Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Common Stock Repurchases

The following table presents the shares of Common Stock that Alleghany repurchased pursuant to the 2014 Repurchase Program, the 2015 Repurchase Program and the 2018 Repurchase Program, as applicable:

	As of December 31,
	2018		2017		2016
Shares repurchased		822,849		29,704		142,186
Cost of shares repurchased (in millions)	$	491.6	$	16.0	$	68.3
Average price per share repurchased	$	597.48	$	540.25	$	480.49

Reconciliation of Accumulated Other Comprehensive Income

The following table presents a reconciliation of the changes during 2018 and 2017 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, 2018	$	718.2	$	(84.6)	$	(15.5)	$	618.1
Cumulative effect of adoption of new accounting pronouncements(1):
Reclassification of net unrealized gains on equity securities, net of tax		(735.6)		-		-		(735.6)
Reclassification of stranded taxes		156.6		(18.2)		(3.3)		135.1
Total		(579.0)		(18.2)		(3.3)		(600.5)
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		(212.5)		(21.9)		3.1		(231.3)
Reclassifications from accumulated other comprehensive income		11.7		-		-		11.7
Total		(200.8)		(21.9)		3.1		(219.6)
Balance as of December 31, 2018	$	(61.6)	$	(124.7)	$	(15.7)	$	(202.0)

	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
Cumulative effect of adoption of new accounting pronouncements(1)		12.9		-			-		12.9
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		521.0		26.6			(3.8)		543.8
Reclassifications from accumulated other comprehensive income		(47.9)		-			-		(47.9)
Total		473.1		26.6			(3.8)		495.9
Balance as of December 31, 2017	$	718.2	$	(84.6	)	$	(15.5)	$	618.1

(1) See Note 1(r) for additional information regarding Alleghany’s adoption of new investment accounting guidance and new guidance on certain tax effects caused by the Tax Act.

The following table presents reclassifications out of accumulated other comprehensive income attributable to Alleghany stockholders during 2018 and 2017:

Accumulated Other		Year Ended December 31,
Comprehensive Income Component	Line in Consolidated Statement of Earnings	2018		2017
		($ in millions)
Unrealized appreciation of investments:	Net realized capital gains(1)	$	13.5	$	(90.6)
	Other than temporary impairment losses		1.3		16.9
	Income taxes		(3.1)		25.8
Total reclassifications:	Net earnings	$	11.7	$	(47.9)

(1) For 2018, excludes a $45.7 million pre-tax gain from AIHL’s conversion of its limited partnership interests in certain subsidiaries of Ares into Ares common units, and a $35.4 million capital loss due to an impairment charge from the write-down of certain SORC assets arising from a decline in energy prices as of December 31, 2018. See Note 4(i) for additional information. For 2017, excludes an $8.4 million pre-tax gain from the sale of PacificComp, a $20.9 million realized gain on bulk settlement of certain contingent liabilities by Alleghany Capital, a ($4.8) million loss realized from the sale of a SORC legacy oil field on December 29, 2017 and a ($7.9) million write-down of certain Reinsurance Segment assets.

Reclassifications of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive income attributable to Alleghany stockholders during 2018 and 2017:

Accumulated Other		Year Ended December 31,
Comprehensive Income Component	Line in Consolidated Statement of Earnings	2018		2017
		($ in millions)
Unrealized appreciation of investments:	Net realized capital gains(1)	$	13.5	$	(90.6)
	Other than temporary impairment losses		1.3		16.9
	Income taxes		(3.1)		25.8
Total reclassifications:	Net earnings	$	11.7	$	(47.9)

(1) For 2018, excludes a $45.7 million pre-tax gain from AIHL’s conversion of its limited partnership interests in certain subsidiaries of Ares into Ares common units, and a $35.4 million capital loss due to an impairment charge from the write-down of certain SORC assets arising from a decline in energy prices as of December 31, 2018. See Note 4(i) for additional information. For 2017, excludes an $8.4 million pre-tax gain from the sale of PacificComp, a $20.9 million realized gain on bulk settlement of certain contingent liabilities by Alleghany Capital, a ($4.8) million loss realized from the sale of a SORC legacy oil field on December 29, 2017 and a ($7.9) million write-down of certain Reinsurance Segment assets.

Summary of Dividends Paid to Alleghany by its reinsurance and insurance subsidiaries

The following table presents the dividends paid to Alleghany by its reinsurance and insurance subsidiaries in 2018, 2017 and 2016:

	As of December 31,
	2018		2017(1)		2016
	($ in millions)
TransRe(2)	$	300.0	$	225.0	$	375.0
RSUI		100.0		75.0		100.0
Total	$	400.0	$	300.0	$	475.0

(1) Dividends to Alleghany were reduced as a consequence of significant TransRe and RSUI catastrophe losses in the third quarter of 2017.

(2) In 2018, 2017 and 2016, TRC paid dividends of $280.0 million, $270.0 million and $350.0 million, respectively, to the TransRe holding company.