Alleghany Corporation
Alleghany Corporation, a subsidiary of Berkshire Hathaway, owns and supports property and casualty reinsurance and insurance subsidiaries, writing nearly $9.4 billion in gross premiums in 2023.
Overview of Alleghany Corporation
Alleghany Corporation, founded in 1929, operates as a wholly-owned subsidiary of Berkshire Hathaway. Headquartered at 1411 Broadway, 34th Floor, New York, New York 10018, Alleghany Corporation focuses on supporting property and casualty reinsurance and insurance operating subsidiaries. The company is recognized for its significant contribution to the reinsurance and insurance sectors.
Subsidiaries of Alleghany Corporation
Alleghany Corporation owns several prominent subsidiaries, including Transatlantic Holdings, Inc. (TransRe), RSUI Group, Inc., and CapSpecialty, Inc. TransRe, headquartered in New York, New York, is a global reinsurer acquired in March 2012. RSUI Group, based in Atlanta, Georgia, specializes in wholesale specialty insurance and was acquired in July 2003. CapSpecialty underwrites specialty lines focusing on small business and was acquired in January 2002.
Financial Performance
In 2023, Alleghany Corporation and its subsidiaries generated nearly $9.4 billion in gross premiums. This financial strength is bolstered by the substantial capital support from its parent company, Berkshire Hathaway. Moreover, the operating subsidiaries of Alleghany Corporation have received superior financial strength ratings from major rating agencies, reflecting their stability and reliability in the market.
Services Offered by Alleghany Corporation
Alleghany Corporation is involved in underwriting property and casualty reinsurance and insurance. Its subsidiary, CapSpecialty, Inc., offers a comprehensive portfolio of specialty lines, including commercial property, casualty, fidelity, surety, and professional lines, particularly targeting small businesses. RSUI Group, Inc. focuses on wholesale specialty insurance. These services are aimed at providing comprehensive coverage and risk management solutions to their clients.
History of Alleghany Corporation
Founded in 1929, Alleghany Corporation has a long-standing history in the insurance and reinsurance industry. Over the years, the company has expanded its operations through strategic acquisitions, including CapSpecialty in 2002, RSUI Group in 2003, and TransRe in 2012. These acquisitions have enabled Alleghany Corporation to build a robust portfolio of insurance and reinsurance services.