Alleghany Announces Commencement of Senior Notes Public Offering

       Alleghany Announces Commencement of Senior Notes Public Offering

PR Newswire

NEW YORK, June 21, 2012

NEW YORK, June 21, 2012 /PRNewswire/ -- Alleghany Corporation ("Alleghany")
(NYSE-Y) today announced that it has commenced a public offering of its Senior
Notes due 2022 (the "Senior Notes").

Alleghany currently expects to use the net proceeds from the sale of its
Senior Notes for general corporate purposes, including, but not limited to,
acquisitions, additions to working capital, capital expenditures, investments,
contributions of capital to its subsidiaries and repayment of debt.

Morgan Stanley, US Bancorp and Wells Fargo Securities are acting as joint
book-running managers for the Senior Notes offering.

The Senior Notes will be issued pursuant to an effective shelf registration
statement and prospectus supplement filed with the Securities and Exchange
Commission (the "SEC").  The offering is being made only by means of a
prospectus supplement and accompanying prospectus.  When available, copies of
these documents may be obtained by calling Morgan Stanley & Co. LLC, at
1-866-718-1649; U.S. Bancorp Investments, Inc., at 1-877-558-2607, or Wells
Fargo Securities, LLC, at 1-800-326-5897 or emailing
cmclientsupport@wellsfargo.com.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of, the Senior Notes in any
state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state or jurisdiction. 

Alleghany engages in the ownership and management of operating subsidiaries
and investments, anchored by a core position in property and casualty
insurance and reinsurance.  Alleghany's operating subsidiaries include
Transatlantic Holdings, Inc., a leading global reinsurance organization
headquartered in New York; RSUI Group, Inc., a national underwriter of
property and liability specialty insurance coverages; Capitol Transamerica
Corporation, an underwriter of property and casualty insurance coverages with
a focus on the Midwest and Plains states and a national underwriter of
specialty property and casualty and surety insurance coverages; Pacific
Compensation Corporation, an underwriter of workers' compensation insurance
primarily in California; and Alleghany Properties LLC, a significant landowner
in Sacramento, California.

This press release contains forward-looking statements with respect to the
anticipated effects of the transaction.  Actual results of the transaction
could be significantly different. Factors that could affect results include
those set forth in filings made by Alleghany with the SEC.  Although
forward-looking statements help to provide complete information about future
prospects, readers should keep in mind that forward-looking statements are
much less reliable than historical information.

SOURCE Alleghany Corporation

Contact: C.K. Dalrymple, +1-212-752-1356