Alleghany Corp. (Y) reported net earnings for the first quarter of $196.3 million or $11.67 per share, compared to $560.1 million or $51.06 per share for the year-ago quarter.
Analysts polled by Thomson Reuters expected the company to earn $8.01 per share for the first quarter.
Net earnings for the 2012 first quarter include 25 days of results of TransRe as well as merger-related items associated with the purchase of TransRe, including a gain of $494.9 million resulting from the application of purchase accounting treatment, amortization of intangible assets of $31.9 million and transaction costs of $33.8 million.
Total revenue for the first quarter rose to $1.22 billion from $1.05 billion a year ago.
For comments and feedback: editorial@rttnews.com