Alleghany Corp De (Y) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Exhibit 99.1

ALLEGHANY CORPORATION

7 Times Square Tower, 17^th Floor

New York, NY 10036

ALLEGHANY CORPORATION REPORTS 2015 FOURTH QUARTER AND FULL YEAR RESULTS

NEW YORK, NY, February 23, 2016

Weston Hicks, President and chief executive officer of Alleghany stated, “Continued strong underwriting results at TransRe and RSUI led to solid operating performance for the fourth quarter and full year 2015. However, growth in book value was negatively impacted by a challenging investment environment. Alleghany’s consolidated combined ratio of 88.0% in the fourth quarter compares favorably with an 88.9% combined ratio recorded in the fourth quarter of last year. Alleghany’s reinsurance and insurance subsidiaries delivered a combined ratio of 89.0% for full year 2015 compared with an 88.8% for full year 2014. Current quarter and full year results are particularly noteworthy given the continued competitive environment. In addition the quarter was impacted by the recording of a previously announced $38 million of unfavorable prior accident year development at TransRe in connection with a commutation of all 1986 and prior liabilities with AIG. Largely offsetting this charge was a second commutation of a European medical malpractice treaty which resulted in an approximate $31 million of favorable prior accident year development. TransRe also demonstrated its reinsurance franchise value late in the fourth quarter by writing a large whole account quota share treaty for a major U.S. personal lines underwriter. This treaty drove TransRe’s 26% increase in net premiums written in the quarter. PacificComp and CapSpecialty also delivered solid growth in net premiums written as they executed on their business plans.”

Mr. Hicks continued, “Volatile markets dampened investment performance in the fourth quarter and full year 2015, somewhat offsetting the excellent underwriting performance. For the full year 2015, Alleghany’s financial statement portfolio return was 1.0% compared with a financial statement portfolio return of 5.3% for full year 2014. We continue to position Alleghany’s portfolio to balance risk of permanent loss of capital with earning an adequate current return.”

“During the quarter we repurchased 107,622 Alleghany shares at an average price of $476.60 per share. For the full year 2015, Alleghany spent $243.8 million, purchasing 520,466 shares at an average per share price of $468.45. At our current book value per share of $486.02, these purchases were immediately accretive to our stockholders and will continue to benefit stockholder return in the future.”

¹ Stockholders’ equity attributable to Alleghany stockholders divided by common stock outstanding.

² Net earnings attributable to Alleghany stockholders.