Exhibit 99.1
ALLEGHANY CORPORATION
7 Times Square Tower, 17th Floor
New York NY 10036
Contact: R.M. Hart
(212) 752-1356
ALLEGHANY CORPORATION REPORTS 2008 YEAR END STOCKHOLDERS’ EQUITY PER COMMON SHARE DECREASED 5.0 PERCENT SINCE 2007 YEAR END
          NEW YORK, NY, February 26, 2009 – – Stockholders’ equity per common share of Alleghany Corporation (NYSE-Y) at December 31, 2008 was $283.73, a decrease of 5% from stockholders’ equity per common share of $298.58 at December 31, 2007 (all as adjusted for the stock dividend declared in February 2008), Weston M. Hicks, President and chief executive officer of Alleghany, announced today. On a consolidated basis, cash and invested assets were approximately $4.29 billion at December 31, 2008, a decrease of 0.3% from approximately $4.31 billion at December 31, 2007.
          A summary of Alleghany’s results for the three months and years ended December 31, 2008 and 2007 is as follows:
                                                 
    Three months ended           Year ended    
    December 31,           December 31,    
(in millions)   2008   2007   Change   2008   2007   Change
 
                                               
AIHL insurance group (1):
                                               
Underwriting profit (loss) (2) RSUI
  $81.7     $55.9     $25.8     $137.6     $219.9     $(82.3 )
CATA
    2.4       (0.2 )     2.6       15.2       19.4       (4.2 )
EDC
    (21.0 )     2.7       (23.7 )     (60.9 )     4.4 (3)     (65.3 )
AIHL Re
    0.0       0.4       (0.4 )     0.2       24.4       (24.2 )
 
                       
 
    63.1       58.8       4.3       92.1       268.1       (176.0 )
Net investment income
    19.5       32.9       (13.4 )     112.6       126.5       (13.9 )
Net realized capital (losses) gains (4)
    (196.1 )     15.6       (211.7 )     (248.4 )     36.5       (284.9 )
Other income, less other expenses
    (7.1 )     (13.2 )     6.1       (31.4 )     (52.3 )     20.9  
 
                       
Total AIHL insurance group
    (120.6 )     94.1       (214.7 )     (75.1 )     378.8       (453.9 )
 
                                               
Corporate activities (5)
                                               
Net investment income
    5.1       2.2       2.9       17.6       19.6       (2.0 )
Net realized capital gains
    59.9       0.1       59.8       156.2       56.2       100.0  
Other income
    1.0       3.4       (2.4 )     1.7       15.0       (13.3 )
Corporate administration and other expenses
    11.5       9.2       (2.3 )     38.7       35.9       (2.8 )
Interest expense
    0.2       0.2       0       0.7       1.4       0.7  
 
                       
Total
    (66.3 )     90.4       (156.7 )     61.0       432.3       (371.3 )
 
                       
 
                                               
Income taxes
    (12.1 )     32.6       (44.7 )     20.4       144.7       (124.3 )
 
                       
(Losses) earnings from continuing operations
    (54.2 )     57.8       (112.0 )     40.6       287.6       (247.0 )
Earnings from discontinued operations, net of tax (6)
    92.7       4.0       88.7       107.4       11.5       95.9  
 
                       
Net earnings
  $38.5     $61.8     $(23.3 )   $148.0     $299.1     $(151.1 )
 
                       
     
(1)   Alleghany Insurance Holdings LLC (“AIHL”) the holding company for Alleghany’s property and casualty and surety insurance operating units consisting of RSUI Group, Inc. (“RSUI”), Capitol Transamerica Corporation (“CATA”) and Employers Direct Corporation (“EDC”), as well as AIHL Re LLC (“AIHL Re”).
(2)   Represents net premiums earned less loss and loss adjustment expenses and underwriting expenses, all as determined in accordance with GAAP, and does not include net investment income, net realized capital (losses) gains or other income, less other expenses. Please refer to “Comment on Regulation G” elsewhere herein.
(3)   Includes the results of EDC, net of purchase accounting adjustments, commencing July 18, 2007.
(4)   2008 results include $244.0 million of other than temporary impairment (“OTTI”) charges for unrealized losses primarily related to AIHL’s equity security holdings, of which $130.0 million was recognized in the 2008 fourth quarter, and a $48.7 million impairment charge for the goodwill associated with the acquisition of EDC.

 


The following information was filed by Alleghany Corp De (Y) on Friday, February 27, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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