Stockholders' Equity

3 Months Ended

Mar. 31, 2014

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.

Pursuant to the Board of Directors authorization, during the first three months of 2014, Alleghany repurchased an aggregate of 242,608 shares of its common stock in the open market for $94.6 million, at an average price per share of $390.10. During 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, 2014 and 2013 in accumulated other comprehensive income attributable to Alleghany stockholders:

	Unrealized     Appreciation of     Investments		Unrealized         Currency          Translation         Adjustment		Retirement Plans		Total
	(in millions)
Balance as of January 1, 2014	$	238.4	$	(49.3)	$	(2.2)	$	186.9
Other comprehensive income, net of tax:
Other comprehensive income before reclassifications		151.1		0.4		0.1		151.6
Reclassifications from accumulated other comprehensive income		(59.5)		-		-		(59.5)
Total		91.6		0.4		0.1		92.1
Balance as of March 31, 2014	$	330.0	$	(48.9)	$	(2.1)	$	279.0
	Unrealized Appreciation of Investments		Unrealized Currency Translation Adjustment		Retirement Plans		Total
	(in millions)
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 attributable to Alleghany stockholders during the three months ended March 31, 2014 and 2013 were as follows:

		Three Months Ended March 31,
Accumulated Other Comprehensive Income Component	Line in Consolidated Statement of Earnings	2014		2013
		(in millions)
Unrealized appreciation of investments:	Net realized capital gains	$	(96.8)	$	(50.9)
	Other than temporary impairment losses		5.2		32.3
	Income taxes		32.1		6.5
Total reclassifications:	Net earnings	$	(59.5)	$	(12.1)