4 November 2014 Insurance

Trans Re drives strong quarter at Alleghany

Alleghany posted a solid set of third quarter results driven by strong underwriting in its insurance and reinsurance businesses.

The company posted net earnings of $186.3 million for the third quarter of 2014, compared with $113.2 million for the third quarter of 2013.

Its reinsurance segment, Trans Re, generated an underwriting profit of $100.2 million, compared with $56 million for the same period of the prior year. Its combined ratio improved to 88.3 percent compared with 92.9 percent for the third quarter of 2013.

Alleghany’s insurance segment’s underwriting profits soar to $40.6 million for the insurance segment compared with $5.8 million for the third quarter of 2013. Its combined ratio for the 2014 third quarter improved to 85.4 percent, compared with 97.7 percent for the 2013 third quarter.

Weston Hicks, president and chief executive officer, said: “TransRe and RSUI each generated strong underwriting results in the quarter and year-to-date and continued to demonstrate the value of their respective franchises.

“These two businesses contributed to a consolidated combined ratio of 87.6 percent for the quarter compared with 94.1 percent for the third quarter of last year and 88.8 percent for year-to-date in 2014 compared with 89.9 percent for the year-to-date last year.”

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