Alleghany Corporation owns and manages operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. The Company is engaged, through its wholly-owned subsidiary AIHL and its subsidiaries, in the property and casualty insurance business. AIHL�s insurance operations are conducted by its subsidiaries RSUI, Capitol and PCC. Capitol has been a subsidiary of AIHL since January 2002, RSUI has been a subsidiary of AIHL since July 2003, and PCC has been a subsidiary of AIHL since July 2007. AIHL Re has been an indirect, wholly-owned subsidiary of Alleghany since its formation in 2006. AIHL Re is a captive reinsurance company which provides reinsurance to its insurance operating subsidiaries and affiliates. The Company classifies its business into two segments, reinsurance and insurance. Reinsurance and insurance underwriting activities are evaluated separately from investment and corporate activities.