Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Stockholders' Equity

6. Stockholders’ Equity

(a) Common Stock Repurchases

In October 2012, Alleghany’s Board of Directors authorized the repurchase of shares of Common Stock, at such times and at prices as management determines advisable, up to an aggregate of $300.0 million. In the first three months of 2013, Alleghany repurchased an aggregate of 89,751 shares of its common stock in the open market for $31.6 million, at an average price per share of $351.82.

(b) Accumulated Other Comprehensive Income

The following table presents a reconciliation of the changes during the three months ended March 31, 2013 in accumulated other comprehensive income (in millions):

	Unrealized Appreciation of Investments			Unrealized Currency Translation Adjustment			Retirement Plans			Total
Balance as of January 1, 2013	$	263.3		$	(13.4	)	$	0.6		$	250.5
Other comprehensive income, net of tax:
Other comprehensive income before reclassifications		85.2			(10.0	)		(0.1	)		75.1
Reclassifications from accumulated other comprehensive income		(12.1	)		—			—			(12.1	)
Total		73.1			(10.0	)		(0.1	)		63.0
Balance as of March 31, 2013	$	336.4		$	(23.4	)	$	0.5		$	313.5

Reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2013 were as follows (in millions):

Accumulated Other Comprehensive Income Component	Line in Consolidated Statement of Earnings
Unrealized appreciation of investments:	Net realized capital gains	$	(50.9	)
	Other than temporary impairment losses		32.3
	Income taxes		6.5
Total reclassifications:	Net earnings	$	(12.1	)