Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity

6. Stockholders’ Equity

(a) Common Stock Repurchases

In October 2012, the Alleghany Board of Directors authorized a program to repurchase shares of common stock of Alleghany, at such times and at prices as management determines advisable, up to an aggregate of $300.0 million (the “2012 Repurchase Program”). In July 2014, the Alleghany Board of Directors authorized, upon the completion of the 2012 Repurchase Program, the repurchase of additional shares of common stock, at such times and at prices as management may determine advisable, up to an aggregate of $350.0 million (the “2014 Repurchase Program”). In the fourth quarter of 2014, Alleghany completed the 2012 Repurchase Program and subsequent repurchases have been made pursuant to the 2014 Repurchase Program.

Pursuant to the Alleghany Board of Directors authorizations, Alleghany repurchased shares of its common stock in the three months ended March 31, 2015 and 2014 as follows:

	Three Months Ended March 31,
	2015		2014
Shares repurchased		58,950		242,608
Cost of shares repurchased (in millions)	$	26.6	$	94.6
Average price per share repurchased	$	451.77	$	390.10

(b) Accumulated Other Comprehensive Income

The following table presents a reconciliation of the changes during the three months ended March 31, 2015 and 2014 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, 2015	$	455.4	$	(89.2	)	$	(12.6	)	$	353.6
Other comprehensive income, net of tax:
Other comprehensive income before reclassifications		61.6		(10.8	)		(0.5	)		50.3
Reclassifications from accumulated other comprehensive income		5.9		—			—			5.9
Total		67.5		(10.8	)		(0.5	)		56.2
Balance as of March 31, 2015	$	522.9	$	(100.0	)	$	(13.1	)	$	409.8

	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

Reclassifications out of accumulated other comprehensive income attributable to Alleghany stockholders during the three months ended March 31, 2015 and 2014 were as follows:

Accumulated Other Comprehensive	Line in Consolidated	Three Months Ended March 31,
Income Component	Statement of Earnings	2015			2014
		(in millions)
Unrealized appreciation of investments:	Net realized capital gains	$	(43.1	)	$	(96.8	)
	Other than temporary impairment losses		52.3			5.2
	Income taxes		(3.3	)		32.1
Total reclassifications:	Net earnings	$	5.9		$	(59.5	)