A nickel-rich wear resistant alloy comprises in weight % 0.5 to 2.5% C, 0.5 to 2% Si, up to 1% Mn, 20 to 30% Cr, S to 15% Mo, 5 to 15% W, 15 to 30% Fe, balance Ni. The alloy can include further alloying constituents such as up to 1.5% each of Ti, Al, Zr, Hf, Ta, V, Nb, Co, Cu, up to 0.5% B and up to 0.5% Mg plus Y. The alloy preferably has a microstructure containing predominantly eutectic reaction phases, fine intermetallic phases and precipitation carbides. For instance, the microstructure may contain Cr. Ni, W rich intermetallic phases and/or the microstructure may contain uniform lamellar type eutectic solidification structures. The alloy is useful as a valve seat insert for internal combustion engines such as diesel engines. For a valve seat insert containing up to 1.8% C the microstructure preferably is free of primary dendritic carbides. For a valve seat insert alloy containing over 1.8% C the microstructure preferably contains non-dendritic type primary carbides. For a valve seat insert containing up to 1.5% C the microstructure preferably includes solid solution phases encompassed by eutectic reaction products.