Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Consolidated Lease Liabilities And Right-Of-Use Lease Assets Related To Operating Leases

The following table presents Alleghany’s consolidated lease liabilities and right-of-use lease assets related to operating leases as of December 31, 2021:


	As of December 31, 2021
Maturity of lease payments, by year	($ in millions)
1 year or less	$	50.3
More than 1 year to 2 years		45.7
More than 2 years to 3 years		42.7
More than 3 years to 4 years		35.4
More than 4 years to 5 years		30.3
More than 5 years		143.3
Total lease payments(1)		347.7
Less: interest(2)		(79.2	)
Lease liabilities(3)	$	268.5
Right-of-use lease assets(4)	$	240.5
Prepaid lease assets, net of lease allowances and incentives		28.0
	$	268.5

(1)

As of December 31, 2021, the weighted average lease term was approximately 13 years.

(2)

As of December 31, 2021, the weighted average discount rate was approximately 5 percent.

(3)

Represents the present value of expected lease payments over the remaining lease term and is reported as a component of other liabilities on Alleghany’s consolidated balance sheet. Such lease payments do not include future lease payments arising from certain leases that are yet to commence. Based on current lease contracts that are set to commence in early 2022, Alleghany will be committed to pay additional lease contracts in future years in the amount of approximately $30 million.

(4)

Reported as a component of other assets on Alleghany’s consolidated balance sheet.

The following table presents such gross and net reserves as of December 31, 2021 and 2020:


	December 31, 2021				December 31, 2020
	Gross		Net		Gross		Net
	($ in millions)
TransRe	$	105.0	$	101.1	$	108.4	$	103.6
CapSpecialty		4.5		4.5		4.6		4.6
Total	$	109.5	$	105.6	$	113.0	$	108.2