Alleghany Corporation Y
("Alleghany") today announced a preliminary estimate of its consolidated
after-tax loss related to Sandy, net of reinsurance and reinstatement
premiums, of approximately $288 million. This estimate reflects a
consolidated pre-tax loss estimate, net of reinsurance and reinstatement
premiums, of approximately $443 million, comprising $265 million from
Transatlantic Holdings, Inc., $165 million from RSUI Group, Inc., and $13
million from Alleghany's Homesite Group Incorporated investment.
Alleghany's preliminary loss estimate is based upon an analysis of reported
claims, an underwriting review of in-force contracts, estimates of losses
resulting from wind and other perils, including storm surge and flooding to
the extent covered by applicable policies, and other factors requiring
considerable judgment.
The ultimate amount of Alleghany's actual losses associated with Sandy may be
materially different from this preliminary estimate due to the size and
complexity of the event and the preliminary nature of the information
available to prepare the estimate.
Losses related to Sandy will be reflected in Alleghany's fourth quarter 2012
results, and any subsequent changes will be recorded in the period in which
they occur.
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