Alleghany Corporation Y has been gaining momentum on the back of growth in diversified lines of business, business opportunities and lower catastrophe losses.Growth ProjectionsThe Zacks Consensus Estimate for 2021 and 2022 earnings per share is pegged at $51 and $72.9, indicating year-over-year increase of 220.9% and 42.9%, respectively.Estimate RevisionThe Zacks Consensus Estimate for 2021 and 2022 has moved 18.8% and 14.8% north, respectively in the past 60 days. This should instill investors' confidence in the stock.Earnings Surprise HistoryAlleghany has a decent earnings surprise history. It beat estimates in each of the last four quarters, with the average being 128.63%.Zacks Rank & Price PerformanceAlleghany currently carries a Zacks Rank #2 (Buy). In the past year, the stock has rallied 39.7% compared with the industry’s increase of 40.7%.Image Source: Zacks Investment ResearchStyle ScoreIt has an impressive Value Score of B, which reflects an attractive valuation of the stock. Back-tested results show that stocks with a Style Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2 offer the best investment opportunities.The stock is currently undervalued. It is currently trading at a price to book of 1.09X, cheaper lower than the industry average of 1.35X.Business TailwindsImproving rate, growth in various U.S. professional liability and agricultural lines of business, increases in shorter tail casualty lines that include automobile, and accident and health and the impact of favorable changes in foreign exchange rates should continue to produce higher premiums in Reinsurance segment.Underwriting profit and combined ratio are likely to improve due to lower catastrophe and pandemic losses.Growth in most of RSUI’s lines of business owing to increases in business opportunities, higher rates and improved general market conditions as well as growth in the professional liability and other specialty casualty lines of business in CapSpecialty should continue to drive the net premiums of Insurance segment.Alleghany Capital has been undertaking several strategic initiatives that are intended to boost revenues from middle-market businesses. Through its subsidiaries, the company pursues acquisitions, which not only widen its geographical presence but also boost its portfolio. It has acquired eight platform companies over the last 10 years. In May, 2021, Alleghany acquired 100% of Wilbert, Inc. through a newly formed subsidiary, Piedmont Manufacturing Group. Its other notable buyouts include acquiring majority stake in Kellytoy, and purchase of Wicked Cool Toys and Supermill LLC.The company boasts a solid balance sheet with low relative leverage and robust cash positions. Its debt to capital of 19.3% betters the industry average of 20.2%. In addition, it continued to maintain a cash and cash equivalent position of $1.2 billion. Also, it has access to unsecured revolving credit facility $300 million, which is scheduled to expire on Jul 31, 2022.Banking on strong capital position, the company remains committed toward enhancing shareholders’ value. Currently, Alleghany has $369.2 million remaining under its share buyback authorization.Other Stocks to ConsiderSome other top-ranked stocks from the same space are HCI Group, Inc. HCI, Cincinnati Financial Corporation CINF and NMI Holdings Inc. NMIH, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The bottom line of HCI Group surpassed estimates in three of the last four quarters and missed the mark in the remaining one, the average beat being 42.91%.Cincinnati Financial’s earnings surpassed estimates in three of the last four quarters, missing the mark on a single occasion, the average surprise being 17.63%.NMI Holdings surpassed estimates in each of the last four quarters, with the average being 19.38%.Zacks Names “Single Best Pick to Double”From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 Alleghany Corporation (Y): Free Stock Analysis Report HCI Group, Inc. (HCI): Free Stock Analysis Report NMI Holdings Inc (NMIH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research