Exhibit 99.1


7 Times Square Tower, 17th Floor

New York, NY 10036


NEW YORK, NY, February 25, 2014

– Alleghany Corporation (NYSE-Y) today announced its financial results for the three months and year ended December 31, 2013. Book value per common share1 grew to $412.96 as of December 31, 2013, an increase of 8.9% from book value per common share of $379.13 at 2012 year-end. Total stockholders’ equity2 increased to $6.9 billion as of December 31, 2013 from approximately $6.4 billion as of December 31, 2012.

Alleghany reported net earnings3 of $205.3 million, or $12.24 per diluted share for the 2013 fourth quarter, compared with a loss of $92.6 million, or $5.47 per diluted share for the fourth quarter of last year. For the full year 2013, Alleghany reported net earnings3 of $628.4 million, or $37.44 per diluted share, compared with $702.2 million, or $45.48 per diluted share for 2012. The fourth quarter and full year results for 2012 include an after-tax underwriting loss, net of reinsurance and reinstatement premiums, of $267.8 million from Super Storm Sandy. In addition, full year 2012 results include three hundred days of results of TransRe, as well as merger-related items associated with the TransRe merger, including a gain of $494.9 million resulting from the application of purchase accounting treatment, amortization of intangible assets of $253.3 million and transaction costs of $33.8 million.

Concurrent with the issuance of today’s earnings press release, Alleghany has posted a financial supplement to its website, www.alleghany.com, containing a number of schedules that provide additional detail pertaining to Alleghany’s financial results.

A summary of Alleghany’s pre-tax results for the three months and years ended December 31, 2013 and 2012 follows:


    Three Months Ended
December 31,
          Year Ended
December 31,
    2013     2012     Change     2013     2012     Change  
    (in millions)  

Underwriting profit (loss):



  $ 86.1      $ (102.4   $ 188.5      $ 334.0      $ 266.7      $ 67.3   


    12.6        (119.6     132.2        86.7        (46.4     133.1   


















    98.7        (222.0     320.7        420.7        220.3        200.4   

Net investment income

    131.2        78.4        52.8        465.7        313.0        152.7   

Net realized capital gains

    136.5        38.0        98.5        232.1        157.9        74.2   

Other than temporary impairment losses

    (2.1     —          (2.1     (44.0     (2.9     (41.1

Other income

    40.9        13.9        27.0        78.7        57.3        21.4   

Other operating expenses

    (67.8     (25.8     (42.0     (164.9     (123.7     (41.2

Corporate administration

    (10.1     (8.1     (2.0     (36.1     (42.0     5.9   

Interest expense

    (21.8     (21.8     —          (86.8     (68.4     (18.4



















Net earnings (losses) before merger-related items and income taxes

    305.5        (147.4     452.9        865.4        511.5        353.9   

Merger-related items:


Gain on bargain purchase

    —          —          —          —          494.9        (494.9

Amortization of intangible assets*

    1.4        (39.9     41.3        (10.2     (253.3     243.1   

Transaction costs

    —          —          —          —          (33.8     33.8   



















Earnings (losses) before income taxes

  $ 306.9      $ (187.3   $ 494.2      $ 855.2      $ 719.3      $ 135.9   




















* Includes immaterial amounts of ongoing amortization arising from the acquisition of subsidiaries other than TransRe.


1  Stockholders’ equity attributable to Alleghany stockholders divided by common stock outstanding.
2  Stockholders’ equity attributable to Alleghany stockholders.
3  Net earnings attributable to Alleghany stockholders.

The following information was filed by Alleghany Corp De (Y) on Tuesday, February 25, 2014 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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