Exhibit 99.1

ALLEGHANY CORPORATION

7 Times Square Tower, 17^th Floor

New York, NY 10036

ALLEGHANY CORPORATION REPORTS 2016 FIRST QUARTER RESULTS

NEW YORK, NY, May 5, 2016 – Alleghany Corporation (NYSE-Y) announced today its financial results for the first quarter of 2016. Highlights are listed below.

Weston Hicks, President and chief executive officer of Alleghany stated, “Strong underwriting results at TransRe and in our insurance segment resulted in a consolidated combined ratio of 87.7% for the first quarter of 2016. Favorable prior year reserve development of $85.3 million, primarily at TransRe and RSUI, compared with favorable prior year reserve development of $40.6 million in the first quarter of last year, and light catastrophe losses were significant contributors to the current quarter results. PacificComp and CapSpecialty also delivered solid growth in net premiums written and improved operating performance in the current quarter. Net premiums written growth of 21.2% (22.2% on a constant currency basis) in the first quarter included increases in both our reinsurance and insurance segments and was primarily attributable to the large whole account quota share treaty written by TransRe in the fourth quarter of 2015.”

Mr. Hicks continued, “Our investment in Alleghany Capital was $505.9 million as of March 31, 2016. Alleghany Capital is becoming an increasingly meaningful contributor to our results as its businesses generated revenue growth and improved performance. This quarter represents the first full quarter of operations of IPS-Integrated Project Services, which we acquired in October 2015. Alleghany Capital’s manufacturing and services businesses, which comprises our ownership in Kentucky Trailer, IPS, Bourn & Koch and investment in Jazwares, generated $1.5 million of earnings before income taxes and $7.0 million of Adjusted EBITDA in the first quarter while Alleghany Capital’s oil and gas business, primarily SORC, continued to operate at a loss, with $7.5 million of losses before income taxes and negative Adjusted EBITDA of ($3.9) million in the current quarter. In April, Alleghany Capital completed a majority follow-on investment in Jazwares and continues to pursue additional investment opportunities which can benefit from Alleghany Capital’s unique strategy and focus on long-term value creation.”

“During the quarter we repurchased 113,100 Alleghany shares at an average price of $471.15 per share. At our current book value per share of $503.43, these purchases were immediately accretive to our stockholders.”

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

² Net earnings attributable to Alleghany stockholders.

The following table summarizes the three months ended March 31, 2016 and 2015:

SEGMENT RESULTS

The following table summarizes the segment results for the three months ended March 31, 2016 and 2015:

Reinsurance Segment

The increase in TransRe’s net premiums written in the first quarter of 2016 from the first quarter of 2015 primarily reflects $244.8 million of premiums recorded in connection with a large whole account quota share treaty placed as of December 31, 2015, partially offset by changes in foreign exchange rates (approximately $11 million), reduced participation on or non-renewal of certain treaties, reductions in pricing and, to a lesser extent, higher ceded premium written due to a strategic increase in retrocessional reinsurance coverage purchased by TransRe in 2016.

TransRe’s 2016 first quarter combined ratio was 89.8%, compared with 88.8% for the 2015 first quarter. TransRe’s higher combined ratio for the 2016 first quarter primarily reflects higher net premiums earned and more favorable prior year loss reserve development of $71.0 million in the current quarter compared with $38.4 million in the 2015 first quarter, partially offset by a higher loss ratio for the current accident year. The increase in the current accident year loss ratio was due primarily to weather related losses on the large whole account quota share treaty placed as of December 31, 2015, and changes in business mix.

Insurance Segment

The increase in the insurance segment net premiums written in the first quarter of 2016 from the first quarter of 2015 reflects continued targeted growth at PacificComp and CapSpecialty, partially offset by competition driven property insurance premium declines at RSUI. For the first quarter of 2016, PacificComp’s net premiums written increased by 59.4%, CapSpecialty’s net premiums written increased by 16.4%, and RSUI’s net premiums written decreased by 8.9%.

The insurance segment’s combined ratio was 80.6% for the 2016 first quarter, compared with 84.2% for the 2015 first quarter. The lower combined ratio and higher underwriting profit for the first quarter of 2016 primarily reflects more favorable prior year loss reserve development of $14.3 million in the current quarter compared with $2.2 million in the 2015 first quarter.

Alleghany Capital Corporation

The following table summarizes the Adjusted EBITDA and Earnings (losses) before income taxes for Alleghany Capital Corporation for the three months ended March 31, 2016 and 2015:

INVESTMENT PERFORMANCE

Alleghany reported net investment income for the first quarter of 2016 of $104.9 million, a decrease of 7.5% from the first quarter of 2015. The decrease in net investment income in the first quarter of 2016 from the first quarter of 2015 primarily reflects lower earnings from partnership investments and equity-method investments included in other invested assets, partially offset by higher interest income from funds withheld by cedants. Financial statement total return³ on investments was 1.5% in the 2016 first quarter, compared with 1.1% for the 2015 first quarter.

OTHER FINANCIAL INFORMATION

As of March 31, 2016, Alleghany had 15,437,632 shares of its common stock outstanding, compared with 15,544,077 shares of its common stock outstanding as of December 31, 2015. As of March 31, 2016, Alleghany had $394.2 million remaining under its share repurchase authorization.

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 a number of schedules that provide additional detail pertaining to Alleghany’s financial results.

Additional information regarding Alleghany’s 2016 first 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 March 31, 2016 (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.

³ As calculated in Alleghany’s financial supplement.

About Alleghany Corporation

Alleghany Corporation (NYSE-Y) creates value through owning and managing operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. Alleghany’s property and casualty subsidiaries include: Transatlantic Holdings, Inc. (referred to herein as “TransRe”), a leading global reinsurer; RSUI Group, Inc. (referred to herein as “RSUI”), a national underwriter of property and liability specialty insurance coverages; CapSpecialty, Inc. (referred to herein as “CapSpecialty”), an underwriter of commercial property, casualty and surety insurance coverages; and Pacific Compensation Corporation (referred to herein as “PacificComp”), an underwriter of workers’ compensation insurance, primarily in California. Alleghany’s subsidiary Alleghany Capital Corporation (referred to herein as “Alleghany Capital”) engages in and oversees strategic investments and acquisitions.

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, operating earnings per diluted share and Adjusted EBITDA, which are “non-GAAP financial measures,” as such term is defined in Regulation G promulgated by the SEC.

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 accounting principles generally accepted in the United States of America (“U.S. GAAP”), and does not include net investment income, net realized capital gains, other than temporary impairment losses, other income, other operating expenses, corporate administration, amortization of intangible assets or 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 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.

Underwriting profit is not meant to be considered in isolation or as a substitute for measures of operating performance prepared in accordance with U.S. GAAP. Reconciliation of underwriting profit to earnings before income taxes is presented below.

Operating earnings per diluted share represents earnings per diluted share excluding (on an after-tax basis): net realized capital gains; and other than temporary impairment losses, all as determined in accordance with U.S. GAAP. Alleghany uses operating earnings per diluted share as a supplement to diluted earnings per share, the most comparable U.S. GAAP financial measure, to provide useful additional information to investors by highlighting earnings per diluted share attributable to its performance exclusive of realized capital gains or losses and impairments. A reconciliation of operating earnings per diluted share to diluted earnings per share is presented below.    

Adjusted EBITDA is a “non-GAAP financial measure” for Alleghany’s non-insurance operating subsidiaries and investments held by its Alleghany Capital subsidiary. Adjusted EBITDA represents other revenue less certain other expenses, and does not include: (i) depreciation expense (a component of other operating expenses); (ii) amortization of intangible assets; (iii) interest expense; (iv) net realized capital gains; (v) OTTI losses; and (vi) income taxes. Because Adjusted EBITDA excludes interest, income taxes, depreciation and amortization, it provides an indication of economic performance that is not affected by levels of debt, interest rates, effective tax rates or levels of depreciation and amortization resulting from purchase accounting. Alleghany uses Adjusted EBITDA as a supplement to earnings before income taxes, the most comparable GAAP financial measure, to evaluate the performance of certain of our non-insurance operating subsidiaries and investments. A reconciliation of Adjusted EBITDA to earnings before income taxes is presented herein.

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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” 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 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,

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 its 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.

For more information, please contact:

Kerry Jacobs

Alleghany Corporation

212-508-8141

ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

ALLEGHANY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Earnings and Comprehensive Income

(unaudited)