This filing is made
pursuant to Rule
424(b)(3) under the
Securities Act of 1933 in
connection with
Registration Statement No
333-13971
PROSPECTUS SUPPLEMENT NO. 1
(TO PROSPECTUS DATED MARCH 5, 1997)
31,564 SHARES
ALLEGHANY CORPORATION
COMMON STOCK
This Prospectus Supplement supplements information
contained in that certain prospectus dated March 5, 1997
(the "Prospectus") relating to 31,564 shares of common
stock, par value $1.00 per share, of Alleghany Corporation
being offered for the accounts of certain persons named
therein under "Selling Stockholders" or by pledgees, donees,
transferees or other successors in interest of the Selling
Stockholders. This Prospectus Supplement is not complete
without, and may not be delivered or utilized except in
connection with, the Prospectus, including any amendments or
supplements thereto. Capitalized terms used but not defined
herein have the meanings assigned to them in the Prospectus;
except where the context otherwise requires, the term
"Prospectus" includes this Prospectus Supplement.
On May 20, 1997, one of the Selling Stockholders,
Mike A. Leprino, made a charitable gift to the Mike Leprino
Family Foundation (the "Foundation") of all of the 16,855
Shares he received in the Merger. As a result of such gift,
the Foundation is added as a named Selling Stockholder for
all purposes of the Prospectus, except that neither the
Foundation nor Alleghany has agreed to indemnify the other
in respect of any liability arising out of or due to actual
or alleged material misstatements or omissions in the
Registration Statement or the Prospectus. All of the 16,855
Shares held by the Foundation are offered for sale pursuant
to the Prospectus.
THE DATE OF THIS PROSPECTUS SUPPLEMENT IS JUNE 26, 1997
