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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the quarterly period ended September 30, 2020

 

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the transition period from                      to                     

Commission File Number         1-9371

ALLEGHANY CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

51-0283071

State or Other Jurisdiction of

 

I.R.S. Employer Identification No.

Incorporation or Organization

 

 

 

 

 

1411 Broadway, 34th Floor, NY, NY

 

10018

Address of Principal Executive Offices

 

Zip Code

 

212-752-1356

Registrant’s Telephone Number, Including Area Code

 

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

Y

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer 

 

Accelerated filer 

 

 

 

 

 

Non-accelerated filer 

 

Smaller reporting company 

 

 

 

 

 

Emerging growth company 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes     No 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.      Yes     No 

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

14,130,399 Shares, par value $1.00 per share, as of October 26, 2020

 


ALLEGHANY CORPORATION

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I

 

ITEM 1.

 

Financial Statements

 

1

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

64

ITEM 4.

 

Controls and Procedures

 

65

PART II

 

ITEM 1.

 

Legal Proceedings

 

66

ITEM 1A.

 

Risk Factors

 

66

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

68

ITEM 5.

 

Other Information

 

68

ITEM 6.

 

Exhibits

 

69

SIGNATURES

 

70

 

 


Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(unaudited)

 

 

 

 

 

 

 

($ in thousands, except share amounts)

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Securities at fair value:

 

 

 

 

 

 

 

 

Equity securities (cost: 2020 – $1,650,797; 2019 – $1,625,256)

 

$

2,163,350

 

 

$

2,505,496

 

Debt securities (amortized cost: 2020 – $14,931,902; 2019 – $13,798,576;

 

 

 

 

 

 

 

 

  allowance for credit losses: 2020 – $5,450)

 

 

15,579,894

 

 

 

14,211,745

 

Short-term investments

 

 

636,130

 

 

 

914,776

 

 

 

 

18,379,374

 

 

 

17,632,017

 

Commercial mortgage loans

 

 

691,881

 

 

 

686,206

 

Other invested assets

 

 

445,828

 

 

 

573,605

 

Total investments

 

 

19,517,083

 

 

 

18,891,828

 

Cash

 

 

1,230,579

 

 

 

1,179,098

 

Accrued investment income

 

 

94,938

 

 

 

96,516

 

Premium balances receivable

 

 

1,092,284

 

 

 

948,010

 

Reinsurance recoverables

 

 

1,696,996

 

 

 

1,681,962

 

Ceded unearned premiums

 

 

310,799

 

 

 

248,153

 

Deferred acquisition costs

 

 

574,662

 

 

 

522,577

 

Property and equipment at cost, net of accumulated depreciation and amortization

 

 

270,178

 

 

 

205,397

 

Goodwill

 

 

612,394

 

 

 

523,021

 

Intangible assets, net of amortization

 

 

799,010

 

 

 

685,953

 

Current taxes receivable

 

 

 

 

 

4,081

 

Net deferred tax assets

 

 

6,046

 

 

 

5,860

 

Funds held under reinsurance agreements

 

 

808,343

 

 

 

755,515

 

Other assets

 

 

1,439,259

 

 

 

1,183,633

 

Total assets

 

$

28,452,571

 

 

$

26,931,604

 

 

 

 

 

 

 

 

 

 

Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity

 

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

$

12,681,515

 

 

$

11,928,359

 

Unearned premiums

 

 

2,888,553

 

 

 

2,566,170

 

Senior notes and other debt

 

 

2,041,610

 

 

 

1,751,113

 

Reinsurance payable

 

 

201,486

 

 

 

188,399

 

Current taxes payable

 

 

5,773

 

 

 

 

Other liabilities

 

 

1,800,360

 

 

 

1,516,076

 

Total liabilities

 

 

19,619,297

 

 

 

17,950,117

 

Redeemable noncontrolling interests

 

 

236,879

 

 

 

204,753

 

Common stock (shares authorized: 2020 and 2019 – 22,000,000; shares issued:

   2020 and 2019 – 17,459,961)

 

 

17,460

 

 

 

17,460

 

Contributed capital

 

 

3,609,789

 

 

 

3,608,638

 

Accumulated other comprehensive income

 

 

375,310

 

 

 

171,350

 

Treasury stock, at cost (2020 – 3,279,342 shares; 2019 – 3,095,333 shares)

 

 

(1,565,426

)

 

 

(1,455,877

)

Retained earnings

 

 

6,159,262

 

 

 

6,435,163

 

Total stockholders’ equity attributable to Alleghany stockholders

 

 

8,596,395

 

 

 

8,776,734

 

Total liabilities, redeemable noncontrolling interests and stockholders’ equity

 

$

28,452,571

 

 

$

26,931,604

 

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.

1


ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Earnings and Comprehensive Income

(unaudited)

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

 

($ in thousands, except per share amounts)

 

Revenues

 

 

 

 

 

 

 

 

Net premiums earned

 

$

1,556,859

 

 

$

1,389,981

 

Net investment income

 

 

129,265

 

 

 

147,829

 

Change in the fair value of equity securities

 

 

92,799

 

 

 

(16,691

)

Net realized capital gains

 

 

16,751

 

 

 

3,957

 

Change in allowance for credit losses on available for sale securities

 

 

3,454

 

 

 

(3,597

)

Noninsurance revenue

 

 

723,785

 

 

 

638,478

 

Total revenues

 

 

2,522,913

 

 

 

2,159,957

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

Net loss and loss adjustment expenses

 

 

1,173,655

 

 

 

907,736

 

Commissions, brokerage and other underwriting expenses

 

 

464,522

 

 

 

449,519

 

Other operating expenses

 

 

669,423

 

 

 

617,326

 

Corporate administration

 

 

12,871

 

 

 

22,276

 

Amortization of intangible assets

 

 

11,223

 

 

 

8,095

 

Interest expense

 

 

23,319

 

 

 

25,703

 

Total costs and expenses

 

 

2,355,013

 

 

 

2,030,655

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

167,900

 

 

 

129,302

 

Income taxes

 

 

30,253

 

 

 

28,010

 

Net earnings

 

 

137,647

 

 

 

101,292

 

Net earnings attributable to noncontrolling interest

 

 

11,125

 

 

 

10,860

 

Net earnings attributable to Alleghany stockholders

 

$

126,522

 

 

$

90,432

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

137,647

 

 

$

101,292

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Change in unrealized gains, net of deferred taxes of $20,504 and $22,918

   in 2020 and 2019, respectively

 

 

77,133

 

 

 

86,215

 

Less: reclassification for net realized capital gains and change in allowance for credit losses on available for sale securities, net of taxes of ($1,687) and ($1,301) for 2020 and 2019, respectively

 

 

(6,345

)

 

 

(4,892

)

Change in unrealized currency translation adjustment, net of deferred taxes

   of $3,219 and ($2,749) for 2020 and 2019, respectively

 

 

12,109

 

 

 

(10,343

)

Retirement plans

 

 

420

 

 

 

322

 

Comprehensive income

 

 

220,964

 

 

 

172,594

 

Comprehensive income attributable to noncontrolling interests

 

 

11,125

 

 

 

10,860

 

Comprehensive income attributable to Alleghany stockholders

 

$

209,839

 

 

$

161,734

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to Alleghany stockholders

 

$

8.86

 

 

$

6.27

 

Diluted earnings per share attributable to Alleghany stockholders

 

 

8.86

 

 

 

6.27

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.

2


ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Earnings and Comprehensive Income

(unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

 

($ in thousands, except per share amounts)

 

Revenues

 

 

 

 

 

 

 

 

Net premiums earned

 

$

4,396,147

 

 

$

4,043,298

 

Net investment income

 

 

359,938

 

 

 

413,623

 

Change in the fair value of equity securities

 

 

(187,991

)

 

 

519,322

 

Net realized capital gains

 

 

(8,323

)

 

 

20,753

 

Change in allowance for credit losses on available for sale securities

 

 

(10,900

)

 

 

(13,617

)

Noninsurance revenue

 

 

1,684,335

 

 

 

1,756,507

 

Total revenues

 

 

6,233,206

 

 

 

6,739,886

 

 

 

 

 

 

 

 

 

 

Costs and Expenses

 

 

 

 

 

 

 

 

Net loss and loss adjustment expenses

 

 

3,225,461

 

 

 

2,497,037

 

Commissions, brokerage and other underwriting expenses

 

 

1,315,935

 

 

 

1,313,961

 

Other operating expenses

 

 

1,646,390

 

 

 

1,701,218

 

Corporate administration

 

 

17,143

 

 

 

67,612

 

Amortization of intangible assets

 

 

32,884

 

 

 

23,790

 

Interest expense

 

 

63,869

 

 

 

74,363

 

Total costs and expenses

 

 

6,301,682

 

 

 

5,677,981

 

 

 

 

 

 

 

 

 

 

(Losses) earnings before income taxes

 

 

(68,476

)

 

 

1,061,905

 

Income taxes

 

 

(21,111

)

 

 

207,878

 

Net (losses) earnings

 

 

(47,365

)

 

 

854,027

 

Net earnings attributable to noncontrolling interest

 

 

9,953

 

 

 

27,909

 

Net (losses) earnings attributable to Alleghany stockholders

 

$

(57,318

)

 

$

826,118

 

 

 

 

 

 

 

 

 

 

Net (losses) earnings

 

$

(47,365

)

 

$

854,027

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Change in unrealized gains, net of deferred taxes of $56,401 and $117,548

   in 2020 and 2019, respectively

 

 

212,175

 

 

 

442,205

 

Less: reclassification for net realized capital gains and change in allowance for credit losses on available for sale securities, net of taxes of ($6,051) and ($2,723) for 2020 and 2019, respectively

 

 

(22,761

)

 

 

(10,246

)

Change in unrealized currency translation adjustment, net of deferred taxes

   of $3,506 and ($2,141) for 2020 and 2019, respectively

 

 

13,190

 

 

 

(8,054

)

Retirement plans

 

 

1,356

 

 

 

1,363

 

Comprehensive income

 

 

156,595

 

 

 

1,279,295

 

Comprehensive income attributable to noncontrolling interests

 

 

9,953

 

 

 

27,909

 

Comprehensive income attributable to Alleghany stockholders

 

$

146,642

 

 

$

1,251,386

 

 

 

 

 

 

 

 

 

 

Basic (losses) earnings per share attributable to Alleghany stockholders

 

$

(4.01

)

 

$

57.18

 

Diluted (losses) earnings per share attributable to Alleghany stockholders

 

 

(4.43

)

 

 

57.14

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.

3


ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)

 

 

 

Nine Months Ended September 30, 2020

 

 

 

Common

Stock

 

 

Contributed

Capital

 

 

Accumulated

Other

Comprehensive

Income (loss)

 

 

Treasury

Stock

 

 

Retained

Earnings

 

 

Total

Stockholders'

Equity

Attributable

to Alleghany

Stockholders

 

 

Redeemable

Non-

controlling

Interest

 

 

 

($ in thousands, except share amounts)

 

Balance as of December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,459,961 shares of common stock issued; 3,095,333 in treasury)

 

$

17,460

 

 

$

3,608,638

 

 

$

171,350

 

 

$

(1,455,877

)

 

$

6,435,163

 

 

$

8,776,734

 

 

$

204,753

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of adoption of new accounting pronouncements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,570

)

 

 

(3,570

)

 

 

 

Net (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(361,218

)

 

 

(361,218

)

 

 

(254

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement plans

 

 

 

 

 

 

 

 

517

 

 

 

 

 

 

 

 

 

517

 

 

 

 

Change in unrealized appreciation of investments, net

 

 

 

 

 

 

 

 

(287,477

)

 

 

 

 

 

 

 

 

(287,477

)

 

 

 

Change in unrealized currency translation adjustment, net

 

 

 

 

 

 

 

 

(13,733

)

 

 

 

 

 

 

 

 

(13,733

)

 

 

 

Comprehensive (loss)

 

 

 

 

 

 

 

 

(300,693

)