Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

The following table presents the shares of Common Stock that Alleghany repurchased in 2019, 2018 and 2017:

	Year Ended December 31,
	2019		2018		2017
Shares repurchased		215,091		822,849		29,704
Cost of shares repurchased (in millions)	$	144.4	$	491.6	$	16.0
Average price per share repurchased	$	671.44	$	597.48	$	540.25

Reconciliation of Accumulated Other Comprehensive Income

The following table presents a reconciliation of the changes during 2019 and 2018 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, 2019	$	(61.6	)	$	(124.7	)	$	(15.7	)	$	(202.0	)
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		403.0			2.9			(12.2	)		393.7
Reclassifications from accumulated other comprehensive income		(20.4	)		—			—			(20.4	)
Total		382.6			2.9			(12.2	)		373.3
Balance as of December 31, 2019	$	321.0		$	(121.8	)	$	(27.9	)	$	171.3

	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	)

(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.

Reclassifications of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive income attributable to Alleghany stockholders during 2019 and 2018:

Accumulated Other		Year Ended December 31,
Comprehensive Income Component	Line in Consolidated Statement of Earnings	2019			2018
		($ in millions)
Unrealized appreciation of investments:	Net realized capital gains⁽¹⁾	$	(45.5	)	$	13.5
	Other than temporary impairment losses		19.7			1.3
	Income taxes		5.4			(3.1	)
Total reclassifications:	Net earnings	$	(20.4	)	$	11.7

(1)

For 2019, excludes a $38.4 million pre-tax loss on the Put Option and a $13.6 million pre-tax loss from the December 2019 sale of a privately held investment accounted for under the equity method. 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 for additional information.

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 2019, 2018 and 2017:

	As of December 31,
	2019⁽¹⁾		2018		2017⁽²⁾
	($ in millions)
TransRe⁽³⁾	$	301.0	$	300.0	$	225.0
RSUI⁽⁴⁾		100.0		100.0		75.0
Total	$	401.0	$	400.0	$	300.0

(1)	Includes $101.0 million representing the July 1, 2019 carrying value of TransRe’s ownership interest in CapSpecialty, which was transferred to Alleghany.

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

(3)

In 2019, 2018 and 2017, TRC paid cash dividends of $220.0 million, $280.0 million and $270.0 million, respectively, to the TransRe holding company. In addition, TRC transferred its ownership interest in CapSpecialty to the TransRe holding company, and consequently, the TransRe holding company recorded a dividend from TRC in the amount of $101.0 million.

(4)	Alleghany received an extraordinary dividend from RSUI in January 2020.