Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Stockholders' Equity

7. Stockholders’ Equity

(a) Common Stock Repurchases

In July 2014, the Alleghany Board of Directors authorized the repurchase of shares of common stock of Alleghany, par value $1.00 per share (“Common Stock”), at such times and at prices as management determines to be advisable, up to an aggregate of $350.0 million (the “2014 Repurchase Program”). In November 2015, the Alleghany Board of Directors authorized the repurchase, upon the completion of the 2014 Repurchase Program, of additional shares of Common Stock, at such times and at prices as management determines to be advisable, up to an aggregate of $400.0 million (the “2015 Repurchase Program”). In the first quarter of 2016, Alleghany completed the 2014 Repurchase Program and subsequent repurchases have been made pursuant to the 2015 Repurchase Program. As of March 31, 2017, Alleghany had $379.2 million remaining under its share repurchase authorization.

Pursuant to the 2014 Repurchase Program and the 2015 Repurchase Program, as applicable, Alleghany repurchased shares of Common Stock in the three months ended March 31, 2017 and 2016 as follows:

	Three Months Ended March 31,
	2017		2016
Shares repurchased		-		113,100
Cost of shares repurchased (in millions)	$	-	$	53.3
Average price per share repurchased	$	-	$	471.15

(b) Accumulated Other Comprehensive Income

The following table presents a reconciliation of the changes during the three months ended March 31, 2017 and 2016 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, 2017	$	232.2	$	(111.2)	$	(11.7)	$	109.3
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		124.9		5.1		(0.4)		129.6
Reclassifications from accumulated other comprehensive income		(36.7)		-		-		(36.7)
Total		88.2		5.1		(0.4)		92.9
Balance as of March 31, 2017	$	320.4	$	(106.1)	$	(12.1)	$	202.2
	Unrealized Appreciation  of Investments		Unrealized Currency Translation Adjustment		Retirement Plans		Total
	($ in millions)
Balance as of January 1, 2016	$	231.9	$	(104.0)	$	(11.6)	$	116.3
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		102.1		20.6		0.2		122.9
Reclassifications from accumulated other comprehensive income		(9.8)		-		-		(9.8)
Total		92.3		20.6		0.2		113.1
Balance as of March 31, 2016	$	324.2	$	(83.4)	$	(11.4)	$	229.4

Reclassifications out of accumulated other comprehensive income attributable to Alleghany stockholders during the three months ended March 31, 2017 and 2016 were as follows:

Accumulated Other		Three Months Ended March 31,
Comprehensive Income Component	Line in Consolidated Statement of Earnings	2017		2016
		($ in millions)
Unrealized appreciation of investments:	Net realized capital gains	$	(59.6)	$	(35.9)
	Other than temporary impairment losses		3.2		20.8
	Income taxes		19.7		5.3
Total reclassifications:	Net earnings	$	(36.7)	$	(9.8)