Alleghany praises TransRe in 2013 results
Insurance group Alleghany Corporation posted solid 2013 results and specifically highlighted the strong performance of Transatlantic Re, the reinsurer acquired by Alleghany in 2012, which posted its best ever underwriting result.
Alleghany’s underwriting profit for 2013 was $420.7 million, compared with $220.3 million for 2012. The 2013 result reflected a $334 million underwriting profit for TransRe, compared with a $266.7 million underwriting profit for 2012 in the three hundred-day period of Alleghany’s ownership of TransRe.
The company said that the increase in TransRe’s underwriting profit was because of lower catastrophe losses and favorable prior accident year reserve development, partially offset by an increase in commissions, brokerage and other underwriting expenses relative to net premiums earned.
In terms of Alleghany’s overall results, the company made a pre-tax profit of $855.2 million in 2013 compared with $719.3 the year before.
Weston Hicks, chief executive officer of Alleghany, said: “Alleghany generated solid returns in 2013, growing book value per share by 8.9 percent. Our results were driven by strong underwriting performance both at TransRe and RSUI, resulting in a 90.1 percent combined ratio for the full year, as well as the total return on our investment portfolio, which was 3.3 percent for the year due largely to strong equity returns.
“In our reinsurance segment, TransRe achieved the best underwriting result in its history and we continue to be impressed with the quality of the team and its business. TransRe’s combined ratio for 2013 was 89.2 percent in the fourth quarter and 89.9 percent for the full year. These were excellent results, particularly in light of the increasingly competitive environment for reinsurance.”
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