Exhibit 99.1

ALLEGHANY CORPORATION REPORTS 2009 THIRD QUARTER RESULTS — STOCKHOLDERS’ EQUITY PER COMMON SHARE INCREASES 7.7 PERCENT SINCE 2008 YEAR END

     NEW YORK, NY, November 5, 2009 — Stockholders’ equity per common share of Alleghany Corporation (NYSE-Y) at September 30, 2009 was $299.66, an increase of 7.7% from stockholders’ equity per common share of $278.17 at December 31, 2008 (all as adjusted for the stock dividend declared in February 2009), Weston M. Hicks, President and chief executive officer of Alleghany, announced today. The increase in stockholders’ equity per common share primarily reflects Alleghany’s earnings in the first nine months of 2009, partially offset by the dilutive effect of the mandatory conversion of all outstanding shares of Alleghany’s 5.75% Mandatory Convertible Preferred Stock on June 15, 2009, net of share repurchases during the 2009 period. Cash and invested assets, on a consolidated basis, were approximately $4.44 billion at September 30, 2009, a increase of 3.4% from approximately $4.29 billion at December 31, 2008.

     Alleghany’s net earnings in the 2009 third quarter were $49.5 million, or $5.50 per common share (presented on a basic basis throughout), compared with a net loss of $4.2 million, or $1.00 per common share, in the third quarter of 2008. For the first nine months of 2009, net earnings were $140.1 million, or $15.48 per common share, compared with net earnings of $109.5 million, or $11.37 per common share in the first nine months of 2008. Net earnings amounts include the following components:

		Three Months ended September 30,																Nine Months ended September 30,
(in millions, except for per										Per Share																Per Share
share amounts)		2009				2008				2009				2008				2009				2008				2009				2008
Net catastrophe losses after tax		$	0.8			$	68.1			$	0.08			$	8.03			$	7.2			$	81.1			$	0.83			$	9.55
Net realized capital gains after tax		$	41.6			$	27.8			$	4.63			$	3.29			$	132.6			$	102.7			$	15.33			$	12.09
Other than temporary impairment losses after tax		$	6.2			$	33.6			$	0.69			$	3.97			$	55.5			$	74.1			$	6.41			$	8.72

     A summary of Alleghany’s results for the three and nine months ended September 30, 2009 and 2008 is as follows:

		Three months ended												Nine Months ended
		September 30												September 30
(in millions)		2009				2008				Change				2009				2008				Change
AIHL insurance group (1):
Underwriting profit (loss) (2)
RSUI		$	33.3			$	(37.4	)		$	70.7			$	116.3			$	55.9			$	60.4
CATA			2.3				5.2				(2.9	)			8.2				12.8				(4.6	)
EDC			(4.7	)			(6.9	)			2.2				(65.5	)			(39.9	)			(25.6	)
AIHL Re			—				—				—				—				0.1				(0.1	)
			30.9				(39.1	)			70.0				59.0				28.9				30.1
Net investment income			30.0				30.9				(0.9	)			84.7				93.1				(8.4	)
Net realized capital gains			62.9				25.8				37.1				89.3				62.0				27.3
Other than temporary impairment losses (3)			(9.5	)			(51.8	)			42.3				(85.3	)			(114.2	)			28.9
Other income, less other expenses			(12.2	)			(1.9	)			(10.3	)			(31.7	)			(24.3	)			(7.4	)
Total AIHL insurance group			102.1				(36.1	)			138.2				116.0				45.5				70.5
Corporate activities (4)
Net investment income			(14.0	)			4.7				(18.7	)			(17.1	)			12.5				(29.6	)
Net realized capital gains			1.1				17.1				(16.0	)			114.7				96.2				18.5
Other than temporary impairment losses (3)			—				—				—				—				—				—
Other income			—				0.7				(0.7	)			0.1				0.8				(0.7	)
Corporate administration and other expenses			8.5				7.3				(1.2	)			16.7				27.1				10.4
Interest expense			0.2				0.2				—				0.5				0.5				—
Total			80.5				(21.1	)			101.6				196.5				127.4				69.1
Income taxes			31.0				(12.3	)			(43.3	)			56.4				32.7				(23.7	)
Earnings from continuing operations			49.5				(8.8	)			58.3				140.1				94.7				45.4
Earnings from discontinued operations, net of tax (5)			—				4.6				(4.6	)			—				14.8				(14.8	)
Net earnings		$	49.5			$	(4.2	)		$	53.7			$	140.1			$	109.5			$	30.6

2009 third quarter results, compared with results of the corresponding 2008 period, primarily reflect:

•

an increase in earnings from continuing operations before income taxes at AIHL primarily due to (i) an increase in underwriting profit at RSUI, principally reflecting minimal catastrophe losses in the 2009 period compared with approximately $99.0 million of 2008 third quarter hurricane losses, partially offset by a decrease in net premiums earned primarily resulting from the impact of continuing competition; (ii) a decrease in other than temporary impairment losses due in part to comparatively improved equity market returns in the 2009 period;

			and (iii) an increase in net realized capital gains primarily reflecting significant gains on the sales of energy sector equity securities during the 2009 period; partially offset by
	•		a decrease in earnings from continuing operations before income taxes at Corporate activities, primarily due to (i) a decrease in net investment income principally reflecting a $14.0 million loss related to Alleghany’s investment in ORX Exploration, Inc. (“ORX”), a regional gas and oil exploration and production company, principally as a result of an asset impairment charge recognized by ORX in the 2009 third quarter as a result of low energy prices at year-end 2008; and (ii) a decrease in net realized capital gains primarily reflecting nominal gains on sales of securities in the 2009 period compared with $17.1 million of net realized capital gains in the corresponding 2008 period, resulting principally from sales at the parent level of the common stock of Burlington Northern Santa Fe Corporation (“Burlington Northern”).

2009 nine month results, compared with results of the corresponding 2008 period, primarily reflect:

	•		an increase in earnings from continuing operations before income taxes at AIHL primarily due to (i) an increase in underwriting profit at RSUI principally reflecting substantially lower catastrophe losses in the 2009 period compared with the corresponding 2008 period, partially offset by lower net premiums earned resulting from the impact of continuing competition; (ii) an increase in EDC’s underwriting loss principally as a result of substantially lower net premiums earned due to EDC’s determination in the 2009 second quarter to cease soliciting new and renewal business and a $34.5 million reserve increase in the 2009 period compared with a $24.7 million reserve increase in the corresponding 2008 period; (iii) lower other than temporary impairment losses due in part to comparatively improved equity market returns in the 2009 period; and (iv) an increase in net realized capital gains primarily resulting from sales of energy sector equity holdings in the 2009 third quarter; partially offset by
	•		a slight decrease in earnings from continuing operations before income taxes at Corporate activities, primarily reflecting (i) a decrease in net investment income primarily resulting from the loss related to Alleghany’s investment in ORX discussed above with respect to the 2009 third quarter; (ii) an increase in net realized capital gains resulting from $113.1 million of sales at the parent level of Burlington Northern common stock in the first nine months of 2009 compared with $92.4 million of such sales in the first nine months of 2008; and (iii) a decrease in corporate administration and other expenses primarily due to lower incentive compensation accruals in the 2009 period.

     Mr. Hicks commented that “I am pleased that despite continuing challenges, we were able to grow stockholders’ equity per common share by 7.7% in the first nine months of 2009. In addition, Alleghany maintained its strong liquidity with approximately $690.7 million of marketable securities and cash at the parent level and AIHL at September 30, 2009.

     “With respect to the performance of our insurance operating units, despite the impact of intense competition and the resulting decrease in net premiums earned, RSUI and CATA produced underwriting profits in the third quarter and first nine months of 2009, with minimal catastrophe losses at RSUI also contributing to its favorable results. EDC’s results continued to be poor, reflecting a substantial decrease in net premiums earned as a result of EDC’s determination as of August 1, 2009 to cease soliciting new or renewal business on a direct basis in light of its inability to write business at rates it deemed adequate, as well as a $35.4 million reserve increase in the 2009 second quarter. In connection with its determination to cease writing business on a direct basis, EDC sold the renewal rights of its directly placed workers’ compensation insurance policies to an independent insurance brokerage during the 2009 third quarter. EDC continues to evaluate its strategic options, including potentially re-emerging as an agency carrier at such time it determines that rates have returned to adequate levels.”

     “The investment environment was comparatively improved in the first nine months of 2009 compared with 2008 but challenges continue. In this regard, in the 2009 third quarter, we recognized a $14.0 million loss related to our investment in ORX, due substantially to an asset impairment charge arising from low energy prices at year-end 2008 that we were required to take. We do not believe that this impairment charge-driven loss affects the long-term value of our ORX investment.”

     Information regarding the pre-tax results from continuing operations of AIHL’s operating units is attached as Exhibit A. To date during 2009, Alleghany has purchased in the open market an aggregate of 265,455 shares of its common stock for approximately $67.8 million, at an average price per share of $255.29, and an aggregate of 442,998 shares of its 5.75% Mandatory Convertible Preferred Stock for approximately $117.4 million, at an average price per share of $264.92, pursuant to the previously announced authorization by its Board of Directors to repurchase up to $300.0 million of Alleghany’s common and preferred stock. On June 15, 2009, all outstanding shares of the 5.75% Mandatory Convertible Preferred Stock were mandatorily converted into shares of Alleghany common stock. Each outstanding share of the 5.75% Mandatory Convertible Preferred Stock was automatically converted into 1.0139 shares of Alleghany common stock, and Alleghany issued approximately 698,009 shares of its common stock for the 688,621 shares of the 5.75% Mandatory Convertible Preferred Stock that were outstanding at the date of the mandatory conversion. As of October 30, 2009, Alleghany had 8,889,177 shares of its common stock outstanding, adjusted to reflect the common stock dividend declared in February 2009. On November 3, 2009, Alleghany sold 1.0 million shares of Burlington Northern common stock, resulting in a pre-tax gain of $85.5 million which will be recognized in the 2009 fourth quarter.

     Additional information regarding the results for the third quarter and first nine months of 2009 of Alleghany and its operating units will be contained in Alleghany’s Quarterly Report on Form 10-Q for the period ended September 30, 2009, to be filed with the U.S. Securities and Exchange Commission on or about November 5, 2009. A copy of the Form 10-Q will be available on Alleghany’s website at www.alleghany.com or on the Securities and Exchange Commission’s website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of Alleghany’s financial performance in the third quarter and first nine months of 2009.

Comment on Regulation G

     This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP financial measures are included in Exhibit A of this press release. Throughout this press release Alleghany presents its operations in the way it

believes will be most meaningful and useful to the investing public and others who use such information in evaluating Alleghany’s results.

     Alleghany shows earnings from continuing operations, before income taxes (a GAAP financial measure), as well as underwriting profit (a non-GAAP financial measure), which is earnings from continuing operations, before income taxes, adjusted to exclude the impact of net investment income, net realized capital gains and losses, and other income, less other expenses. The presentation of underwriting profit is intended to enhance the understanding of AIHL’s insurance operating units’ operating results by highlighting earnings attributable to their underwriting performance. With respect to AIHL’s insurance operating units, earnings from continuing operations, before income taxes, may show a profit despite an underlying underwriting loss. If underwriting losses persist over extended periods, an insurance company’s ability to continue as an ongoing concern may be at risk. Investors should consider the non-GAAP measures contained herein in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

# # #

Forward-looking Statements

     This release contains disclosures which are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. These forward-looking statements are based upon Alleghany’s current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans, anticipated actions and Alleghany’s future financial condition and results. These statements are not guarantees of future performance, and Alleghany has no specific intention to update these statements. The uncertainties and risks include, but are not limited to, risks relating to

	•		significant weather-related or other natural or human-made catastrophes and disasters;
	•		the cyclical nature of the property and casualty industry;
	•		changes in market prices of our significant equity investments and changes in value of our debt securities portfolio;
	•		the long-tail and potentially volatile nature of certain casualty lines of business written by Alleghany’s insurance operating units;
	•		the cost and availability of reinsurance;
	•		exposure to terrorist acts;
	•		the willingness and ability of Alleghany’s insurance operating units’ reinsurers to pay reinsurance recoverables owed to such insurance operating units;
	•		changes in the ratings assigned to Alleghany’s insurance operating units;
	•		claims development and the process of estimating reserves;
	•		legal and regulatory changes;
	•		the uncertain nature of damage theories and loss amounts;
	•		increases in the levels of risk retention by Alleghany’s insurance operating units; and
	•		adverse loss development for events insured by Alleghany’s insurance operating units in either the current year or prior years.

Additional risks and uncertainties include general economic and political conditions, including the effects of a prolonged U.S. or global economic downturn or recession; changes in costs; variations in political, economic or other factors; risks relating to conducting operations in a competitive environment; effects of acquisition and disposition activities, inflation rates or recessionary or expansive trends; changes in interest rates; extended labor disruptions, civil unrest or other external factors over which Alleghany has no control; and changes in Alleghany’s plans, strategies, objectives, expectations or intentions, which may happen at any time at Alleghany’s discretion. As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by Alleghany or on its behalf.

Exhibit A

AIHL Operating Unit Pre-Tax Results from Continuing Operations

(in millions, except ratios)		RSUI				AIHL Re				CATA				EDC				AIHL
Three months ended September 30, 2009
Gross premiums written		$	231.0				—			$	42.1			$	12.4			$	285.5
Net premiums written			140.7				—				40.7				11.2				192.6
Net premiums earned (1)		$	160.1				—			$	41.6			$	15.9			$	217.6
Loss and loss adjustment expenses			82.9				—				21.0				14.4				118.3
Commission, brokerage and other underwriting expenses (2)			43.9				—				18.3				6.2				68.4
Underwriting profit (loss) (3)		$	33.3				—			$	2.3				($4.7	)		$	30.9
Net investment income (1)																			30.0
Net realized capital gains (1)																			62.9
Other than temporary impairment losses (1)																			(9.5	)
Other income (1)																			0.2
Other expenses (2)																			(12.4	)
Earnings from continuing operations, before income taxes																		$	102.1
Loss ratio (4)			51.8	%			—				50.5	%			90.2	%			54.4	%
Expense ratio (5)			27.4	%			—				43.9	%			39.8	%			31.4	%
Combined ratio (6)			79.2	%			—				94.4	%			130.0	%			85.8	%
Three months ended September 30, 2008
Gross premiums written		$	243.8			$	0.2			$	52.4			$	17.7			$	314.1
Net premiums written			160.4				—				45.0				15.9				221.3
Net premiums earned (1)		$	169.9				—			$	47.1			$	18.7			$	235.7
Loss and loss adjustment expenses			162.8				—				22.7				19.1				204.6
Commission, brokerage and other underwriting expenses (2)			44.5				—				19.2				6.5				70.2
Underwriting (loss) profit (3)			($37.4	)			—			$	5.2				($6.9	)			($39.1	)
Net investment income (1)																			30.9
Net realized capital gains (1)																			25.8
Other than temporary impairment losses (1)																			(51.8	)
Other income (1)																			0.2
Other expenses (2)																			(2.1	)
Losses from continuing operations, before income taxes																			($36.1	)
Loss ratio (4)			95.8	%			—				48.3	%			102.2	%			86.9	%
Expense ratio (5)			26.2	%			—				40.8	%			34.6	%			29.8	%
Combined ratio (6)			122.0	%			—				89.1	%			136.8	%			116.7	%

AIHL Operating Unit Pre-Tax Results from Continuing Operations

(in millions, except ratios)		RSUI				AIHL Re				CATA				EDC				AIHL
Nine months ended September 30, 2009
Gross premiums written		$	818.1				—			$	129.3			$	44.5			$	991.9
Net premiums written			499.9				—				122.2				38.3				660.4
Net premiums earned (1)		$	480.0				—			$	124.8			$	35.4			$	640.2
Loss and loss adjustment expenses			236.5				—				60.9				77.7				375.1
Commission, brokerage and other underwriting expenses (2)			127.2				—				55.7				23.2				206.1
Underwriting profit (loss) (3)		$	116.3				—			$	8.2			$	(65.5	)		$	59.0
Net investment income (1)																			84.7
Net realized capital gains (1)																			89.3
Other than temporary impairment losses (1)																			(85.3	)
Other income (1)																			1.1
Other expenses (2)																			(32.8	)
Earnings from continuing operations, before income taxes																		$	116.0
Loss ratio (4)			49.3	%			—				44.8	%			219.1	%			58.6	%
Expense ratio (5)			26.5	%			—				44.6	%			65.8	%			32.2	%
Combined ratio (6)			75.8	%			—				93.4	%			284.9	%			90.8	%
Nine months ended September 30, 2008
Gross premiums written		$	813.3			$	0.4			$	164.5			$	60.7			$	1,038.9
Net premiums written			504.9				0.2				140.2				55.9				701.2
Net premiums earned (1)		$	521.9			$	0.2			$	142.0			$	57.3			$	721.4
Loss and loss adjustment expenses			333.4				—				70.2				75.8				479.4
Commission, brokerage and other underwriting expenses (2)			132.6				0.1				59.0				21.4				213.1
Underwriting (loss) profit (3)		$	55.9			$	0.1			$	12.8				($39.9	)		$	28.9
Net investment income (1)																			93.1
Net realized capital gains (1)																			62.0
Other than temporary impairment losses (1)																			(114.2	)
Other income (1)																			0.4
Other expenses (2)																			(24.7	)
Losses from continuing operations, before income taxes																		$	45.5
Loss ratio (4)			63.9	%			—				49.4	%			132.2	%			66.5	%
Expense ratio (5)			25.4	%			37.6	%			41.6	%			37.4	%			29.5	%
Combined ratio (6)			89.3	%			37.6	%			91.0	%			169.6	%			96.0	%

ALLEGHANY CORPORATION
COMBINING STATEMENTS OF EARNINGS
(dollars in thousands)
(unaudited)

		THREE MONTHS ENDED 9/30/09												THREE MONTHS ENDED 9/30/08
		ALLEGHANY												ALLEGHANY
		INSURANCE				CORPORATE								INSURANCE				CORPORATE
		HOLDINGS				ACTIVITIES				COMBINED				HOLDINGS				ACTIVITIES				COMBINED
Revenues
Net premiums earned		$	217,619			$	0			$	217,619			$	235,705			$	0			$	235,705
Net investment income			29,993				(14,015	)			15,978				30,905				4,666				35,571
Net realized capital (losses) gains			62,908				1,112				64,020				25,776				17,091				42,867
Other than temporary impairment losses			(9,536	)			0				(9,536	)			(51,761	)			0				(51,761	)
Other income			247				2				249				174				733				907
Total revenues			301,231				(12,901	)			288,330				240,799				22,490				263,289
Costs and expenses
Loss and loss adjustment expenses			118,324				0				118,324				204,710				0				204,710
Commissions, brokerage and other underwriting expenses			68,404				0				68,404				70,149				0				70,149
Other operating expenses			12,411				416				12,827				1,947				504				2,451
Corporate administration			15				8,097				8,112				76				6,800				6,876
Interest expense			0				168				168				0				198				198
Total costs and expenses			199,154				8,681				207,835				276,882				7,502				284,384
Earnings (losses) from continuing operations, before income taxes		$	102,077				($21,582	)			80,495				($36,083	)		$	14,988				(21,095	)
Income taxes											31,007												(12,262	)
Earnings (losses) from continuing operations											49,488												(8,833	)
Discontinued operations
Earnings from discontinued operations											0												7,531
Income taxes											0												2,913
Earnings from discontinued operations, net											0												4,618
Net earnings (losses)										$	49,488												($4,215	)
Net earnings (losses)										$	49,488												($4,215	)
Preferred dividends											0												4,305
Net earnings (losses) available to common stockholders										$	49,488												($8,520	)

ALLEGHANY CORPORATION
COMBINING STATEMENTS OF EARNINGS
(dollars in thousands)
(unaudited)

		NINE MONTHS ENDED 9/30/09												NINE MONTHS ENDED 9/30/08
		ALLEGHANY												ALLEGHANY
		INSURANCE				CORPORATE								INSURANCE				CORPORATE
		HOLDINGS				ACTIVITIES				COMBINED				HOLDINGS				ACTIVITIES				COMBINED
Revenues
Net premiums earned		$	640,193			$	0			$	640,193			$	721,424			$	0			$	721,424
Net investment income			84,674				(17,103	)			67,571				93,073				12,538				105,611
Net realized capital gains			89,372				114,622				203,994				61,955				96,251				158,206
Other than temporary impairment losses			(85,337	)			0				(85,337	)			(114,171	)			0				(114,171	)
Other income			1,134				135				1,269				364				728				1,092
Total revenues			730,036				97,654				827,690				762,645				109,517				872,162
Costs and expenses
Loss and loss adjustment expenses			375,078				0				375,078				479,396				0				479,396
Commissions, brokerage and other underwriting expenses			206,126				0				206,126				213,100				0				213,100
Other operating expenses			32,902				1,323				34,225				24,549				1,935				26,484
Corporate administration			35				15,215				15,250				76				25,214				25,290
Interest expense			0				500				500				0				534				534
Total costs and expenses			614,141				17,038				631,179				717,121				27,683				744,804
Earnings from continuing operations, before income taxes		$	115,895			$	80,616				196,511			$	45,524			$	81,834				127,358
Income taxes											56,448												32,623
Earnings from continuing operations											140,063												94,735
Discontinued operations
Earnings from discontinued operations											0												29,727
Income taxes											0												14,977
Earnings from discontinued operations, net											0												14,750
Net earnings										$	140,063											$	109,485
Net earnings										$	140,063											$	109,485
Preferred dividends											6,158												12,915
Net earnings available to common stockholders										$	133,905											$	96,570

ALLEGHANY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share amounts)

		September 30,
		2009				December 31,
		(unaudited)				2008
Assets
Investments
Available for sale securities at fair value:
Equity securities (cost: 2009 $384,038; 2008 $463,207)		$	552,467			$	629,518
Debt securities (amortized cost: 2009 $3,093,111; 2008 $2,781,829)			3,174,881				2,760,019
Short-term investments			414,248				636,197
			4,141,596				4,025,734
Other invested assets			234,120				250,407
Total investments			4,375,716				4,276,141
Cash			63,282				18,125
Premium balances receivable			131,312				154,022
Reinsurance recoverables			1,008,840				1,056,438
Ceded unearned premium reserves			178,660				185,402
Deferred acquisition costs			72,793				71,753
Property and equipment at cost, net of accumulated depreciation and amortization			20,831				23,310
Goodwill and other intangibles, net of amortization			137,475				151,223
Current taxes receivable			0				14,338
Net deferred tax assets			96,731				130,293
Other assets			177,433				100,783
		$	6,263,073			$	6,181,828
Liabilities and Stockholders’ Equity
Losses and loss adjustment expenses		$	2,598,215			$	2,578,590
Unearned premiums			627,075				614,067
Reinsurance payable			55,567				53,541
Current taxes payable			268				0
Other liabilities			301,491				288,941
Total liabilities			3,582,616				3,535,139
Preferred stock (shares authorized: 2009 — none; 2008 — 1,132,000; issued and outstanding 2009 — none; 2008 — 1,131,619)			0				299,429
Common stock (shares authorized: 2009 and 2008 — 22,000,000; issued and outstanding 2009 — 9,118,367; 2008 — 8,516,270)			9,118				8,349
Contributed capital			927,327				742,863
Accumulated other comprehensive income			159,576				87,249
Treasury stock, at cost (2009 — 173,416 shares; 2008 — 76,513)			(44,087	)			(24,290	)
Retained earnings			1,628,523				1,533,089
Total stockholders’ equity			2,680,457				2,646,689
		$	6,263,073			$	6,181,828
Shares of Common Stock Outstanding *			8,944,951				8,438,226