Exhibit 99.1

ALLEGHANY CORPORATION

1411 Broadway, 34th Floor

New York, NY 10018

ALLEGHANY CORPORATION REPORTS 2022 SECOND QUARTER RESULTS

NEW YORK, NY, August 4, 2022 – Alleghany Corporation (NYSE-Y) announced its financial results for the second quarter of 2022. Book value per share was $587.62 at June 30, 2022, a decrease of 8.0% and 13.0% from March 31, 2022 and December 31, 2021, respectively. Excluding the change in accumulated other comprehensive income, book value per share decreased 2.1% and 0.9% during the same periods, respectively.

Highlights for the quarter are summarized below1:

Highlights for the first six months are summarized below1:

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

2 Underwriting profit and adjusted earnings are non-GAAP financial measures as defined in SEC Regulation G. Refer to “Non-GAAP Financial Measures” below.

3 Relates to Alleghany Capital product and service revenues.

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Joe Brandon, President and Chief Executive Officer, commented “Alleghany produced good underwriting and operating results in the second quarter and first half of the year, generating adjusted earnings of $233 million and $487 million, respectively. However, consistent with overall financial markets in the first six months of this year, these operating results were overtaken by (mostly unrealized) losses on our bond and stock portfolios. Consequently, book value per share decreased by 13% from the start of the year to $587.62.

“During the second quarter, our re/insurance businesses generated an underwriting profit of $165 million and a combined ratio of 90.4%, reflecting continued rate increases and attractive new business opportunities. RSUI grew net premiums written by 21.5% in the second quarter, reflecting strong rate growth and new business opportunities, and generated an underwriting profit of $82 million and a combined ratio of 77.4%. Excluding a large quota share treaty TransRe elected not to renew at the end of 2021, TransRe’s casualty and specialty net premiums written grew by 14.6%, while its property business declined by 17.2% as it continued to reshape its property catastrophe portfolio. Despite continued global catastrophe losses, TransRe produced $88 million of underwriting profit and a 92.9% combined ratio in the second quarter.

“Alleghany Capital delivered 60% revenue growth and adjusted earnings before income taxes of $119 million in the quarter. Growth was driven predominantly by Jazwares and IPS. Alleghany Capital’s operating companies are experiencing strong order flow and are positioned to continue to grow.

“We are pleased with the operating performance of our businesses in the first half of 2022 and look forward to becoming part of Berkshire Hathaway later this year, subject to satisfaction of customary closing conditions.”

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The following table summarizes results for the three and six months ended June 30, 2022 and 2021:

SEGMENT RESULTS

The following table summarizes the reinsurance and insurance segment results for the three and six months ended June 30, 2022 and 2021:

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Reinsurance

TransRe’s results in the first six months of 2022 and at July 1, 2022 saw growth across the casualty and specialty lines driven by new and existing business, and a contraction in the property catastrophe business.

TransRe’s net premiums written decreased 9.1% and 5.9% in the second quarter and first six months of 2022, respectively, from the corresponding periods of 2021, primarily reflecting the impact of TransRe’s decision to not renew a certain large whole account quota share treaty as of December 31, 2021. Also contributing were decreases in property lines of business, partially offset by improving rates and growth in various casualty and specialty lines of business.

TransRe’s combined ratio for the second quarter of 2022 was 92.9% compared with 91.1% for the second quarter of 2021, primarily reflecting the impact of higher commission rates and less favorable prior accident year loss and LAE reserve development. TransRe’s combined ratio for the first six months of 2022 was 93.4% compared with 95.0% for the first six months of 2021, primarily reflecting lower catastrophe losses, partially offset by the impact of higher commission rates.

TransRe’s current year catastrophe losses in the second quarter and first six months of 2022 were $27 million and $75 million, respectively. Catastrophe losses in the second quarter and first six months included $9 million and $44 million, respectively, from the ongoing conflict between Russia and Ukraine and $18 million and $31 million, respectively, from Australian floods. In the second quarter and first six months of 2021, TransRe incurred $27 million and $127 million of losses related to Winter Storm Uri and other storms (collectively, “Winter Storms”), respectively.

Insurance

Insurance segment net premiums written increased 17.2% and 18.8% in the second quarter and first six months of 2022, respectively, from the corresponding periods of 2021, reflecting growth at both RSUI and, to a lesser extent, CapSpecialty.

RSUI’s net premiums written increased 21.5% and 23.2% in the second quarter and first six months of 2022, respectively, from the corresponding periods of 2021, reflecting growth in most lines of business due to increases in business opportunities, higher rates and improved general market conditions, particularly in the property and professional liability lines of business. The increase in net premiums written in the second quarter of 2022 was partially offset by a decline in the directors’ and officers’ liability lines of business.

RSUI’s combined ratio for the second quarter and first six months of 2022 was 77.4% and 72.2%, respectively, compared with 83.6% and 89.6% for the corresponding periods of 2021. The decrease in the combined ratio in the second quarter and first six months of 2022 primarily reflects lower catastrophe losses and the impact of lower overall current accident year loss ratios excluding catastrophe losses, partially offset by unfavorable prior accident year loss reserve development compared with favorable prior accident year loss reserve development in the second quarter and first six months of 2021.

RSUI’s catastrophe losses in the second quarter and first six months of 2022 were $17 million and $19 million, respectively, related to severe weather in the U.S. Catastrophe losses in the second quarter and first six months of 2021 were $44 million and $125 million, respectively, primarily related to the Winter Storms as well as additional catastrophe losses related to severe weather and flooding in the Midwestern U.S. in the spring of 2021.

CapSpecialty’s net premiums written increased 2.4% and 4.1% in the second quarter and first six months of 2022, respectively from the corresponding periods of 2021, primarily reflecting growth in certain specialty casualty and professional liability lines of business and, to a lesser extent, growth in the surety lines of business, reflecting increases in business opportunities and higher rates, partially offset by a curtailment of certain unprofitable broker relationships and declines in discontinued binding authority business.

CapSpecialty’s combined ratio for the second quarter and first six months of 2022 was 105.1% and 102.4%, respectively, compared with 99.3% and 99.4% for the corresponding periods of 2021. The increase in the combined ratio in the second quarter and first six months of 2022 primarily reflects higher unfavorable prior accident year loss reserve development, partially offset by an improved expense ratio.

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Alleghany Capital

The following table summarizes earnings before income taxes and adjusted earnings before income taxes for the Alleghany Capital segment for the three and six months ended June 30, 2022 and 2021:

The increase in earnings before income taxes in the second quarter and first six months of 2022 from the corresponding periods of 2021 primarily reflects higher consumer and services earnings before income taxes driven by higher revenues and improved margins at Jazwares due to strong customer demand across its product portfolio of owned brands and licenses. Increased revenue and earnings from IPS and Concord also contributed to the improved results in the second quarter and first six months of 2022. IPS’s results also reflect the addition of Linesight, acquired in October 2021.

INVESTMENTS

Alleghany reported net investment income for the second quarter and first six months of 2022 of $106 million and $219 million, respectively, representing a decrease of 16.9% and 21.9%, respectively, from the corresponding periods of 2021, primarily reflecting lower dividend income and lower partnership income. The lower dividend income is primarily due to a large special dividend in the second quarter 2021 from a mutual fund. The lower partnership income is due to lower returns in certain partnerships that invest in lower-quality debt. For the first six months of 2022, lower partnership income also reflects depreciation compared with appreciation in 2021 in certain partnerships that have exposure to cryptocurrencies.

Financial statement total return4 on investments was (4.8%) and (8.6%) for the second quarter and first six months of 2022, compared with 2.2% and 2.1% for the corresponding periods of 2021, primarily reflecting depreciation in the value of Alleghany’s debt and equity securities portfolio.

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4 As calculated in Alleghany's financial supplement available on Alleghany's website. See “Additional Information”.

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OTHER FINANCIAL INFORMATION

As of June 30, 2022, Alleghany had 13,455,454 shares of its common stock outstanding, compared with 13,598,535 shares of its common stock outstanding as of December 31, 2021.

Through March 18, 2022, Alleghany repurchased an aggregate of 144,864 shares of its common stock in the open market for $96.0 million, at an average price per share of $662.60. Upon the public announcement of the merger agreement, repurchases of shares of common stock ceased.

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.

Additional information regarding Alleghany’s 2022 second 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 June 30, 2022 (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 owns operating subsidiaries and manages investments, anchored by a core position in property and casualty reinsurance and insurance. Alleghany’s property and casualty subsidiaries include: Transatlantic Holdings, Inc., a leading global reinsurer; RSUI Group, Inc., which underwrites wholesale specialty insurance coverages; and CapSpecialty, Inc., an underwriter of specialty casualty and surety insurance coverages. Alleghany’s subsidiary Alleghany Capital Corporation owns and supports a diverse portfolio of eight non-financial businesses.

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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.

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: (i) net investment income; (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; (v) product and service revenues; (vi) other operating expenses; (vii) corporate administration; (viii) amortization of intangible assets; and (ix) 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 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 losses.

A reconciliation of underwriting profit and underwriting profit before catastrophe losses to earnings 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): (i) change in the fair value of equity securities; (ii) net realized capital gains; (iii) change in allowance for credit losses on available for sale securities; and (iv) 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 attributable to Alleghany stockholders and earnings 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) change in the fair value of equity securities; (ii) net realized capital gains; (iii) change in allowance for credit losses on available for sale securities; and (iv) amortization of intangible assets. Because adjusted earnings before income taxes excludes 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, 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 the effect of 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 2021 Form 10-K and subsequent filings with the SEC. 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