Alleghany 2021 Full Year Performance Highlights slide image

Alleghany 2021 Full Year Performance Highlights

Modest Financial Leverage and Conservative Risk Profile Debt to Capital Holding Company Liquidity(1) ■Other Debt (ACC) ■Senior Notes (millions) 23.1% 19.2% 17.5% $1,687 $1,383 $1,283 $1,122 $1,124 16.3% 14.7% 2017 2018 2019 2020 2021 2017 Peak Zone PML(2) / Shareholders' Equity(3) 2018 2019 2020 2021 Risk Assets(4) / Shareholders' Equity(3) 8.0 % 7.6% 0.58 x 6.3% 7.0% 0.53 X 0.39 x 0.39 x 2018 2019 2020 2021 2018 2019 2020 2021 (1) Holding company liquidity comprised of marketable securities and cash. (2) Reflects net occurrence probable maximum loss ("PML") (after-tax) in a 1-in-250 year event (having a likelihood of being exceeded in any single year of 0.4 percent) for largest single zone peril (e.g. Northeast U.S. Wind for 4Q '21). Attributable to Alleghany shareholders. བྱས་ཆུ་ (3) (4) Risk assets are defined as high yield bonds, below investment grade collateralized loan obligations and bank loans, publicly traded equity securities, private equity and partnership interests. 40
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