ALLEGHANY CORP /DE Profile
Alleghany Corp is an investment holding company based out of New York City, New York. The company was originally established by Oris and Mantis van Sweringen, both railroad entrepreneurs, as a holding company for railroad related assets. Alleghany Corp was officially incorporated into a company in 1929 and would, unfortunately, become bankrupt during the Great Depression. After Alleghany Corp’s bankruptcy, the ownership of the company fell to Robert Ralph Young and Allan Price Kirby. The company would then be passed on to Alfred E. Perlman after the death of Robert Young. Although there would be a great deal of successful expansion through mergers, the Penn Central Transportation Company, formed out of a merger in 1968, would become bankrupt just two years later, largely ending Alleghany Corp’s role in the railroad business. The company would then focus on the insurance business, growing through a series of acquisitions including Capitol Insurance Companies in 2002, RSUI in 2003, and PacificComp in 2007. In 2011, Alleghany Corp would acquire Transatlantic Re and the ownership in the company would be passed on to Allan Kirby’s son Fried M. Kirby II. The company today operates through two main segments: reinsurance, offering a variety of property reinsurance products and services including fire, liability, medical malpractice, allied lines, auto damage, accident and health, and credit, among many others; and insurance, offering specialty insurance coverages in property and commercial and contract surety bonds, among others. Additionally, the company owns over 300 acres of property in the Sacramento, California area and manages and improves commercial land. Alleghany Corp invests most heavily in the information technology sector, which alone makes up over a quarter of its total asset allocations, and also invests in the consumer discretionary, consumer staples, finance, health care, industrials, materials, and utilities and telecommunications sectors, among others to a lesser degree, in order of decreasing allocation.