Summary:
Alleghany (Y) is an insurance and investment company with a strategy very similar to both Markel (MKL) and Berkshire Hathaway (BRK.B, BRK.A). Insurance is an important part of the operating business, but both public and private equity investments are a big contributor to future growth. However, due to Alleghany’s and Markel’s much smaller size, they can both invest in smaller family-run businesses, something Berkshire can't because of its much bigger size.
Alleghany does not pay a regular dividend, but recently paid a special dividend and occasionally buys