Alleghany's Net Income Falls Despite PacificComp Growth

Alleghany Corp. saw its net income shrink in the second quarter to $77.1 million, a 57.8% decrease from $182.5 million in the prior-year quarter. For the first six months of 2016, net income was $231.6 million, a 24.7% drop from $307.7 million in the first half of last year. Net premiums written grew 16.4% in the second quarter, reaching $1.33 billion, a figure that included growth at the company’s PacificComp subsidiary. PacificComp, an underwriter of workers’ compensation insurance primarily in California, delivered improved operating performance in the quarter, Alleghany Presi...