Hurricanes Blow Away Alleghany Corp.'s Q3 Profit; $314M Loss Reported

Alleghany Corp. has reported a net loss of $314 million in the third quarter, compared with net income of $156 million in the third quarter of 2016. For the first nine months of the year, Alleghany reported a net losses of $63.2 million, compared with net income of $387 million in the prior-year period. Alleghany reported after-tax net catastrophe losses of $491 million for the third quarter, of which $461 million was from hurricanes Harvey, Irma and Maria. That compares to net after-tax catastrophe losses of about $21 million in the third quarter of 2016.  Alleghany’s net p...