Alleghany Announces Pricing of $300 Million of 5.625% Senior Notes Due 2020

NEW YORK--(Business Wire)--
Alleghany Corporation ("Alleghany") (NYSE:Y) today announced that it has set the
price for the public offering of $300 million of its 5.625% Senior Notes due
September 15, 2020 (the "Senior Notes"). Alleghany currently intends to use the
net proceeds from the sale of the 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,
repayment of debt, and repurchases and redemptions of its securities.

U.S. Bancorp Investments, Inc., J.P. Morgan Securities LLC and Wells Fargo
Securities, LLC 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 previously filed with the Securities and Exchange Commission (the
"SEC"). A prospectus supplement relating to the offering of the Senior Notes has
also been filed with the SEC. Copies of the prospectus supplement and the
accompanying base prospectus relating to the offering can be obtained from: U.S.
Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, North
Carolina 28202, Attention: Syndicate Operations, 1-877-558-2606; J.P. Morgan
Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: High Grade
Syndicate Desk - 3rd floor, Telephone Number: 212-834-4533; and Wells Fargo
Securities, LLC, 1525 West W.T. Harris Boulevard, NC0675, Charlotte, North
Carolina 28262, Attn: Syndicate Operations, Toll-Free: 1-800-326-5897, Email:
Prospectus.specialrequests@wachovia.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. Any offering of the Senior Notes is being made only by means of a
written prospectus meeting the requirements of Section 10 of the Securities Act
of 1933, as amended.

Alleghany is engaged through its subsidiary Alleghany Insurance Holdings LLC
(consisting of its insurance operating units RSUI Group, Inc., Capitol
Transamerica Corporation, and Pacific Compensation Corporation) in the property
and casualty insurance business.

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.

Alleghany Corporation
C.K. Dalrymple, 212-752-1356

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