Alleghany Corporation Y delivered first-quarter 2019 operating earnings of $9.66 per share, beating the Zacks Consensus Estimate by 32.5% on the back of higher revenues. However, the metric declined 14.1% year over year.Operational UpdateRevenues in the quarter improved 22.1% year over year to $1.9 billion, supported by solid organic growth and the buyout of Concord along with robust results in the company’s certain business lines.Net premiums written rose 10.6% year over year to $1.4 billion, banking on a rising excess and surplus market as well as a favorable impact from two renewal rights transactions.Net investment income came in at $123 million in the quarter under consideration, slipping 1% year over year. Negative returns from certain partnership investments and lower dividend income were mainly responsible for this downside.Total costs and expenses escalated 28.2% to $1.7 billion.Alleghany Corporation Price, Consensus and EPS Surprise Alleghany Corporation Price, Consensus and EPS Surprise | Alleghany Corporation QuoteSegment UpdateReinsurance Segment: Net premiums written improved 11.1% to $1.4 billion owing to TransRe’s purchase during the period of certain renewal rights related to a block of U.S. treaty reinsurance. However, the same was offset to an extent by a decrease in net premiums written in relation to a large whole account quota share treaty plus an effect of changes in forex rates.The segment's underwriting profit plunged 59.5% year over year to $40 million.Also, the segment’s first-quarter combined ratio expanded 640 basis points (bps) to 96.1%%.Insurance Segment: Net premiums written rose 8.5% year over year in this segment owing to a robust contribution from CapSpecialty and RSUI.Underwriting profit of $44.7 million surged 39.3% year over year. The combined ratio of this reported segment contracted 360 bps to 83.4%.Financial UpdateAlleghany exited the first quarter with $778 million cash, down 25% from the figure at 2018 end.Senior notes and other debt inched up 0.4% from the level at 2018 end.Alleghany’s shareholder equity at the end of the first quarter increased 7.1% to $8.2 billion from the level as of Dec 31, 2018.Book value per share was $570.09 as of Mar 31, 2019, up 8% from the level as of Dec 31, 2018.Share Repurchase UpdateIn the quarter under discussion, Alleghany bought back shares worth $80.5 million. As of Mar 31, 2019, the company had $191. million remaining under its share repurchase authorization.Zacks RankAlleghany carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other InsurersAmong other players from the insurance industry having reported first-quarter earnings so far, the bottom-line figures of The Travelers Companies, Inc. TRV, Cincinnati Financial Corporation CINF and The Progressive Corporation PGR beat the respective Zacks Consensus Estimate.This Could Be the Fastest Way to Grow Wealth in 2019Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month. Click here to see these breakthrough stocks now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cincinnati Financial Corporation (CINF): Free Stock Analysis Report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report Alleghany Corporation (Y): Free Stock Analysis Report To read this article on Zacks.com click here.