Alleghany Corporation announced that its President, Joseph Brandon, has assumed the additional role of Chief Executive Officer and was appointed to the Board of Directors.
Brandon joined Alleghany as Executive Vice President in March 2012 and has served as President since April 2021.
Prior to Alleghany, he served as Chairman and CEO of General Re Corporation, a wholly-owned subsidiary of Berkshire Hathaway, from 2001 to 2008.
The appointment is consistent with the company’s previously announced succession plan, as Brandon succeeds Weston Hicks who retired last month.
Hicks joined the company in 2002 as EVP-Finance and was added as a company director and President and CEO at the end of 2004.
Last quarter, Alleghany reported an underwriting loss of $200 million for the third quarter, following a prior year period loss of $81 million.
The firm’s combined ratio rose to 110.8%, having previously been reported at 105.2% in Q3 2020.
Net premiums written increased 21.1%, with reinsurance (TransRe) up 19.9% and insurance up 25.3%.
TransRe’s combined ratio for the quarter was 116.3%, a considerable increase from the 102% reported this time last year.
This increased combined ratio is attributed to catastrophe losses which totalled $372 million in the third quarter.
