Alleghany Corporation still on sale

Book value per share of $431.07 is up 4.4% from the end of 2013 and compares to today's closing stock price of $415.92, allowing investors to get a piece of this compounding machine at just 96% of book.

Insurance operation combined ratio of 89%, with RSUI reporting an 81.9% combined ratio and gross premiums written growth of 5.8%.

Alleghany (Y) CEO Weston Hicks: “Our investment strategy remains focused on balancing interest rate risk through the combination of an intermediate duration fixed income portfolio and a common equity securities portfolio."

Net investment income of $110.6M. Excluding the impact of Homesite (sold on 12/31) NII up 13.6%.

242,608 shares repurchased during Q1 at an average price of $390.10 each. $147.3M remains on repurchase authorization. Float is about 16.5M shares.

Financial supplement

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