"Conservatism dominates our philosophy"
"When F.M. Kirby II stepped down as CEO in 1992, he recommended that John Burns, Alleghany’s President since 1977, succeed him as CEO. For the next 12 years, John looked for opportunities to further grow and strengthen Alleghany’s businesses. He oversaw the growth of Chicago Title and Trust into a leader in the title insurance industry, expanded Alleghany’s holding in industrial minerals by purchasing Celite Corporation, and re-established its presence in the railroad industry, acquiring a stake in the Santa Fe Pacific Corporation.
"In 2002, John Burns recruited Weston Hicks, CFO of The Chubb Corporation, to join Alleghany. Weston had extensive experience in the insurance industry, which made him a perfect candidate to execute Alleghany's objective of focusing on the ownership and management of a small group of operating businesses and investments, anchored by a core position in property and casualty insurance. Under Weston's direction in 2003, Alleghany acquired RSUI, a specialty wholesale underwriting agency, and transformed it into an integrated insurance company which has produced almost $1 billion in underwriting profits. In 2003, Weston oversaw the establishment of Darwin Professional Underwriters, a specialty property and casualty insurance company. Darwin experienced tremendous growth and had a successful initial public offering in 2006. In March 2012, Weston oversaw the acquisition of Transatlantic Re, a leading international reinsurance organization.
"Weston directed the establishment in 2007 of Alleghany Capital Partners, LLC, an investment group that manages the company’s public equity portfolio and makes private investments in high-potential companies. Today, Alleghany is an operating company with approximately $22 billion in assets and ample resources to provide ongoing long-term capital support for prospective acquisitions and investments."
Resources and articles
- Alleghany Timeline, organizational web page, accessed March 12, 2013.