S&P affirms Alleghany, ups outlook to stable

Standard & Poor's said it affirmed its BBB+ counterparty credit rating and BBB- preferred stock rating on Alleghany Corp.

At the same time, the outlook was revised to stable from negative, the agency said, noting that the outlook was revised to stable because of significant improvements to the management of property/catastrophe risk at Alleghany's largest subsidiary RSUI Group Inc.

According to the agency, the rating on Alleghany is based on diversified noninsurance strategic investments and insurance subsidiaries, good competitive position in specialty lines, strong operating performance, strong financial flexibility and low financial leverage.

Partially offsetting rating weaknesses are high levels of catastrophe exposure and RSUI Group's reliance on reinsurance, the agency said.

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