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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

The following table presents the shares of Common Stock that Alleghany repurchased in 2020, 2019 and 2018:

	Year Ended December 31,
	2020		2019		2018
Shares repurchased		333,393		215,091		822,849
Cost of shares repurchased (in millions)	$	194.8	$	144.4	$	491.6
Average price per share repurchased	$	584.18	$	671.44	$	597.48

Reconciliation of Accumulated Other Comprehensive Income

The following table presents a reconciliation of the changes during 2020 and 2019 in accumulated other comprehensive income attributable to Alleghany stockholders:

	Unrealized Appreciation of Investments			Unrealized Currency Translation Adjustment			Retirement Plans⁽¹⁾			Total
	($ in millions)
Balance as of January 1, 2020	$	321.0		$	(121.8	)	$	(27.9	)	$	171.3
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		277.0			22.4			(0.4	)		299.0
Reclassifications from accumulated other comprehensive income		(33.1	)		—			15.2			(17.9	)
Total		243.9			22.4			14.8			281.1
Balance as of December 31, 2020	$	564.9		$	(99.4	)	$	(13.1	)	$	452.4

	Unrealized Appreciation of Investments			Unrealized Currency Translation Adjustment			Retirement Plans			Total
	($ in millions)
Balance as of January 1, 2019	$	(61.6	)	$	(124.7	)	$	(15.7	)	$	(202.0	)
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		403.0			2.9			(12.2	)		393.7
Reclassifications from accumulated other comprehensive income		(20.4	)		—			—			(20.4	)
Total		382.6			2.9			(12.2	)		373.3
Balance as of December 31, 2019	$	321.0		$	(121.8	)	$	(27.9	)	$	171.3

(1) See Note 15 for further information on retirement plan-related reclassifications from accumulated other comprehensive income.

Reclassifications of Accumulated Other Comprehensive Income

The following table presents unrealized appreciation of investment reclassifications out of accumulated other comprehensive income attributable to Alleghany stockholders during 2020 and 2019:

Accumulated Other		Year Ended December 31,
Comprehensive Income Component	Line in Consolidated Statement of Earnings	2020			2019
		($ in millions)
Unrealized appreciation of investments:	Net realized capital gains⁽¹⁾	$	(49.9	)	$	(45.5	)
	Change in allowance for credit losses on available for sale securities		8.0			19.7
	Income taxes		8.8			5.4
Total reclassifications:	Net earnings	$	(33.1	)	$	(20.4	)

(1)

For 2020, excludes: (i) the Concord Settlement Gain; (ii) $76.0 million of impairment charge from a write-down of SORC oil field assets; (iii) the Wilbert Remeasurement Gain; (iv) a $7.1 million realized loss as a result of an early redemption of debt; and (v) a $5.0 million realized gain resulting from a reduction of certain PCT contingent consideration liabilities. For 2019, excludes: (i) a $38.4 million loss on the Put Option; and (ii) a $13.6 million loss from the December 2019 sale from a privately held investment accounted for under the equity method. See Note 4(e) for additional information.

Summary of Dividends Paid to Alleghany by its Reinsurance and Insurance Subsidiaries

The following table presents the dividends paid to Alleghany by its reinsurance and insurance subsidiaries in 2020, 2019 and 2018:

	As of December 31,
	2020		2019⁽¹⁾		2018
	($ in millions)
TransRe⁽²⁾	$	210.0	$	301.0	$	300.0
RSUI		225.0		100.0		100.0
Total	$	435.0	$	401.0	$	400.0

(1)	Includes $101.0 million representing the July 1, 2019 carrying value of TransRe’s ownership interest in CapSpecialty, which was transferred to Alleghany.

(2)

In 2020, 2019 and 2018, TRC paid cash dividends of $245.0 million, $220.0 million and $280.0 million, respectively, to the TransRe holding company. In addition, in 2019, TRC transferred its ownership interest in CapSpecialty to the TransRe holding company, and consequently, the TransRe holding company recorded a dividend from TRC in the amount of $101.0 million.