Alleghany : Fourth Quarter 2021 Investor Presentation

Alleghany

Investor Presentation

March 2022

Strategic Update

Stable Leadership - Aligned with Long-Term Horizon

Otis & Mantis	Robert Young	Allan Kirby	F.M. Kirby
Van Sweringen
1929 - 1937	1937 - 1958	1958 - 1967	1967 - 1992
Founders	21 years	9 years	25 years

John J. Burns, Jr.	Weston M. Hicks	Joe Brandon
1992 - 2004	2004 - 2021	2022 - Current
12 years	17 years
		Strong Team of Executive Leaders
	•	Kerry Jacobs - EVP & CFO
	•	Chris Dalrymple, General Counsel
	•	David Van Geyzel, CEO - Alleghany Capital
	•	John Shannon, CIO
	•	Reeva Bakhshi, Deputy CFO & Treasurer

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A Commitment to Good Stewardship

"Whatever opportunities,

challenges or risks unfold, we are committed to

being good stewards of our stockholders'

hard-earned savings"

- Joe Brandon

2021 Alleghany Stockholder Letter

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Our Management Approach

Philosophy

"Conservatismdominates our management philosophy. We shun investment fads and fashions in favor of acquiring relatively few interests in basic financial, industrial and other enterprises that offer the potential to deliver long-termvalue to our investors"

Strategy

1 Own high-quality underwriting franchises

• Underwrite for profit
• Grow premiums only when market allows for profitable growth
• Consistently maintain appropriately prudent loss reserves

2	Invest for total return when risk/reward is

	attractive

3 Acquire quality businesses at reasonable prices

• Provide resources, support and oversight to help them grow revenues, profits and returns

4	Maintain a conservative financial and operating
	risk profile
5	Hold significant unrestricted liquidity for


potential opportunities (and downturns)

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