Exhibit 99.1

ALLEGHANY CORPORATION

1411 Broadway, 34th Floor

New York, NY 10018

ALLEGHANY CORPORATION REPORTS 2021 THIRD QUARTER RESULTS

NEW YORK, NY, November 4, 2021 – Alleghany Corporation (NYSE-Y) announced its financial results for the third quarter of 2021. Book value per share was $644.37, a decrease of (2.1%) from June 30, 2021 and an increase of 3.3% from December 31, 2020, respectively. Excluding accumulated other comprehensive income, book value per share decreased (1.4%) from June 30, 2021 and increased 6.2% from December 31, 2020.

Highlights for the quarter are summarized below1:

Highlights for the first nine months are summarized below1:

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1 All comparisons are to the same period of the prior year, unless otherwise stated.

2 The COVID-19 global pandemic is referred to herein as the "Pandemic."

3 Relates to Alleghany Capital product and service revenues, formerly referred to as noninsurance revenue.

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Weston Hicks, Chief Executive Officer, commented, “Alleghany’s businesses produced very strong underlying operating performance but significant catastrophe losses, mostly at TransRe, resulted in an adjusted loss of $14 million in the quarter. We continue to believe that reinsurance catastrophe pricing needs to improve further to generate an appropriate rate of return on the capital required to support the business given a changing climate.”

Joe Brandon, President, added, “Trans Re and RSUI delivered strong double-digit growth in premiums written during the quarter, benefiting from rate increases and generally improving market conditions. Net premiums written increased by 21%, driven by RSUI (+32%), TransRe (+20%) and CapSpecialty (+8%). In particular, rate-driven growth in professional lines and umbrella contributed to the significant increase in premiums written.

“Alleghany incurred catastrophe losses of approximately $434 million in the third quarter resulting primarily from Hurricane Ida and European floods. Excluding the $315 million after-tax, after reinstatement premium impact of catastrophe losses, Alleghany produced over $300 million of adjusted earnings in the quarter, benefitting from strong ex-catastrophe underwriting results and another excellent quarter at Alleghany Capital.

“The underlying combined ratio excluding catastrophe losses was 87.4% at the (re)insurance subsidiaries. RSUI delivered a 90.3% combined ratio including the impact of the catastrophe losses, demonstrating the strength of its underlying underwriting performance as well as its more modest exposure to the events due to prior underwriting actions.

“Alleghany Capital delivered record earnings in the third quarter reflecting strong seasonal order flow from Jazwares, excellent execution on substantial backlogs at W&W|AFCO Steel and significant growth at IPS. On a trailing twelve month basis, Alleghany Capital adjusted earnings before income taxes continued to grow and now exceed $295 million. On October 18, 2021, Alleghany Capital announced the acquisition of Linesight4 by IPS, a transformational transaction for these two companies as they expand globally and build on strong positions in several attractive long-term growth sectors.

“Looking to 2022, we are encouraged by the continuing underlying profitable growth in our businesses. In recognition of this and the strength of our balance sheet, we increased our pace of share buybacks during the quarter, repurchasing $91 million in shares.”
 

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4 Anchorbuoy Limited, along with its subsidiaries are known as “Linesight.”

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The following table summarizes results for the three and nine months ended September 30, 2021 and 2020:

The following table summarizes the reinsurance and insurance segment catastrophe losses for the three and nine months ended September 30, 2021:

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1 Represents an increase in net premiums earned.

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SEGMENT RESULTS

The following table summarizes the reinsurance and insurance segment results for the three and nine months ended September 30, 2021 and 2020:

Reinsurance

TransRe’s net premiums written increased 19.9% and 21.3% in the third quarter and first nine months of 2021, respectively, from the corresponding periods of 2020, reflecting a continued increase in rates overall and growth in U.S. professional liability and agriculture lines of business, partially offset by an increase in ceded premiums.

TransRe’s combined ratios for the third quarter and first nine months of 2021 were 116.3% and 102.5%, respectively, compared with 102.0% and 103.9% for the corresponding periods of 2020, respectively. The increase in the combined ratio in the third quarter of 2021 from 2020 primarily reflects an increase in catastrophe losses, and the decrease in the combined ratio in the first nine months of 2021 from the first nine months of 2020 reflects an improved attritional loss ratio and more favorable prior year development, partially offset by higher catastrophe losses.

TransRe’s current year catastrophe losses in the third quarter and first nine months of 2021 were $372 million and $498 million, respectively. The third quarter and first nine months of 2021 included $223 million from Hurricane Ida, $106 million from the European Floods and $37 million from severe weather in Europe and Asia. Catastrophe losses in the third quarter and first nine months of 2021 also include $6 million and $133 million, respectively, of losses related to Winter Storm Uri and other storms (collectively the “Winter Storms”). In the third quarter and first nine months of 2020, TransRe’s catastrophe losses from the Pandemic were $48 million and $316 million, respectively, with an additional $48 million of catastrophe losses in the third quarter of 2020 resulting from Hurricane Laura.

In total, TransRe has incurred $407 million of Pandemic losses since inception including $2 million net favorable development in the third quarter and $16 million net adverse development in the first nine months of 2021. TransRe’s underwriting profits before catastrophe and Pandemic losses were $138 million and $411 million in the third quarter and first nine months of 2021, respectively, increases of 27.4% and 43.1% compared with the corresponding periods of 2020, respectively.

Insurance

Insurance segment net premiums written increased 25.3% and 19.2% in the third quarter and first nine months of 2021, respectively, from the corresponding periods of 2020, reflecting growth at both RSUI and CapSpecialty.

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RSUI’s net premiums written increased 31.7% and 21.8% in the third quarter and first nine months of 2021, respectively, from the corresponding periods of 2020, reflecting growth in most lines of business due to increases in business opportunities, higher rates and improved general market conditions, particularly in the directors’ and officers’ liability, property, professional and umbrella/excess lines of business.

RSUI’s combined ratios for the third quarter and first nine months of 2021 were 90.3% and 89.8%, respectively, compared with 121.1% and 100.9% for the corresponding periods of 2020, respectively. The decrease in the combined ratio in the third quarter of 2021 from the third quarter of 2020 primarily reflects lower catastrophe losses. The decrease in the combined ratio in the first nine months of 2021 from the first nine months of 2020 primarily reflects favorable prior accident year loss reserve development, compared with unfavorable prior accident year loss reserve development in the first nine months of 2020 and, to a lesser extent, a lower expense ratio and a lower overall current accident year loss ratio including catastrophe losses.

RSUI’s catastrophe losses in the third quarter and first nine months of 2021 were $62 million and $186 million, respectively, and included $41 million from Hurricane Ida and, in the first nine months of 2021, $112 million of catastrophe losses related to the Winter Storms. The remaining catastrophe losses related primarily to severe weather and flooding in the Midwestern U.S. in the spring and summer of 2021. Catastrophe losses in the third quarter and first nine months of 2020 were $135 million and $191 million, respectively, which include $57 million from Hurricane Sally and $53 million from Hurricane Laura. Catastrophe losses in the first nine months of 2020 also include losses from severe weather and flooding in the Southeastern U.S. and a tornado in Tennessee, as well as $20 million of Pandemic losses. RSUI’s underwriting profits before catastrophe and Pandemic losses were $92 million and $277 million in the third quarter and first nine months of 2021, respectively, increases of 15.8% and 49.7%, compared with the corresponding periods of 2020, respectively.

CapSpecialty’s net premiums written increased 8.3% and 11.6% in the third quarter and first nine months of 2021, respectively, from the corresponding periods of 2020, primarily reflecting growth in professional liability and other specialty casualty lines of business due to increases in business opportunities and higher rates and CapSpecialty’s expanded product offerings, partially offset by the impact of curtailing certain unprofitable broker relationships.

CapSpecialty’s combined ratios for the third quarter and first nine months of 2021 were 99.0% and 99.3%, respectively, compared with 103.2% and 102.3% for the corresponding periods of 2020, respectively. The decrease in the combined ratio in the third quarter and first nine months of 2021 reflects a lower expense ratio and reduced catastrophe losses.

Alleghany Capital

The following table summarizes earnings (losses) before income taxes and adjusted earnings (losses) before income taxes for the Alleghany Capital segment for the three and nine months ended September 30, 2021 and 2020:

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The increases in earnings before income taxes in the third quarter and first nine months of 2021 from the corresponding 2020 periods primarily reflect higher non-industrial and industrial earnings, partially offset by an increase in long-term incentive compensation accruals in Alleghany Capital’s corporate operations and lower realized capital gains.

The increases in non-industrial earnings before income taxes in the third quarter and first nine months of 2021 primarily reflect an increase in sales and margins at Jazwares and an increase in revenue and margins at IPS and Concord. Higher industrial earnings before income taxes in the third quarter and first nine months of 2021 primarily reflect increases in revenue and margins at W&W|AFCO Steel. Higher earnings before income taxes in the first nine months of 2021 also reflect the impact of Wilbert’s April 1, 2020 inclusion in Alleghany's consolidated results.

INVESTMENTS

Alleghany reported net investment income for the third quarter and first nine months of 2021 of $133 million and $413 million, respectively, representing an increase of 2.9% and 14.9%, respectively, from the corresponding periods of 2020. The increases in net investment income in the third quarter and first nine months of 2021 from the corresponding 2020 periods primarily reflect higher dividend income, partially offset by lower interest income. The increases in dividend income reflect an increased allocation to higher-yielding common stocks and for the first nine months a large special dividend received in the second quarter from a mutual fund. Lower interest income reflects the impact of low reinvestment yields on debt securities and lower yields on short-term investment and floating-rate debt securities.

The increase in net investment income in the first nine months of 2021 also reflects higher partnership income. Alleghany's partnership income in the first nine months of 2021 reflects appreciation in a certain partnership that has exposure to cryptocurrencies as well as gains in certain other partnerships, partially offset by losses in certain partnerships with catastrophe loss exposure. Alleghany's partnership income in the first nine months of 2020 reflected the impact of the Pandemic on lower-quality debt securities held by certain of its investment partnerships.

Financial statement total return5 on investments was (0.3)% for the third quarter of 2021, compared with 1.8% for the corresponding period of 2020, primarily reflecting depreciation in the value of Alleghany’s debt and equity securities portfolio, partially offset by higher net investment income.

In the third quarter and first nine months of 2020, Alleghany recorded $2 million and $76 million, respectively, of impairment charges at Stranded Oil Resources Corporation ("SORC") from write-downs of SORC’s oil field assets. SORC was subsequently sold on December 31, 2020.

OTHER FINANCIAL INFORMATION

On August 13, 2021, Alleghany completed a public offering of $500 million aggregate principal amount of its 3.250% senior notes due on August 15, 2051 (the “2051 Senior Notes”). The 2051 Senior Notes are unsecured and unsubordinated general obligations of Alleghany. The 2051 Senior Notes were issued at approximately 98.6% of par, resulting in proceeds after underwriting discount, commissions and other expenses of $488 million, and an effective yield of approximately 3.32%. Alleghany intends to use the net proceeds of this offering for general corporate purposes, which may include the repayment at maturity of the 4.95% senior notes due 2022.

As of September 30, 2021, Alleghany had 13,749,136 shares of its common stock outstanding, compared with 14,041,180 shares of its common stock outstanding as of December 31, 2020.

During the first nine months of 2021, Alleghany repurchased an aggregate of 295,411 shares of its common stock in the open market for $190 million, at an average price per share of $644.66. As of September 30, 2021, Alleghany had $242 million remaining under its share repurchase authorization.

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5 As calculated in Alleghany's financial supplement available on Alleghany's website. See "Additional Information".

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Additional Information

Concurrent with the issuance of today’s earnings press release, Alleghany has posted a financial supplement to its website, www.alleghany.com, containing additional schedules that provide further detail pertaining to Alleghany’s financial results, and Weston Hicks, Chief Executive Officer, has issued a letter to stockholders.

Additional information regarding Alleghany’s 2021 third quarter financial results, including management’s discussion and analysis of Alleghany’s financial condition and results of operations, is contained in Alleghany’s Quarterly Report on Form 10-Q for the period ended September 30, 2021 (the “Form 10-Q”), to be filed with the U.S. Securities and Exchange Commission (the “SEC”) on or about the date hereof. The Form 10-Q and the financial supplement will be available on Alleghany’s website at www.alleghany.com. The Form 10-Q will also be available on the SEC’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.

About Alleghany Corporation

Alleghany Corporation (NYSE-Y) creates value by owning and supporting its operating subsidiaries and managing investments, anchored by a core position in property and casualty reinsurance and insurance. Alleghany’s property and casualty subsidiaries include: Transatlantic Holdings, Inc. (“TransRe”), a leading global reinsurer; RSUI Group, Inc. (“RSUI”), which underwrites wholesale specialty insurance coverages including property, casualty, professional liability and directors’ and officers’ liability; and CapSpecialty, Inc. (“CapSpecialty”), an underwriter of commercial property, casualty and surety insurance coverages.

Alleghany’s subsidiary Alleghany Capital Corporation (“Alleghany Capital”) owns and supports a diverse portfolio of eight non-financial businesses. Alleghany Capital’s industrial businesses include: (i) Precision Cutting Technologies, Inc., which provides precision automated machine tool solutions and high-performance carbide end mills and manufactures and services waterjet orifices and nozzles; (ii) R.C. Tway Company, LLC (dba “Kentucky Trailer”), a manufacturer of custom trailers and truck bodies for the moving and storage industry and other markets; (iii) WWSC Holdings, LLC, a structural steel fabricator and erector (“W&W|AFCO Steel”); (iv) Wilbert Funeral Services, Inc. (“Wilbert”), a provider of products and services for the funeral and cemetery industries and precast concrete markets; and (v) Piedmont Manufacturing Group, LLC (“Piedmont”), a provider of injection molded and thermoformed parts and multi-component assemblies for original equipment manufacturer customers in a range of end-markets. Alleghany Capital’s non-industrial businesses include: (i) IPS-Integrated Project Services, LLC (“IPS”), a design, engineering, procurement, construction management and validation service provider focused on the global pharmaceutical and biotechnology industries; (ii) Jazwares, LLC (“Jazwares”), a global toy company; and (iii) CHECO Holdings, LLC ("Concord"), a hotel management and development company.

Non-GAAP Financial Measures

Throughout this press release, Alleghany’s results of operations have been presented in the way that Alleghany believes will be the most meaningful and useful to investors, analysts, rating agencies and others who use financial information in evaluating the performance of Alleghany. This presentation includes the use of underwriting profit, adjusted earnings, adjusted earnings per diluted share, adjusted earnings before income taxes and book value per share excluding accumulated other comprehensive income (“AOCI”), which are “non-GAAP financial measures.” The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Also, note that these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. A discussion of Alleghany’s calculation and use of these financial measures is provided below.

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Underwriting profit represents net premiums earned less net loss and loss adjustment expenses and commissions, brokerage and other underwriting expenses, all as determined in accordance with U.S. GAAP and does not include net investment income, change in the fair value of equity securities, net realized capital gains, change in allowance for credit losses on available for sale securities, product and service revenues, other operating expenses, corporate administration, amortization of intangible assets and interest expense. Alleghany consistently uses underwriting profit as a supplement to earnings before income taxes, the most comparable U.S. GAAP financial measure, to evaluate the performance of its reinsurance and insurance segments and believes that underwriting profit provides useful additional information to investors because it highlights net earnings attributable to a segment’s underwriting performance. Earnings before income taxes may show a profit despite an underlying underwriting loss; and when underwriting losses persist over extended periods, a reinsurance or an insurance company’s ability to continue as an ongoing concern may be at risk.

Alleghany also uses underwriting profit excluding catastrophe and Pandemic losses as a supplement to earnings before income taxes, the most comparable U.S. GAAP financial measure, to evaluate the performance of its reinsurance and insurance segments without consideration of catastrophe and Pandemic losses.

A reconciliation of underwriting profit (loss) and underwriting profit before catastrophe and Pandemic losses to earnings (losses) before income taxes is presented below.

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Adjusted earnings and adjusted earnings per diluted share represent net earnings attributable to Alleghany stockholders and earnings per diluted share, respectively, excluding (on an after-tax basis) change in the fair value of equity securities, net realized capital gains, change in allowance for credit losses on available for sale securities and amortization of intangible assets, all as determined in accordance with U.S. GAAP. Alleghany uses adjusted earnings and adjusted earnings per diluted share as supplements to net earnings attributable to Alleghany stockholders and earnings per diluted share, respectively, the most comparable U.S. GAAP financial measures, to provide useful additional information to investors by highlighting earnings and earnings per diluted share attributable to its performance exclusive of changes in the fair value of equity securities, net realized capital gains or losses, change in allowance for credit losses on available for sale securities and amortization of intangible assets.

Reconciliations of adjusted earnings and adjusted earnings per diluted share to net earnings (losses) attributable to Alleghany stockholders and earnings (losses) per diluted share, respectively, are presented below.

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1 The numerators for calculating earnings per diluted share and adjusted earnings per diluted share may be further reduced for the effect of dilutive securities. Please refer to the Form 10-Q for additional information.

Adjusted earnings before income taxes is a non-GAAP financial measure for Alleghany’s non-insurance operating subsidiaries and investments in the Alleghany Capital segment. Adjusted earnings before income taxes represents product and service revenues and net investment income less other operating expenses and interest expense, and does not include: (i) amortization of intangible assets; (ii) change in the fair value of equity securities; (iii) net realized capital gains; (iv) change in allowance for credit losses on available for sale securities; and (v) income taxes. Because adjusted earnings before income taxes excludes amortization of intangible assets, change in the fair value of equity securities, net realized capital gains, change in allowance for credit losses on available for sale securities and income taxes, it provides an indication of economic performance that is not affected by levels of effective tax rates or levels of amortization resulting from acquisition accounting. Alleghany uses adjusted earnings before income taxes as a supplement to earnings before income taxes, the most comparable GAAP financial measure, to evaluate the performance of certain of its non-insurance operating subsidiaries and investments. A reconciliation of adjusted earnings before income taxes to earnings before income taxes is presented above in “Segment Results-Alleghany Capital.”

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Book value per share excluding AOCI is calculated by dividing: (i) stockholders’ equity attributable to Alleghany stockholders less AOCI, all as determined in accordance with GAAP, by (ii) shares outstanding. Alleghany uses book value per share excluding AOCI as a supplement to book value per share, the most comparable GAAP financial measure, in order to better disclose its per share performance by excluding the effects of AOCI, which includes changes in interest rates and credit spreads on its debt securities portfolio, among others. A reconciliation of book value per share to book value per share excluding AOCI is presented below.

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Forward-looking Statements

This release contains disclosures, which may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should” or the negative versions of those words or other comparable words. Forward-looking statements do not relate solely to historical or current facts; rather, they are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time. These statements are not guarantees of future performance. These forward-looking statements are based upon Alleghany’s current 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. Factors that could cause these forward-looking statements to differ, possibly materially, from that currently contemplated include:

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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 we have no control; changes in Alleghany’s plans, strategies, objectives, expectations, or intentions, which may happen at any time at its discretion; and other factors discussed in Alleghany’s 2020 Form 10-K. All forward-looking statements speak only as of the date they are made and are based on information available at that time. Alleghany does not undertake any obligation to update or revise any forward-looking statements to reflect subsequent circumstances or events.

For more information, please contact:

Dale James
Alleghany Corporation
212-508-8116

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ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets