Alleghany Corporation

What Alleghany Corporation does

Alleghany Corporation is a property-and-casualty reinsurance and insurance holding company founded in 1929 and headquartered at One Rockefeller Plaza, New York. Since October 19, 2022 it has operated as a wholly-owned subsidiary of Berkshire Hathaway, having been acquired for approximately $11.6 billion at $848.02 per share. Alleghany owns and supports three core operating subsidiaries in insurance and reinsurance: TransRe (Transatlantic Holdings, Inc.), a global property-and-casualty reinsurer operating through Transatlantic Reinsurance Company, TransRe London Limited, and TransRe Europe S.A.; RSUI Group, a wholesale specialty insurance underwriter based in Atlanta writing property, casualty, professional liability, and management liability lines exclusively through wholesale brokers; and CapSpecialty, a U.S. specialty casualty and surety insurer focused on small and midsized businesses. In addition, Alleghany Capital Corporation owns a portfolio of eight non-financial businesses spanning industrial manufacturing, consumer products, and professional services.

Alleghany's revenue model is built on risk-based, individually underwritten insurance and reinsurance premiums collected via treaty, facultative, wholesale broker, and direct channels, supplemented by Alleghany Capital's product and service revenues. Reported 2021 figures include net premiums written of $7,149 million, Alleghany Capital product and service revenues of $3,736 million, total revenues of $12,004 million, and record net earnings of $1,035 million; gross premiums written were $8.8 billion in 2025. The reinsurance and insurance segment delivered an 89.5% combined ratio in first-half 2022, producing $352 million of underwriting profit. The subsidiaries benefit from top-tier financial strength ratings (A.M. Best A++ for TransRe and RSUI, Moody's AA2 for TransRe, and S&P AA+ for TransRe and RSUI).

Alleghany's go-to-market is enterprise-focused. TransRe sells treaty and facultative reinsurance directly to insurance companies globally; RSUI works exclusively with select wholesale brokers placing specialty coverage; CapSpecialty distributes to small and midsized U.S. businesses through independent agents and brokers. Marketing is conducted through industry conferences, broker relationships, and investor/SEC communications. The company is led by CEO Joseph P. Brandon (since December 2021), with Kerry J. Jacobs as EVP and CFO; each operating subsidiary is run by its own president/CEO.

Name

Alleghany Corporation

Legal name

Alleghany Corporation

Website

https://alleghany.com

Company type

Private

Founded year

1929

Operating status

Acquired

Headcount range

101–250 employees

Short description

Alleghany Corporation is a Berkshire Hathaway-owned holding company that owns and operates property-and-casualty reinsurance and specialty insurance subsidiaries (TransRe, RSUI Group, CapSpecialty) and an industrial/consumer-services portfolio through Alleghany Capital, serving insurance companies, wholesale brokers, and U.S. small/midsized businesses.

Ownership category

akta.pro rank

Product category

Property and Casualty Reinsurance

NAICS

Direct Property and Casualty Insurance Carriers (524126)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Excess Casualty (Lead/Umbrella/XS) (FSAJAGAA)

Keywords

• Property casualty reinsurance
• Specialty insurance underwriting
• Excess surplus insurance
• Reinsurance treaty facilities
• Wholesale specialty insurance

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Insurance Premiums: Alleghany generates revenue primarily through insurance and reinsurance premiums. Its subsidiaries TransRe (reinsurance), RSUI (wholesale specialty insurance), and CapSpecialty (specialty casualty and surety) collect premiums from policyholders and ceding insurers. Net premiums written were $7,149 million in 2021 and approximately $3,623 million in first half 2022.
2. Alleghany Capital Product and Service Revenues: Alleghany Capital Corporation generates product and service revenues from its portfolio of eight non-financial businesses including manufacturing, construction, toys, and professional services. Revenue was $3,736 million in 2021 and $2,384 million in first half 2022.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Alleghany Corporation, a wholly-owned subsidiary of Berkshire Hathaway, owns and supports property and casualty reinsurance and insurance operating subsidiaries, providing reinsurance capacity, specialty insurance, and excess and surplus coverage through TransRe (reinsurance), RSUI Group (wholesale specialty insurance), and CapSpecialty (specialty casualty and surety for small and midsized businesses). With $8.8 billion of gross premiums written (GPW) in 2025, Alleghany is a leading provider in the reinsurance, excess and surplus, and specialty insurance markets.

Product overview

Alleghany Corporation is a diversified holding company that owns and operates property and casualty reinsurance and insurance subsidiaries, anchored by a core position in reinsurance and insurance. The company operates through three main insurance subsidiaries: TransRe (a leading global reinsurer), RSUI Group (wholesale specialty insurance), and CapSpecialty (specialty casualty and surety insurance for small and midsized businesses). Additionally, Alleghany Capital Corporation manages a diverse portfolio of eight non-financial businesses spanning industrial manufacturing, consumer products, and services sectors. With $8.8 billion of gross premiums written (GPW) in 2025, Alleghany became a wholly-owned subsidiary of Berkshire Hathaway in October 2022.

Differentiator

Problem solved

Functional benefit

Brands

• TransRe: Leading global reinsurer offering property and casualty reinsurance capacity, expertise and creativity through principal subsidiaries Transatlantic Reinsurance Company, TransRe London Limited and TransRe Europe S.A.
• RSUI
• CapSpecialty
• Alleghany Capital Corporation

Products and services

• TransRe (Transatlantic Holdings, Inc.) A leading global reinsurer headquartered in New York offering insurance companies capacity, expertise, and creativity to structure programs across the full spectrum of property and casualty risks through subsidiaries Transatlantic Reinsurance Company, TransRe London Limited, and TransRe Europe S.A.
• RSUI Group, Inc. A leading underwriter of wholesale specialty insurance based in Atlanta, Georgia, working exclusively with wholesale brokers to provide property, casualty, professional liability, and management liability coverage to businesses nationwide.
• CapSpecialty, Inc. An underwriter of specialty lines including commercial property, casualty, fidelity, surety, and professional lines with a focus on small and midsized businesses in the U.S. on both admitted and non-admitted basis, aiming to be the preferred specialty insurance company for small and midsized businesses.

Quantifiable outcome

• A.M. Best A++ (Superior) rating for TransRe and RSUI
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Swiss Re: One of the world's largest reinsurers, offering property & casualty, life & health, and specialty reinsurance globally. Direct competitor to TransRe in treaty and facultative reinsurance markets, with comparable global footprint across the US, Europe, and Bermuda.
• Munich Re: Largest global reinsurer by premium volume. Direct competitor to TransRe across all major P&C reinsurance lines and specialty segments, with similar diversified geographic and product exposure.
• PartnerRe: Global multi-line reinsurer (now owned by Covéa). Direct competitor to TransRe across P&C, specialty, and life reinsurance lines, with similar client base of primary insurers.
• W. R. Berkley Corporation: Specialty P&C insurer operating through multiple decentralized business units, similar in structure to Alleghany's multi-subsidiary model. Direct competitor to RSUI and CapSpecialty in excess and surplus and specialty commercial lines.
• RenaissanceRe Holdings: Bermuda-based specialty reinsurer focused on property catastrophe and specialty lines. Direct competitor to TransRe in treaty reinsurance, with overlapping US, European, and Bermudian platforms.
• Everest Group: Global reinsurance and insurance provider with both reinsurance (Everest Re) and specialty insurance arms. Direct competitor to TransRe in reinsurance and to RSUI in wholesale specialty insurance distribution.
• Aspen Insurance Holdings: Specialty P&C insurer and reinsurer with significant presence in excess casualty, professional lines, and property catastrophe. Direct competitor to RSUI in wholesale specialty and to TransRe in reinsurance.
• Arch Capital Group: Specialty P&C insurer and reinsurer with strong wholesale distribution via Arch Insurance and reinsurance via Arch Re. Closely comparable business model to Alleghany's combined TransRe/RSUI structure, including Bermuda presence.

Broad incumbents

• Hanover Insurance Group: Specialty and commercial P&C insurer with strong wholesale and specialty distribution. Comparable to Alleghany's RSUI and CapSpecialty in serving commercial customers through specialty channels.
• Markel Group: Specialty insurer with diversified insurance and non-insurance operations (Markel Ventures). Comparable to Alleghany in combining specialty insurance with diversified industrial holdings, though Markel operates more as a broader specialty conglomerate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alleghany-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alleghany Corporation