Alleghany Corporation Y reported third-quarter 2020 adjusted income of $3.23 per share against the Zacks Consensus Estimate of a loss of $3.37 per share. The bottom line plunged 57.6% year over year attributable to soft performance at both its Insurance and Reinsurance segment.Operational UpdateRevenues increased 10.2% year over year to $1.7 billion on higher premiums. Net premiums written rose 15.8% year over year to $16 billion.Net investment income came in at $129 million, down 12.5% year over year, due to a decline in fixed income investment yields.Underwriting loss was $81.3 million against the year-ago quarter’s profit of $32.8 million. Combined ratio of 105.2% deteriorated 760 bps.Total costs and expenses increased 16% to $.4 billion.Alleghany Capital’s adjusted pretax earnings were $67 million, up 45.7% from the year-ago quarter.Alleghany Corporation Price, Consensus and EPS Surprise Alleghany Corporation price-consensus-eps-surprise-chart | Alleghany Corporation QuoteSegment UpdateReinsurance Segment: Net premiums written increased 13.6% to $1.3 billion owing to improving rates, growth in various traditional casualty and other professional liability lines of business in the United States and the United Kingdom, favorable forex and lower ceded premium ratios.Underwriting loss was $23.4 million against the year-ago quarter’s income of $6 million, largely attributable to catastrophe losses, stemming from hurricanes Laura and Sally and COVID-19 global pandemic.Combined ratio deteriorated 250 basis points to 102%, reflecting catastrophe losses, largely related to the pandemic.Insurance Segment: Net premiums written increased 23.8% to $373.9 million, driven by growth at RSUI.Underwriting loss was $57.9 million against the year-ago quarter’s income of $26.8 million. The combined ratio of the reported segment deteriorated 2560 basis points to 116.5%.Financial UpdateCash balance was $1.3 billion, up 4.4% from 2019 end level.Debt balance of $2 billion increased 16.6% from 2019-end level.Allegheny’s shareholder equity at the end of the second quarter was $8.6 billion, down 2% from 2019 end level.Book value per share was $606.21 as of Sep 30, 2020, up 1.7% from the level as of Dec 31, 2019.During the reported quarter, the company bought back shares worth $70 million. As of Sep 30, 2020, the company had $513 million remaining under its share repurchase authorization.Zacks RankAlleghany currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other P&C InsurersOf the insurance industry players that have reported second-quarter results so far, The Progressive Corporation PGR, The Travelers Companies TRV and RLI Corp. RLI beat the respective Zacks Consensus Estimate for earnings.Zacks’ Single Best Pick to DoubleFrom thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain. per share against the Zacks Consensus Estimate of a loss of $3.37 per share. The bottom line plunged 57.6% year over year attributable to soft performance at both its Insurance and Reinsurance segment. Operational Update Revenues increased 10.2% year over year to $1.7 billion on higher premiums. Net premiums written rose 15.8% year over year to $16 billion. Net investment income came in at $129 million, down 12.5% year over year, due to a decline in fixed income investment yields. Underwriting loss was $81.3 million against the year-ago quarter???s profit of $32.8 million. Combined ratio of 105.2% deteriorated 760 bps. Total costs and expenses increased 16% to $.4 billion. Alleghany Capital???s adjusted pretax earnings were $67 million, up 45.7% from the year-ago quarter. Segment Update Reinsurance Segment: Net premiums written increased 13.6% to $1.3 billion owing to improving rates, growth in various traditional casualty and other professional liability lines of business in the United States and the United Kingdom, favorable forex and lower ceded premium ratios. Underwriting loss was $23.4 million against the year-ago quarter???s income of $6 million, largely attributable to catastrophe losses, stemming from hurricanes Laura and Sally and COVID-19 global pandemic. Combined ratio deteriorated 250 basis points to 102%, reflecting catastrophe losses, largely related to the pandemic. Insurance Segment: Net premiums written increased 23.8% to $373.9 million, driven by growth at RSUI. Underwriting loss was $57.9 million against the year-ago quarter???s income of $26.8 million. The combined ratio of the reported segment deteriorated 2560 basis points to 116.5%. Financial Update Cash balance was $1.3 billion, up 4.4% from 2019 end level. Debt balance of $2 billion increased 16.6% from 2019-end level. Allegheny???s shareholder equity at the end of the second quarter was $8.6 billion, down 2% from 2019 end level. Book value per share was $606.21 as of Sep 30, 2020, up 1.7% from the level as of Dec 31, 2019. During the reported quarter, the company bought back shares worth $70 million. As of Sep 30, 2020, the company had $513 million remaining under its share repurchase authorization. Zacks Rank Alleghany currently carries a Zacks Rank #4 (Sell). You can see the complete list of today???s Zacks #1 Rank (Strong Buy) stocks here. Performance of Other P&C Insurers Of the insurance industry players that have reported second-quarter results so far, The Progressive Corporation (PGR), The Travelers Corporation (TRV) and RLI Corp. (RLI) beat the respective Zacks Consensus Estimate for earnings. Zacks??? Single Best Pick to Double From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all. With users in 180 countries and soaring revenues, it???s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan. The sky???s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain. Click Here, See It Free >>">Click Here, See It Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report RLI Corp. (RLI): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report Alleghany Corporation (Y): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research