Alleghany Corporation · New York, NY United States ·(NYSE: Y)
Company Description
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This link will open in a new window After a spell as an conglomerate, with interests ranging from minerals to steel fasteners, Alleghany has found that it really prefers property/casualty insurance, with a smattering of good old real estate. Alleghany's subsidiaries include Capitol Transamerica (property/casualty, fidelity, and surety insurance); RSUI Group , an underwriter of wholesale specialty insurance; and Employers Direct Insurance, which provides workers' compensation coverage. It distributes its insurance products through independent insurance brokers in the US, except for its Employers Direct Corporation, which uses an in-house direct sales force. Alleghany also has commercial and residential real estate interests in California. To read the full description, subscribe now.
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Key Alleghany Corporation Financials
| Company Type | Public - NYSE: Y Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $989.1 |
| 2008 Employees | 807 |
Alleghany Corporation Executives
22 executives listed for Alleghany Corporation's New York, NY location.
| Title | Name & Bio | Contact |
| Chairman | John Burns | Network |
| President, CEO, and Director | Weston Hicks | Network |
| SVP Finance and Investments and CFO | Roger Gorham | Network |
Competition
Competitive Landscape for Alleghany Corporation
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Alleghany Corporation Competitors
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