Alleghany? It appears to be fairly priced relative to other insurance companies.
Over the last 6-12 months I've been buying SYA instead because BRK and WTM each own a 15% position, it trades at a 50% discount to book, it has a dividend yield of 2.5% and only trades at 7 times earnings. SYA has essentially replaced the shares of MRH that I've sold over the last 3 months. I'll continue to add to my position on any sell offs.
Always some good things and bad things in these reports. A return on equity of 5.3% an a combined ratio of 59% makes you wonder what kind of loss they would have with a more normal combined ratio. But wow, at the rate they are buying back stock, it will be all gone in 6 years.
Still holding the buy I made a little over a year ago, but I'm having doubts