NEW YORK, Aug. 10, 2021 /PRNewswire/ -- Alleghany
Corporation ("Alleghany") (NYSE-Y) today announced that it has
priced its public offering of $500
million of 3.250% Senior Notes due 2051 (the "Senior
Notes"). The Senior Notes were priced at 98.639% of par.
BMO Capital Markets Corp., Goldman Sachs & Co. LLC, U.S.
Bancorp Investments, Inc. and Wells Fargo Securities, LLC are
acting as joint book-running managers for the Senior Notes
offering, which is expected to close on August 13, 2021, subject to customary closing
conditions. Alleghany intends to use the net proceeds from the sale
of Senior Notes for general corporate purposes, which may include
the repayment at maturity of its 4.95% senior notes due 2022.
The Senior Notes will be issued pursuant to an effective shelf
registration statement and prospectus supplement filed with the
Securities and Exchange Commission (the "SEC"). The offering is
being made only by means of a prospectus supplement and an
accompanying base prospectus. Copies of these documents may be
obtained by calling BMO Capital Markets Corp. at 1 (866)
864-7760, Goldman Sachs & Co. LLC at 1 (866) 471-2526, U.S.
Bancorp Investments, Inc. at 1 (877) 558-2607 and Wells Fargo
Securities, LLC at 1 (800) 645-3751.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Senior Notes, nor may it be
used in connection with an offer or solicitation of the Senior
Notes by anyone in any jurisdiction in which such offer or
solicitation is not authorized in which the person making such
offer or solicitation is not authorized or qualified to do so or to
any person to whom it is unlawful to make such offer or
solicitation.
About Alleghany Corporation
Alleghany Corporation creates value by owning and supporting its
operating subsidiaries and managing investments, anchored by a core
position in property and casualty reinsurance and insurance.
Alleghany's property and casualty subsidiaries include:
Transatlantic Holdings, Inc., a leading global reinsurer; RSUI
Group, Inc., which underwrites wholesale specialty insurance
coverages including property, casualty, professional liability and
directors' and officers' liability; and CapSpecialty, Inc., an
underwriter of commercial property, casualty and surety insurance
coverages. Alleghany's subsidiary Alleghany Capital Corporation
owns and supports a diverse portfolio of eight non-financial
businesses.
Forward-looking Statements
Certain statements contained in this press release may be deemed
to be "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as "may,"
"will," "expect," "project," "estimate," "anticipate," "plan,"
"believe," "potential," "should" or the negative versions of those
words or other comparable words. Forward-looking statements do not
relate solely to historical or current facts, rather they are based
on management's expectations as well as certain assumptions and
estimates made by, and information available to, management at the
time. These statements are not guarantees of future performance.
These forward-looking statements are based upon Alleghany's current
expectations and are subject to a number of uncertainties and risks
that could significantly affect current plans, anticipated actions
and Alleghany's future financial condition and results. Factors
that could cause these forward-looking statements to differ,
possibly materially, from that currently contemplated include:
significant weather-related or other natural or man-made
catastrophes and disasters; the effects of outbreaks of pandemics
or contagious diseases, including the length and severity of the
current worldwide coronavirus pandemic, known as COVID-19,
including its impact on our business; the cyclical nature of the
property and casualty reinsurance and insurance industries; changes
in market prices of our significant equity investments and changes
in value of our debt securities portfolio; adverse loss development
for events insured by our reinsurance and insurance subsidiaries in
either the current year or prior years; the long-tail and
potentially volatile nature of certain casualty lines of business
written by our reinsurance and insurance subsidiaries; the cost and
availability of reinsurance; the reliance by our reinsurance and
insurance operating subsidiaries on a limited number of brokers;
legal, political, judicial and regulatory changes; increases in the
levels of risk retention by our reinsurance and insurance
subsidiaries; changes in the ratings assigned to our reinsurance
and insurance subsidiaries; claims development and the process of
estimating reserves; exposure to terrorist acts and acts of war;
the willingness and ability of our reinsurance and insurance
subsidiaries' reinsurers to pay reinsurance recoverables owed to
our reinsurance and insurance subsidiaries; the uncertain nature of
damage theories and loss amounts; the loss of key personnel of our
reinsurance or insurance operating subsidiaries; fluctuation in
foreign currency exchange rates; the failure to comply with the
restrictive covenants contained in the agreements governing our
indebtedness; the ability to make payments on, or repay or
refinance, our debt; risks inherent in international operations;
and difficult and volatile conditions in the global market.
Additional risks and uncertainties include general economic and
political conditions, including the effects of a prolonged U.S. or
global economic downturn or recession; changes in costs; variations
in political, economic or other factors; risks relating to
conducting operations in a competitive environment; effects of
acquisition and disposition activities, inflation rates, or
recessionary or expansive trends; changes in interest rates;
extended labor disruptions, civil unrest, or other external factors
over which we have no control; changes in our plans, strategies,
objectives, expectations, or intentions, which may happen at any
time at our discretion; and other factors discussed in our Annual
Report on Form 10-K for the year ended December 31, 2020, and subsequent filings with
the SEC, as well as the risks and uncertainties set forth under the
heading "Risk Factors" in the prospectus supplement related to the
offering to which this press release relates. All forward-looking
statements speak only as of the date they are made and are based on
information available at that time. Alleghany does not undertake
any obligation to update or revise any forward-looking statements
to reflect subsequent circumstances or events.
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SOURCE Alleghany Corporation
