Alleghany Corporation
Alleghany Corporation is a financial company created in the business of rail Oris and Mantis Van Sweringen as a substitute for their needs and train. This was incorporated in 1929 and reincorporated in Delaware in 1984.
After bankruptcy of the company in the Great Depression, control of the company fell into the hands of Robert Ralph Young and Allan Price Kirby. Young used the company as a way to retaliate against his MP Morgan banking interests, who funded Van Sweringens and overcame them with interest Vanderbilt in 1954 proxy fight to the New York Central Railroad. In the failed New York Central was fast before Young had bargained and then committed suicide shortly after being forced to suspend dividend in January 1958. After the death of Young, his role in the control group was assumed by his telling Alfred E. Perlman. Although a lot to be done to consolidate NYC, that times of economic crises, mergers and other railway was seen as the only way to financial stability. The most likely Vitor was only an old arch-enemy Pennsylvania Railroad. During 1960 early, the New York Central prepare to liaise with the Pennsylvania Railroad (PRR), which was led by Stuart T. Saunders after 1963 Saunders said that many of the recent guide Norfolk and Western Railway through increasing success due to the acquisition and integration including the Virginian Railway, Plate Mine Road and Ash Railway. There was great hope that the success will result from NYC-PRR combination. Penn Central Transportation Company was formed by the merger on February 1, 1968. However, both former railway error basic funding, combined with the fact that the ICC was forced chronically weak New Haven Railroad in the system, doomed Penn Central, the measures were declared shortly after less than 2 months later, on June 21 , 1970. many Penn Central rail assets of Conrail commitment, established in 1976 under the Penn Central railway largely ended Alleghany to be involved in the railway industry.
Railway investment balance of the company led to the president and CEO John J. Burns to the Board Burlington Northern Santa Fe Corporation from 1995 to 2004.
Now Alleghany Corporation focuses on business insurance (property, casualty, surety insurance and reliability). Until his death in February 2011, his son Allan Kirby, Fred M. Kirby 2, became chairman of the board and member of the Forbes 400 list of the wealthiest Americans.
Current Portfolio
Alleghany current portfolio includes:Transatlantic Re, a reinsurer to receive 2011
Sui, the insurance they receive 2003
Capitol Insurance Companies, the insurance they receive 2002
PacificComp, insurance who receive 2007
Alleghany Properties, the property company
In 2002, John Burns recruited Weston Hicks, CFO of The Chubb Corporation, to join Alleghany. Weston had extensive business experience in insurance, which made him the candidate to complete the objective Alleghany to focus on the ownership and control of a small group of business and investment performance, supported in the main property and casualty insurance. Under the direction of Weston in 2003, Alleghany received Tsui, some agencies and many, and change into the insurance company jointly produce over $ 1 billion in revenue from underwriting. In 2003, Weston oversaw the establishment of Darwin Professional representatives, company property insurance field and victims. Darwin growth and every meal a success the first time in 2006. In 2007 he received Alleghany PacificComp, the company returns activities in California. In 2012, Weston was watching and found TransRe, a leading international insurance organization.
Weston ordered the establishment in 2007 Alleghany Capital Partners LLC (now known as Roundwood Asset Management), a group of investment management portfolio companies public equity and watched the growth Alleghany Capital Corporation, a subsidiary to invest private one in the company can show symptoms. Today, Alleghany and company resources sufficient to provide long-term financial support is ongoing to purchase commercial and investment.
Purpose: "Our aim is to create value by owning and managing investment companies, which is funded in the main property and casualty insurance and insurance.
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