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Income Taxes

6 Months Ended

Jun. 30, 2014

5.	Income Taxes

The effective tax rate on earnings before income taxes for the first six months of 2014 was 24.8 percent, compared with 22.6 percent for the first six months of 2013. The higher effective tax rate in the first six months of 2014 primarily reflects higher taxable income in the first half of 2014.

Alleghany believes that, as of June 30, 2014, it had no material uncertain tax positions. Interest and penalties relating to unrecognized tax expenses (benefits) are recognized in income tax expense, when applicable. There was no liability for interest or penalties accrued as of June 30, 2014.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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