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Alleghany Corporation Reports 2009 First Quarter Results - Stockholders' Equity Per Common Share Decreased 0.3 Percent since 2008 Year End.

Article Excerpt
NEW YORK -- Stockholders' equity per common share of Alleghany Corporation (NYSE:Y) at March 31, 2009 was $277.35, a decrease of 0.3% from stockholders' equity per common share of $278.17 at December 31, 2008 (all as adjusted for the stock dividend declared in February 2009), Weston M. Hicks, President and chief executive officer of Alleghany, announced today. Alleghany's net earnings in the 2009 first quarter were $44.6 million, or $4.82 per common share (presented on a basic basis throughout), compared with net earnings of $95.9 million, or $10.78 per common share, in the first quarter of 2008. After purchases by Alleghany of shares of its capital stock for approximately $92.9 million during the 2009 first quarter, cash and invested assets, on a consolidated basis, were approximately $4.11 billion at March 31, 2009, a decrease of 4.2% from approximately $4.29 billion at December 31, 2008.

A summary of Alleghany's results for the three months ended March 31, 2009 and 2008 is as follows:

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Net earnings amounts include $3.1 million, or $0.37 per common share, of net catastrophe losses after tax in the 2009 first quarter, compared with a negligible amount of net catastrophe losses after tax in the 2008 first quarter, and $3.7 million, or $0.43 per common share, of net realized capital losses after tax in the 2009 first quarter, compared with $48.6 million, or $5.72 per common share, of net realized capital gains after tax in the 2008 first quarter. Net...

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