Subject: Re: Valuation - Alleghany
Re Alleghany I see how it can complicate your standard procedure. I can't improve your thoughts on that approach.
Why not just count it as an investment asset at this stage of things? By one definition, IV is the price a well informed buyer will pay a well informed seller. So we know it's IV at this point in time.

That makes some sense, but...
I imagine it won't be listed as a separate holding, but rather all the assets will have been fully consolidated: broken into many line items all over the place.
Their float will be included in total float, their investments will be included in total equity and fixed income holdings, etc.

Most biggish acquisitions will get a dedicated note showing how the purchase value is broken up and allocated, including a fresh addition to goodwill.
I'll probably start there. With luck there will also be a pro forma line showing the net income (ex non-controlling interests) for the full calendar year.

Jim