Income Taxes	3 Months Ended
Mar. 31, 2016
Income Taxes	5. Income Taxes The effective tax rate on earnings before income taxes for the first three months of 2016 was 27.2 percent, compared with 24.3 percent for the first three months of 2015. The increase in the effective tax rate in the first quarter of 2016 from the first quarter of 2015 primarily reflects higher taxable income, primarily from higher underwriting profits, and lower tax-exempt interest income arising from municipal bond securities. Alleghany believes that, as of March 31, 2016, 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 were no material liabilities for interest or penalties accrued as of March 31, 2016.

Income Taxes

3 Months Ended

Mar. 31, 2016

5. Income Taxes

The effective tax rate on earnings before income taxes for the first three months of 2016 was 27.2 percent, compared with 24.3 percent for the first three months of 2015. The increase in the effective tax rate in the first quarter of 2016 from the first quarter of 2015 primarily reflects higher taxable income, primarily from higher underwriting profits, and lower tax-exempt interest income arising from municipal bond securities.

Alleghany believes that, as of March 31, 2016, 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 were no material liabilities for interest or penalties accrued as of March 31, 2016.