Tianjin loss contributes to lower Alleghany profits

Alleghany reported a dip in third quarter operating profits as
underwriting performance deteriorated in its (re)insurance
operations, including the impact of a $31.5mn Tianjin loss at
TransRe.
The New York-based company said operating profits fell by 25
percent to $111.8mn while underwriting profits were down 33 percent
to $94.2mn on a consolidated basis.
Top line was also down, with net written premiums dropping 10.1
percent to $1.01bn, impacted by softening market conditions and the
strong dol