Alleghany misses as underwriting deteriorates

Lower underwriting profits contributed to an earnings miss at
Alleghany as the company reported operating profits down 22 percent
to $112.5mn for the first quarter.
At $7.29 a share, the performance was 55 cents short of the
$7.84 consensus of Wall Street analysts, according to a poll by
MarketWatch.
Underwriting profits were down 32.5 percent to $101.3mn at the
group, which houses reinsurer TransRe and excess and surplus lines
(E&S) writer RSIU, among other insurance operations.
Net investm