PR Newswire | Jan 5, 2021 04:15PM EST

Corporation

01/05 15:15 CST

Alleghany Corporation Announces Divestiture of Stranded Oil Resources Corporation NEW YORK, Jan. 5, 2021

NEW YORK, Jan. 5, 2021 /PRNewswire/ -- Alleghany Corporation (NYSE: Y) today announced that it exited its investment in Stranded Oil Resources Corporation ("SORC") in a transaction that closed on December 31, 2020.

Weston Hicks, President and chief executive officer of Alleghany, stated, "I would like to thank Mark See and his team for their efforts at SORC over the years, operating in a difficult macroeconomic environment for upstream oil and gas production. We wish them success in their future endeavors."

Olshan Frome Wolosky LLP acted as legal advisor to Alleghany.

About Alleghany Corporation

Alleghany Corporation (NYSE:Y) creates value through owning and supporting its operating subsidiaries and managing investments, anchored by a core position in property and casualty reinsurance and insurance. Alleghany's property and casualty subsidiaries include: Transatlantic Holdings, Inc., a leading global reinsurer; RSUI Group, Inc., which underwrites wholesale specialty insurance coverages including property, casualty, professional liability and directors' and officers' liability; and CapSpecialty, Inc., an underwriter of commercial property, casualty and surety insurance coverages. Alleghany's subsidiary Alleghany Capital Corporation owns and manages a diverse portfolio of non-financial businesses.

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SOURCE Alleghany Corporation