U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 4
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Kirby, F. M.
17 DeHart Street
P.O. Box 151
Morristown, NJ 07963-0151
USA
2. Issuer Name and Ticker or Trading Symbol
Alleghany Corporation
Y
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
May 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
(X) Director (X) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman of the Board
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |3/19/9|J(1)| |6,215 |A |$197.25 | | | |
|6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|3/19/9|J(1)| |3,107 |D |$197.25 |177,259 |D(2) | |
|6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|5/7/96|J(3)| |2,204 |D |J(3) |110,344 |I |(4) |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | |423,756 |I(2) |(5) |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Performance Shares |(1) |3/19/|J(1)| |6,215 |D |3/19/|3/19/|Common Stock|6,215 | |4,751(6) |D | |
| |96 | | | | |96 |96 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) Settlement of 6,215 performance shares, awarded under the Alleghany
Corporation 1983 Long-Term Incentive
Plan, which complies with old Rule 16b-3, for 3,108 shares of Alleghany
Corporation Common Stock and
$612,855.75 in cash. Pursuant to Section 16 of the Securities Exchange Act of
1934 and the rules promulgated
thereunder, the settlement has been reported as the reduction of the
performance share position by 6,215
performance shares, the purchase of 6,215 shares of Alleghany Corporation
Common Stock and the sale of 3,107
shares of such Common Stock, but the undersigned disclaims that any purchase or
sale actually occurred.
(2) Includes 2% stock dividend paid April 26,
1996.
(3) Distribution of stock dividend to
beneficiaries
(4) Held by me as sole trustee of trusts for the benefit of my children; I
disclaim beneficial ownership of these
shares.
(5) Held by trust of which I am co-trustee and primary
beneficiary.
(6) Amount reflects anti-dilution
adjustments.
SIGNATURE OF REPORTING PERSON
/s/ F.M. Kirby
DATE
June 6, 1996
