Net investment income |
90.9 | 28.6 | 62.3 | 144.1 | 60.2 | 83.9 | ||||||||||||||||||
Net realized capital gains |
39.4 | 6.5 | 32.9 | 107.5 | 41.2 | 66.3 | ||||||||||||||||||
Other than temporary impairment losses |
(1.1 | ) | | (1.1 | ) | (2.9 | ) | | (2.9 | ) | ||||||||||||||
Other income |
9.3 | 0.2 | 9.1 | 9.6 | 1.1 | 8.5 | ||||||||||||||||||
Other operating expenses |
(34.8 | ) | (7.9 | ) | (26.9 | ) | (50.5 | ) | (17.4 | ) | (33.1 | ) | ||||||||||||
Corporate administration |
(11.1 | ) | (5.0 | ) | (6.1 | ) | (24.6 | ) | (11.4 | ) | (13.2 | ) | ||||||||||||
Interest expense |
(15.8 | ) | (4.3 | ) | (11.5 | ) | (24.8 | ) | (8.7 | ) | (16.1 | ) | ||||||||||||
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Net earnings before merger related items and income taxes |
$ | 252.7 | $ | 15.3 | $ | 237.4 | $ | 434.6 | $ | 105.6 | $ | 329.0 | ||||||||||||
Merger-related items: |
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Gain on bargain purchase |
| | | 494.9 | | 494.9 | ||||||||||||||||||
Amortization of intangible assets* |
(108.1 | ) | (0.8 | ) | (107.3 | ) | (140.0 | ) | (1.6 | ) | (138.4 | ) | ||||||||||||
Transaction costs |
| | | (33.8 | ) | | (33.8 | ) | ||||||||||||||||
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(108.1 | ) | (0.8 | ) | (107.3 | ) | 321.1 | (1.6 | ) | 322.7 | |||||||||||||||
Earnings before income taxes |
$ | 144.6 | $ | 14.5 | $ | 130.1 | $ | 755.7 | $ | 104.0 | $ | 651.7 | ||||||||||||
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* | Include immaterial amounts of ongoing amortization arising from the acquisition of subsidiaries other than Transatlantic. |
Weston M. Hicks, President and chief executive officer, commented:
Alleghanys second quarter results demonstrated the benefit of owning a more diversified risk portfolio following the Transatlantic merger. In summary, solid underwriting results and strong fixed income performance during the quarter overcame a negative return on common equity investments to generate modest growth in Alleghanys book value.
Transatlantic and RSUI produced favorable underwriting results in the second quarter. Transatlantic is performing well and is proving to be a great fit with the Alleghany family. RSUI continued to take advantage of improved market conditions by increasing its net premiums written by 15% during the quarter, with strong growth in both its property and casualty lines of business. Although Capitol Transamericas underwriting results were marred by an increase in loss reserves for a discontinued program, Capitol Transamericas continuing business produced a healthy underwriting margin and encouraging double-digit growth in premiums written.
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Having completed a $400 million senior debt offering in June, Alleghany is well-positioned for the future with over $800 million of corporate liquid assets and strongly capitalized operating subsidiaries with attractive books of business.
Alleghanys underwriting profit for the second quarter of 2012 was $175.9 million, compared with an underwriting loss of $2.8 million in the second quarter of 2011, reflecting the contribution of $165.5 million of underwriting profit from the reinsurance segment (comprised of Transatlantics operations), and to a lesser extent, an insurance segment underwriting profit in the second quarter of 2012, compared with an underwriting loss in the corresponding 2011 period. The reinsurance segments underwriting profit for the second quarter of 2012 was due primarily to the lack of large property losses and the favorable impact of purchase accounting on Transatlantics expense ratio. The insurance segments underwriting profit for the second quarter of 2012 was due primarily to strong second quarter performance at RSUI, including improved property market pricing, and the absence of adverse reserve development at PacificComp that was significant in the 2011 period, partially offset by the impact of higher net adverse reserve development at Capitol Transamerica. The insurance segments net written premium for the second quarter of 2012 increased by 14.8% to $280.8 million from the 2011 second quarter.
Alleghanys combined ratio for the second quarter of 2012 was 83.9%, compared with 101.6% during the second quarter of 2011. For the second quarter of 2012, the reinsurance segments combined ratio was 81.5%, and the insurance segments combined ratio was 94.9%, compared with 101.6% during the second quarter of 2011.
Alleghanys underwriting profit for the first six months of 2012 was $276.2 million, compared with $40.6 million in the first six months of 2011. The increase reflects the contribution of $231.7 million of underwriting profit from the reinsurance segment during the 116-day period of Alleghanys ownership of Transatlantic, and to a lesser extent, an increase in the insurance segments underwriting profit.
The reinsurance segments underwriting profit for the first six months of 2012 was due primarily to the lack of large property losses and the favorable impact of purchase accounting on Transatlantics expense ratio. The insurance segments underwriting profit for the first six months of 2012 was due primarily to strong performance at RSUI, including improved property market pricing, and the absence of adverse reserve development at PacificComp that was significant in the 2011 period, partially offset by the impact of higher adverse reserve development at Capitol Transamerica. The insurance segments net written premium for the first six months of 2012 increased by 16.4% to $478.7 million from the first six months of 2011.
Alleghanys combined ratio for the first six months of 2012 was 82.0%, compared with 88.9% during the first six months of 2011. For the six months of 2012, the reinsurance segments combined ratio was 79.6%, and the insurance segments combined ratio was 88.7%, compared with 88.9% during the first six months of 2011.
Alleghanys net investment income for the second quarter and first six months of 2012 was $90.9 million and $144.1 million, respectively, an increase of 218% and 139% over the corresponding 2011
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periods, reflecting the addition of Transatlantics investment portfolio. The interest income earned on Transatlantics fixed income portfolio is net of a significant increase to amortization expense resulting from the write-up of the portfolios amortized cost basis to its fair value as of the acquisition date. This increased amortization expense reduced Transatlantics reported net investment income, compared with Transatlantics net investment income prior to the merger. Alleghanys investment portfolio, excluding other invested assets, was $17.7 billion at June 30, 2012. The total return on the investment portfolio, excluding other invested assets, for the first six months of 2012 was 2.6%, including returns of 1.7% on the fixed income portfolio and 1.6% on the equity portfolio. The equity portfolio return compares with a 9.5% total return for the S&P 500 for the first six months of 2012. The total portfolio return exceeds the fixed income and equity returns due to favorable asset allocation shifts.
Additional information regarding Alleghanys 2012 second quarter and year-to-date results, including managements discussion and analysis of Alleghanys financial condition and results of operations, is contained in Alleghanys Quarterly Report on Form 10-Q for the period ended June 30, 2012, to be filed with the U.S. Securities and Exchange Commission (the SEC) on or about the date hereof. The Form 10-Q will be available on Alleghanys website at www.alleghany.com and on the SECs website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of Alleghanys financial performance.
About Alleghany Corporation
Alleghany Corporation (NYSE-Y) creates stockholder value through the ownership and management of operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. Alleghanys property and casualty subsidiaries include: Transatlantic Holdings, Inc., a leading global reinsurance organization headquartered in New York; RSUI Group, Inc., a national underwriter of specialty property and liability insurance coverages; Capitol Transamerica Corporation, an underwriter of specialty property, casualty and surety insurance coverages; and Pacific Compensation Corporation, an underwriter of workers compensation insurance primarily in California.
Comment on Regulation G
Throughout this press release, Alleghanys results of operations have been presented in the way that Alleghany believes will be the most meaningful and useful to investors, analysts, rating agencies and others who use financial information in evaluating the performance of Alleghany. This presentation includes the use of underwriting profit, which is a non-GAAP financial measure, as such term is defined in Regulation G promulgated by the SEC. Underwriting profit represents net premiums earned less net loss and loss adjustment expense and commissions, brokerage and other underwriting expenses, all as determined in accordance with U.S. GAAP, and does not include net investment income, net realized capital gains, other than temporary impairment losses, other income, other operating expenses, amortization of intangible assets and interest expense. Alleghany consistently uses underwriting profit as a supplement to earnings before income taxes, the most comparable U.S. GAAP financial measure, to evaluate the performance of its segments and believes that underwriting profit provides useful additional information to investors because it highlights net earnings attributable to a segments underwriting performance. Earnings before income taxes may show a profit despite an underlying underwriting loss, and when underwriting losses persist over
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extended periods, a reinsurance or insurance companys ability to continue as an ongoing concern may be at risk. However, underwriting profit is not meant to be considered in isolation or as a substitute for earnings before income taxes or any other measures of operating performance prepared in accordance with U.S. GAAP. A reconciliation of underwriting profit to earnings before income taxes is presented in the schedules included herein.
# # #
Forward-looking Statements
This release contains disclosures which are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as may, will, expect, project, estimate, anticipate, plan, believe, potential, should, continue or the negative versions of those words or other comparable words. These forward-looking statements are based upon Alleghanys current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans, anticipated actions and Alleghanys future financial condition and results. These statements are not guarantees of future performance, and Alleghany has no specific intention to update these statements. The uncertainties and risks include, but are not limited to,
| significant weather-related or other natural or human-made catastrophes and disasters; |
| the cyclical nature of the property and casualty reinsurance and insurance industries; |
| changes in market prices of our significant equity investments and changes in value of Alleghanys debt securities portfolio; |
| adverse loss development for events insured by Alleghanys reinsurance and insurance operating units in either the current year or prior years; |
| the long-tail and potentially volatile nature of certain casualty lines of business written by Alleghanys reinsurance and insurance operating units; |
| the cost and availability of reinsurance; |
| exposure to terrorist acts and acts of war; |
| the willingness and ability of Alleghanys reinsurance and insurance operating units reinsurers to pay reinsurance recoverables owed to its reinsurance and insurance operating units; |
| changes in the ratings assigned to Alleghanys reinsurance and insurance operating units; |
| claims development and the process of estimating reserves; |
| legal, political, judicial and regulatory changes, including the federal financial regulatory reform of the insurance industry by the Dodd-Frank Wall Street Reform and Consumer Protection Act; |
| the uncertain nature of damage theories and loss amounts; |
| the reliance by Alleghanys reinsurance operating units on a limited number of brokers; |
| increases in the levels of risk retention by Alleghanys reinsurance and insurance operating units; |
| the loss of key personnel; |
| fluctuation in foreign currency exchange rates; |
| risks associated with Alleghanys failure to comply with the restrictive covenants contained in the agreements governing its indebtedness; |
| risks associated with Alleghanys ability to make payments on, or repay or refinance, its debt; |
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| risks associated with Alleghanys ability to successfully integrate Transatlantics operations and employees; and |
| risks inherent in international operations. |
Additional risks and uncertainties include general economic and political conditions, including the effects of a prolonged U.S. or global economic downturn or recession; changes in costs; variations in political, economic or other factors; risks relating to conducting operations in a competitive environment; effects of acquisition and disposition activities, inflation rates, or recessionary or expansive trends; changes in interest rates; extended labor disruptions, civil unrest, or other external factors over which Alleghany has no control; and changes in Alleghanys plans, strategies, objectives, expectations, or intentions, which may happen at any time at its discretion. As a consequence, current plans, anticipated actions, and future financial condition and results may differ from those expressed in any forward-looking statements made by Alleghany or on its behalf.
For more information, please contact:
Jeff Majtyka/Mike Smargiassi
Brainerd Communicators, Inc.
212-986-6667
6
ALLEGHANY CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
June 30, 2012 |
December 31, 2011 |
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(unaudited) | ||||||||
(in thousands, except share amounts) | ||||||||
Assets |
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Investments: |
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Available-for-sale securities at fair value: |
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Equity securities (cost: 2012 $1,046,323; 2011 $775,741) |
$ | 1,047,070 | $ | 870,950 | ||||
Debt securities (amortized cost: 2012 $15,372,156; 2011 $2,538,872) |
15,596,786 | 2,679,528 | ||||||
Short-term investments |
1,023,144 | 1,096,517 | ||||||
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17,667,000 | 4,646,995 | |||||||
Other invested assets |
433,930 | 179,815 | ||||||
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Total investments |
18,100,930 | 4,826,810 | ||||||
Cash |
404,615 | 84,749 | ||||||
Accrued investment income |
163,893 | 28,879 | ||||||
Premium balances receivable |
762,145 | 147,006 | ||||||
Reinsurance recoverables |
1,292,878 | 852,845 | ||||||
Ceded unearned premiums |
171,054 | 142,946 | ||||||
Deferred acquisition costs |
225,385 | 70,537 | ||||||
Property and equipment at cost, net of accumulated depreciation and amortization |
31,541 | 17,906 | ||||||
Goodwill |
82,495 | 48,095 | ||||||
Intangible assets, net of amortization |
275,076 | 90,863 | ||||||
Current taxes receivable |
69,356 | | ||||||
Net deferred tax assets |
500,076 | 80,975 | ||||||
Other assets |
339,248 | 86,478 | ||||||
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$ | 22,418,692 | $ | 6,478,089 | |||||
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Liabilities and Stockholders Equity |
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Loss and loss adjustment expenses |
$ | 11,720,944 | $ | 2,313,035 | ||||
Unearned premiums |
1,848,558 | 549,740 | ||||||
Senior Notes |
1,819,825 | 299,035 | ||||||
Reinsurance payable |
95,189 | 45,462 | ||||||
Current taxes payable |
| 16,247 | ||||||
Other liabilities |
654,051 | 328,893 | ||||||
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Total liabilities |
16,138,567 | 3,552,412 | ||||||
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Common stock (shares authorized: 2012 and 2011 22,000,000; issued 2012 17,478,746; 2011 9,117,787) |
17,479 | 9,118 | ||||||
Contributed capital |
3,626,571 | 938,037 | ||||||
Accumulated other comprehensive income |
139,031 | 155,532 | ||||||
Treasury stock, at cost (2012 547,953 shares; 2011 566,141 shares) |
(161,944 | ) | (167,319 | ) | ||||
Retained earnings |
2,658,988 | 1,990,309 | ||||||
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Total stockholders equity |
6,280,125 | 2,925,677 | ||||||
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$ | 22,418,692 | $ | 6,478,089 | |||||
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ALLEGHANY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Earnings and Comprehensive Income
(unaudited)
Three Months Ended June 30, | ||||||||
2012 | 2011 | |||||||
(in thousands, except per share amounts) | ||||||||
Revenues |
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Net premiums earned |
$ | 1,095,932 | $ | 183,878 | ||||
Net investment income |
90,860 | 28,545 | ||||||
Net realized capital gains |
39,452 | 6,490 | ||||||
Other than temporary impairment losses |
(1,129 | ) | | |||||
Gain on bargain purchase |
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Other income |
9,276 | 248 | ||||||
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Total revenues |
1,234,391 | 219,161 | ||||||
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Costs and Expenses |
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Net loss and loss adjustment expenses |
680,885 | 122,619 | ||||||
Commissions, brokerage and other underwriting expenses |
239,193 | 64,132 | ||||||
Other operating expenses |
34,826 | 7,834 | ||||||
Corporate administration |
11,094 | 5,002 | ||||||
Amortization of intangible assets |
108,098 | 839 | ||||||
Interest expense |
15,743 | 4,268 | ||||||
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Total costs and expenses |
1,089,839 | 204,694 | ||||||
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Earnings before income taxes |
144,552 | 14,467 | ||||||
Income taxes |
35,243 | (615 | ) | |||||
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Net earnings |
$ | 109,309 | $ | 15,082 | ||||
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Other comprehensive income: |
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Change in unrealized gains, net of deferred taxes of $14,257 and $(13,154) for 2012 and 2011, respectively |
26,477 | (24,428 | ) | |||||
Less: reclassification for net realized capital gains and other than temporary impairment losses, net of taxes of $(13,413) and $(2,271) for 2012 and 2011, respectively |
(24,910 | ) | (4,218 | ) | ||||
Change in unrealized currency translation adjustment, net of deferred taxes of $(8,012) and $0 for 2012 and 2011, respectively |
(14,880 | ) | | |||||
Retirement plans |
(14 | ) | (50 | ) | ||||
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Comprehensive income |
$ | 95,982 | $ | (13,614 | ) | |||
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Basic earnings per share* |
$ | 6.46 | $ | 1.69 | ||||
Diluted earnings per share* |
6.45 | 1.68 |
* | 2011 amounts reflect subsequent common stock dividends. |
8
ALLEGHANY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Earnings and Comprehensive Income
(unaudited)
Six Months Ended June 30, | ||||||||
2012 | 2011 | |||||||
(in thousands, except per share amounts) | ||||||||
Revenues |
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Net premiums earned |
$ | 1,530,139 | $ | 364,858 | ||||
Net investment income |
144,054 | 60,124 | ||||||
Net realized capital gains |
107,441 | 41,182 | ||||||
Other than temporary impairment losses |
(2,907 | ) | | |||||
Gain on bargain purchase |
494,940 | | ||||||
Other income |
9,591 | 1,133 | ||||||
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Total revenues |
2,283,258 | 467,297 | ||||||
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Costs and Expenses |
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Net loss and loss adjustment expenses |
914,831 | 193,641 | ||||||
Commissions, brokerage and other underwriting expenses |
339,053 | 130,660 | ||||||
Other operating expenses |
50,478 | 17,241 | ||||||
Corporate administration |
58,387 | 11,381 | ||||||
Amortization of intangible assets |
140,037 | 1,678 | ||||||
Interest expense |
24,820 | 8,720 | ||||||
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Total costs and expenses |
1,527,606 | 363,321 | ||||||
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Earnings before income taxes |
755,652 | 103,976 | ||||||
Income taxes |
86,240 | 17,554 | ||||||
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Net earnings |
$ | 669,412 | $ | 86,422 | ||||
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Other comprehensive income: |
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Change in unrealized gains, net of deferred taxes of $34,402 and $40,295 for 2012 and 2011, respectively |
63,889 | 74,834 | ||||||
Less: reclassification for net realized capital gains and other than temporary impairment losses, net of taxes of $(36,587) and $(14,414) for 2012 and 2011, respectively |
(67,947 | ) | (26,768 | ) | ||||
Change in unrealized currency translation adjustment, net of deferred taxes of $(6,282) and $0 for 2012 and 2011, respectively |
(11,667 | ) | | |||||
Retirement plans |
(774 | ) | (179 | ) | ||||
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Comprehensive income |
$ | 652,913 | $ | 134,309 | ||||
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Basic earnings per share* |
$ | 48.03 | $ | 9.69 | ||||
Diluted earnings per share* |
47.96 | 9.66 |
* | 2011 amounts reflect subsequent common stock dividends. |
9
Alleghany Corporation and Subsidiaries
Cash and Investments
(in millions)
June 30, 2012 |
December 31, 2011 |
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Equity securities: |
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Common stock |
$ | 1,047.1 | $ | 871.0 | ||||
Preferred stock |
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Total equity securities |
1,047.1 | 871.0 | ||||||
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Debt securities: |
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U.S. Government obligations |
528.6 | 267.8 | ||||||
Municipal bonds |
6,602.3 | 1,113.6 | ||||||
Foreign government obligations |
824.2 | | ||||||
U.S. corporate bonds |
3,040.9 | 354.1 | ||||||
Foreign corporate bonds |
1,944.9 | 83.5 | ||||||
Mortgage and asset-backed securities: |
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Residential mortgage-backed securities |
1,978.7 | 497.3 | ||||||
Commercial mortgage-backed securities |
427.8 | 144.7 | ||||||
Other asset-backed securities |
249.4 | 218.5 | ||||||
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Total debt securities |
15,596.8 | 2,679.5 | ||||||
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Other invested assets: |
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Equity method investments |
196.6 | 129.8 | ||||||
Partnership investments |
206.7 | 23.6 | ||||||
Other |
30.6 | 26.4 | ||||||
|
|
|
|
|||||
433.9 | 179.8 | |||||||
|
|
|
|
|||||
Short-term investments |
1,023.1 | 1,096.5 | ||||||
|
|
|
|
|||||
Total investments |
18,100.9 | 4,826.8 | ||||||
Cash |
404.6 | 84.7 | ||||||
|
|
|
|
|||||
Total cash and investments |
$ | 18,505.5 | $ | 4,911.5 | ||||
|
|
|
|
10
Alleghany Corporation and Subsidiaries
Net Investment Income
(in millions)
For the Three Months Ended June 30, | ||||||||
2012 | 2011 | |||||||
Interest income |
$ | 88.9 | $ | 25.5 | ||||
Dividends |
4.3 | 10.5 | ||||||
Equity in income (losses) of Homesite |
(2.2 | ) | (6.6 | ) | ||||
Equity in income (losses) of ORX |
(1.5 | ) | (1.2 | ) | ||||
Other investment income (losses) |
6.4 | 1.8 | ||||||
|
|
|
|
|||||
Total investment income |
95.9 | 30.0 | ||||||
Investment expenses |
(5.0 | ) | (1.4 | ) | ||||
|
|
|
|
|||||
Net investment income |
$ | 90.9 | $ | 28.6 | ||||
|
|
|
|
|||||
For the Six Months Ended June 30, | ||||||||
2012 | 2011 | |||||||
Interest income |
$ | 130.0 | $ | 51.0 | ||||
Dividends |
6.2 | 20.3 | ||||||
Equity in income (losses) of Homesite |
12.4 | (7.1 | ) | |||||
Equity in income (losses) of ORX |
(3.3 | ) | (2.2 | ) | ||||
Other investment income (losses) |
6.6 | 1.4 | ||||||
|
|
|
|
|||||
Total investment income |
151.9 | 63.4 | ||||||
Investment expenses |
(7.8 | ) | (3.2 | ) | ||||
|
|
|
|
|||||
Net investment income |
$ | 144.1 | $ | 60.2 | ||||
|
|
|
|
11
Alleghany Corporation and Subsidiaries
Premiums Written
(in millions)
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
Gross Premiums Written | Net Premiums Written | |||||||||||||||||||||||||||||||
2012 | 2011 | Change | % Change | 2012 | 2011 | Change | % Change | |||||||||||||||||||||||||
Reinsurance segment: |
||||||||||||||||||||||||||||||||
Property |
$ | 307.8 | $ | | $ | 307.8 | NM | $ | 296.9 | $ | | $ | 296.9 | NM | ||||||||||||||||||
Casualty and Other |
656.5 | | 656.5 | NM | 646.0 | | 646.0 | NM | ||||||||||||||||||||||||
|
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|
|||||||||||||||||||||
964.3 | | 964.3 | NM | 942.9 | | 942.9 | NM | |||||||||||||||||||||||||
|
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|
|||||||||||||||||||||
Insurance segment: |
||||||||||||||||||||||||||||||||
RSUI |
365.2 | 320.7 | 44.5 | 13.9 | % | 237.7 | 206.6 | 31.1 | 15.1 | % | ||||||||||||||||||||||
CATA |
41.7 | 38.6 | 3.1 | 8.0 | % | 39.4 | 36.2 | 3.2 | 8.8 | % | ||||||||||||||||||||||
PCC |
3.6 | 0.7 | 2.9 | 414.3 | % | 3.7 | 1.8 | 1.9 | 105.6 | % | ||||||||||||||||||||||
|
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|
|
|||||||||||||||||||||
410.5 | 360.0 | 50.5 | 14.0 | % | 280.8 | 244.6 | 36.2 | 14.8 | % | |||||||||||||||||||||||
|
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|
|||||||||||||||||||||
Intercompany elimination |
(5.8 | ) | | (5.8 | ) | NM | | | | |||||||||||||||||||||||
Total |
$ | 1,369.0 | $ | 360.0 | $ | 1,009.0 | NM | $ | 1,223.7 | $ | 244.6 | $ | 979.1 | NM | ||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
Gross Premiums Written | Net Premiums Written | |||||||||||||||||||||||||||||||
2012 | 2011 | Change | % Change | 2012 | 2011 | Change | % Change | |||||||||||||||||||||||||
Reinsurance segment: |
||||||||||||||||||||||||||||||||
Property |
$ | 378.9 | $ | | $ | 378.9 | NM | $ | 360.6 | $ | | $ | 360.6 | NM | ||||||||||||||||||
Casualty and Other |
831.5 | | 831.5 | NM | 818.6 | | 818.6 | NM | ||||||||||||||||||||||||
|
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|
|||||||||||||||||||||
1,210.4 | | 1,210.4 | NM | 1,179.2 | | 1,179.2 | NM | |||||||||||||||||||||||||
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|
|||||||||||||||||||||
Insurance segment: |
||||||||||||||||||||||||||||||||
RSUI |
612.5 | 532.9 | 79.6 | 14.9 | % | 396.6 | 337.4 | 59.2 | 17.5 | % | ||||||||||||||||||||||
CATA |
80.2 | 76.2 | 4.0 | 5.2 | % | 75.7 | 71.6 | 4.1 | 5.7 | % | ||||||||||||||||||||||
PCC |
6.3 | 1.1 | 5.2 | 472.7 | % | 6.4 | 2.2 | 4.2 | 190.9 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
699.0 | 610.2 | 88.8 | 14.6 | % | 478.7 | 411.2 | 67.5 | 16.4 | % | |||||||||||||||||||||||
|
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|
|
|
|
|||||||||||||||||||||
Intercompany elimination |
(7.0 | ) | | (7.0 | ) | NM | | | | |||||||||||||||||||||||
Total |
$ | 1,902.4 | $ | 610.2 | $ | 1,292.2 | NM | $ | 1,657.9 | $ | 411.2 | $ | 1,246.7 | NM | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
12
Alleghany Corporation and Subsidiaries
Underwriting Results
For the Three Months Ended June 30, 2012
(in millions)
Reinsurance Segment | Insurance Segment | |||||||||||||||||||||||||||||||||||||||
Casualty & | Total | Corporate | ||||||||||||||||||||||||||||||||||||||
Property | Other | Total | RSUI | CATA | PCC | Total | Segments | Activities | Consolidated | |||||||||||||||||||||||||||||||
Premiums written: |
||||||||||||||||||||||||||||||||||||||||
Gross |
$ | 307.8 | $ | 656.5 | $ | 964.3 | $ | 365.2 | $ | 41.7 | $ | 3.6 | $ | 410.5 | $ | 1,374.8 | $ | (5.8 | ) | $ | 1,369.0 | |||||||||||||||||||
Net |
296.9 | 646.0 | 942.9 | 237.7 | 39.4 | 3.7 | 280.8 | 1,223.7 | | 1,223.7 | ||||||||||||||||||||||||||||||
Net premiums earned |
$ | 272.8 | $ | 620.5 | $ | 893.3 | $ | 163.9 | $ | 35.6 | $ | 3.1 | $ | 202.6 | $ | 1,095.9 | $ | | $ | 1,095.9 | ||||||||||||||||||||
|
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|
|
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|
|
|
|||||||||||||||||||||
Net loss and LAE: |
||||||||||||||||||||||||||||||||||||||||
Current year |
94.0 | 466.8 | 560.8 | 86.1 | 17.0 | 2.3 | 105.4 | 666.2 | | 666.2 | ||||||||||||||||||||||||||||||
Prior years |
| | | 5.6 | 8.4 | 0.7 | 14.7 | 14.7 | | 14.7 | ||||||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||
94.0 | 466.8 | 560.8 | 91.7 | 25.4 | 3.0 | 120.1 | 680.9 | | 680.9 | |||||||||||||||||||||||||||||||
Commissions, brokerage and other underwriting expenses |
57.6 | 109.4 | 167.0 | 45.8 | 19.6 | 6.7 | 72.1 | 239.1 | | 239.1 | ||||||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||
Underwriting profit (loss) |
$ | 121.2 | $ | 44.3 | $ | 165.5 | $ | 26.4 | $ | (9.4 | ) | $ | (6.6 | ) | $ | 10.4 | 175.9 | | 175.9 | |||||||||||||||||||||
|
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|
|
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|
|
|
|
|||||||||||||||||||||||||||
Net investment income |
95.3 | (4.4 | ) | 90.9 | ||||||||||||||||||||||||||||||||||||
Net realized capital gains |
39.4 | | 39.4 | |||||||||||||||||||||||||||||||||||||
OTTI losses |
(1.1 | ) | | (1.1 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase |
| | | |||||||||||||||||||||||||||||||||||||
Other income |
0.7 | 8.6 | 9.3 | |||||||||||||||||||||||||||||||||||||
Other operating expenses |
23.7 | 11.1 | 34.8 | |||||||||||||||||||||||||||||||||||||
Corporate administration |
| 11.1 | 11.1 | |||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
108.1 | | 108.1 | |||||||||||||||||||||||||||||||||||||
Interest expense |
11.1 | 4.7 | 15.8 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Earnings before income taxes |
$ | 167.3 | $ | (22.7 | ) | $ | 144.6 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Ratios: |
||||||||||||||||||||||||||||||||||||||||
Net loss and LAE |
||||||||||||||||||||||||||||||||||||||||
Current year |
34.5 | % | 75.2 | % | 62.8 | % | 52.5 | % | 47.8 | % | 74.2 | % | 52.0 | % | 60.8 | % | ||||||||||||||||||||||||
Prior years |
0.0 | % | 0.0 | % | 0.0 | % | 3.4 | % | 23.5 | % | 22.9 | % | 7.3 | % | 1.3 | % | ||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||
34.5 | % | 75.2 | % | 62.8 | % | 55.9 | % | 71.3 | % | 97.1 | % | 59.3 | % | 62.1 | % | |||||||||||||||||||||||||
Expense |
21.1 | % | 17.6 | % | 18.7 | % | 27.9 | % | 55.1 | % | 215.8 | % | 35.6 | % | 21.8 | % | ||||||||||||||||||||||||
|
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|
|
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|
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|
|
|
|
|
|||||||||||||||||||||||||
Combined |
55.6 | % | 92.8 | % | 81.5 | % | 83.8 | % | 126.4 | % | 312.9 | % | 94.9 | % | 83.9 | % | ||||||||||||||||||||||||
|
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|
|
|
|
|
|
13
Alleghany Corporation and Subsidiaries
Underwriting Results
For the Three Months Ended June 30, 2011
(in millions)
Reinsurance Segment | Insurance Segment | |||||||||||||||||||||||||||||||||||||||
Casualty & | Total | Corporate | ||||||||||||||||||||||||||||||||||||||
Property | Other | Total | RSUI | CATA | PCC | Total | Segments | Activities | Consolidated | |||||||||||||||||||||||||||||||
Premiums written: |
||||||||||||||||||||||||||||||||||||||||
Gross |
$ | | $ | | $ | | $ | 320.7 | $ | 38.6 | $ | 0.7 | $ | 360.0 | $ | 360.0 | $ | | $ | 360.0 | ||||||||||||||||||||
Net |
| | | 206.6 | 36.2 | 1.8 | 244.6 | 244.6 | | 244.6 | ||||||||||||||||||||||||||||||
Net premiums earned |
$ | | $ | | $ | | $ | 144.4 | $ | 37.9 | $ | 1.6 | $ | 183.9 | $ | 183.9 | $ | | $ | 183.9 | ||||||||||||||||||||
|
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|
|
|
|
|
|||||||||||||||||||||
Net loss and LAE: |
||||||||||||||||||||||||||||||||||||||||
Current year |
| | | 97.6 | 19.8 | 0.6 | 118.0 | 118.0 | | 118.0 | ||||||||||||||||||||||||||||||
Prior years |
| | | (13.6 | ) | 2.7 | 15.5 | 4.6 | 4.6 | | 4.6 | |||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||
| | | 84.0 | 22.5 | 16.1 | 122.6 | 122.6 | | 122.6 | |||||||||||||||||||||||||||||||
Commissions, brokerage and other underwriting expenses |
| | | 40.9 | 17.1 | 6.1 | 64.1 | 64.1 | | 64.1 | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|||||||||||||||||||||
Underwriting profit (loss) |
$ | | $ | | $ | | $ | 19.5 | $ | (1.7 | ) | $ | (20.6 | ) | $ | (2.8 | ) | (2.8 | ) | | (2.8 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income |
31.0 | (2.4 | ) | 28.6 | ||||||||||||||||||||||||||||||||||||
Net realized capital gains |
6.5 | | 6.5 | |||||||||||||||||||||||||||||||||||||
OTTI losses |
| | | |||||||||||||||||||||||||||||||||||||
Gain on bargain purchase |
| | | |||||||||||||||||||||||||||||||||||||
Other income |
0.1 | 0.1 | 0.2 | |||||||||||||||||||||||||||||||||||||
Other operating expenses |
6.5 | 1.4 | 7.9 | |||||||||||||||||||||||||||||||||||||
Corporate administration |
| 5.0 | 5.0 | |||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
0.8 | | 0.8 | |||||||||||||||||||||||||||||||||||||
Interest expense |
| 4.3 | 4.3 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Earnings before income taxes |
$ | 27.5 | $ | (13.0 | ) | $ | 14.5 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Ratios: |
||||||||||||||||||||||||||||||||||||||||
Net loss and LAE |
||||||||||||||||||||||||||||||||||||||||
Current year |
67.6 | % | 52.4 | % | 37.3 | % | 64.2 | % | 64.2 | % | ||||||||||||||||||||||||||||||
Prior years |
-9.4 | % | 7.1 | % | 968.8 | % | 2.5 | % | 2.5 | % | ||||||||||||||||||||||||||||||
|
|
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|
|
|
|
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|
|
|||||||||||||||||||||||||||||||
58.2 | % | 59.5 | % | 1006.1 | % | 66.7 | % | 66.7 | % | |||||||||||||||||||||||||||||||
Expense |
28.3 | % | 45.1 | % | 386.6 | % | 34.9 | % | 34.9 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Combined |
86.5 | % | 104.6 | % | 1392.7 | % | 101.6 | % | 101.6 | % | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
14
Alleghany Corporation and Subsidiaries
Underwriting Results
For the Six Months Ended June 30, 2012
(in millions)
Reinsurance Segment | Insurance Segment | |||||||||||||||||||||||||||||||||||||||
Property | Casualty & Other |
Total | RSUI | CATA | PCC | Total | Total Segments |
Corporate Activities |
Consolidated | |||||||||||||||||||||||||||||||
Premiums written: |
||||||||||||||||||||||||||||||||||||||||
Gross |
$ | 378.9 | $ | 831.5 | $ | 1,210.4 | $ | 612.5 | $ | 80.2 | $ | 6.3 | $ | 699.0 | $ | 1,909.4 | $ | (7.0 | ) | $ | 1,902.4 | |||||||||||||||||||
Net |
360.6 | 818.6 | 1,179.2 | 396.6 | 75.7 | 6.4 | 478.7 | 1,657.9 | | 1,657.9 | ||||||||||||||||||||||||||||||
Net premiums earned |
$ | 338.9 | $ | 797.5 | $ | 1,136.4 | $ | 317.8 | $ | 70.3 | $ | 5.6 | $ | 393.7 | $ | 1,530.1 | $ | | $ | 1,530.1 | ||||||||||||||||||||
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|
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|
|
|
|
|
|||||||||||||||||||||
Net loss and LAE: |
||||||||||||||||||||||||||||||||||||||||
Current year |
111.8 | 596.7 | 708.5 | 168.8 | 34.0 | 4.2 | 207.0 | 915.5 | | 915.5 | ||||||||||||||||||||||||||||||
Prior years |
| | | (12.0 | ) | 9.9 | 1.4 | (0.7 | ) | (0.7 | ) | | (0.7 | ) | ||||||||||||||||||||||||||
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|
|||||||||||||||||||||
111.8 | 596.7 | 708.5 | 156.8 | 43.9 | 5.6 | 206.3 | 914.8 | | 914.8 | |||||||||||||||||||||||||||||||
Commissions, brokerage and other underwriting expenses |
65.7 | 130.5 | 196.2 | 90.6 | 38.9 | 13.4 | 142.9 | 339.1 | | 339.1 | ||||||||||||||||||||||||||||||
|
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|
|
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|
|
|||||||||||||||||||||
Underwriting profit (loss) |
$ | 161.4 | $ | 70.3 | $ | 231.7 | $ | 70.4 | $ | (12.5 | ) | $ | (13.4 | ) | $ | 44.5 | 276.2 | | 276.2 | |||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income |
136.0 | 8.1 | 144.1 | |||||||||||||||||||||||||||||||||||||
Net realized capital gains |
68.8 | 38.7 | 107.5 | |||||||||||||||||||||||||||||||||||||
OTTI losses |
(2.9 | ) | | (2.9 | ) | |||||||||||||||||||||||||||||||||||
Gain on bargain purchase |
| 494.9 | 494.9 | |||||||||||||||||||||||||||||||||||||
Other income |
1.0 | 8.6 | 9.6 | |||||||||||||||||||||||||||||||||||||
Other operating expenses |
37.5 | 13.0 | 50.5 | |||||||||||||||||||||||||||||||||||||
Corporate administration |
| 58.4 | 58.4 | |||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
140.0 | | 140.0 | |||||||||||||||||||||||||||||||||||||
Interest expense |
15.8 | 9.0 | 24.8 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Earnings before income taxes |
$ | 285.8 | $ | 469.9 | $ | 755.7 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Ratios: |
||||||||||||||||||||||||||||||||||||||||
Net loss and LAE |
||||||||||||||||||||||||||||||||||||||||
Current year |
33.0 | % | 74.8 | % | 62.3 | % | 53.1 | % | 48.4 | % | 75.0 | % | 52.6 | % | 59.8 | % | ||||||||||||||||||||||||
Prior years |
0.0 | % | 0.0 | % | 0.0 | % | -3.8 | % | 14.2 | % | 24.4 | % | -0.2 | % | 0.0 | % | ||||||||||||||||||||||||
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33.0 | % | 74.8 | % | 62.3 | % | 49.3 | % | 62.6 | % | 99.4 | % | 52.4 | % | 59.8 | % | |||||||||||||||||||||||||
Expense |
19.4 | % | 16.4 | % | 17.3 | % | 28.5 | % | 55.2 | % | 239.1 | % | 36.3 | % | 22.2 | % | ||||||||||||||||||||||||
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Combined |
52.4 | % | 91.2 | % | 79.6 | % | 77.8 | % | 117.8 | % | 338.5 | % | 88.7 | % | 82.0 | % | ||||||||||||||||||||||||
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15
Alleghany Corporation and Subsidiaries
Underwriting Results
For the Six Months Ended June 30, 2011
(in millions)
Reinsurance Segment | Insurance Segment | |||||||||||||||||||||||||||||||||||||||
Property | Casualty & Other |
Total | RSUI | CATA | PCC | Total | Total Segments |
Corporate Activities |
Consolidated | |||||||||||||||||||||||||||||||
Premiums written: |
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Gross |
$ | | $ | | $ | | $ | 532.9 | $ | 76.2 | $ | 1.1 | $ | 610.2 | $ | 610.2 | $ | | $ | 610.2 | ||||||||||||||||||||
Net |
| | | 337.4 | 71.6 | 2.2 | 411.2 | 411.2 | | 411.2 | ||||||||||||||||||||||||||||||
Net premiums earned |
$ | | $ | | $ | | $ | 286.0 | $ | 77.1 | $ | 1.7 | $ | 364.8 | $ | 364.8 | $ | | $ | 364.8 | ||||||||||||||||||||
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Net loss and LAE: |
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Current year |
| | | 166.8 | 40.6 | 0.7 | 208.1 | 208.1 | | 208.1 | ||||||||||||||||||||||||||||||
Prior years |
| | | (31.6 | ) | 1.0 | 16.1 | (14.5 | ) | (14.5 | ) | | (14.5 | ) | ||||||||||||||||||||||||||
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| | | 135.2 | 41.6 | 16.8 | 193.6 | 193.6 | | 193.6 | |||||||||||||||||||||||||||||||
Commissions, brokerage and other underwriting expenses |
| | | 82.3 | 36.5 | 11.8 | 130.6 | 130.6 | | 130.6 | ||||||||||||||||||||||||||||||
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Underwriting profit (loss) |
$ | | $ | | $ | | $ | 68.5 | $ | (1.0 | ) | $ | (26.9 | ) | $ | 40.6 | 40.6 | | 40.6 | |||||||||||||||||||||
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Net investment income |
61.2 | (1.0 | ) | 60.2 | ||||||||||||||||||||||||||||||||||||
Net realized capital gains |
41.2 | | 41.2 | |||||||||||||||||||||||||||||||||||||
OTTI losses |
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Gain on bargain purchase |
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Other income |
0.3 | 0.8 | 1.1 | |||||||||||||||||||||||||||||||||||||
Other operating expenses |
15.6 | 1.8 | 17.4 | |||||||||||||||||||||||||||||||||||||
Corporate administration |
| 11.4 | 11.4 | |||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
1.6 | | 1.6 | |||||||||||||||||||||||||||||||||||||
Interest expense |
| 8.7 | 8.7 | |||||||||||||||||||||||||||||||||||||
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Earnings before income taxes |
$ | 126.1 | $ | (22.1 | ) | $ | 104.0 | |||||||||||||||||||||||||||||||||
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Ratios: |
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Net loss and LAE |
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Current year |
58.3 | % | 52.7 | % | 41.2 | % | 57.0 | % | 57.0 | % | ||||||||||||||||||||||||||||||
Prior years |
-11.0 | % | 1.2 | % | 951.1 | % | -4.0 | % | -4.0 | % | ||||||||||||||||||||||||||||||
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47.3 | % | 53.9 | % | 992.3 | % | 53.1 | % | 53.1 | % | |||||||||||||||||||||||||||||||
Expense |
28.8 | % | 47.4 | % | 697.2 | % | 35.8 | % | 35.8 | % | ||||||||||||||||||||||||||||||
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Combined |
76.1 | % | 101.3 | % | 1689.6 | % | 88.9 | % | 88.9 | % | ||||||||||||||||||||||||||||||
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16