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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 26, 1998
Alleghany Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-9371 51-0283071
(Commission File Number) (IRS Employer Identification Number)
375 Park Avenue
New York, New York 10152
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 752-1356
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Item 5. Other Events.
On May 26, 1998, Alleghany Corporation issued the press release attached
hereto as Exhibit 99 and incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. The following exhibits accompany this Report:
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Exhibit Number Exhibit Description
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<S> <C>
99 Alleghany Corporation press release dated
May 26, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ALLEGHANY CORPORATION
Date: May 26, 1998 By: /s/ David B. Cuming
__________________________________
David B. Cuming
Senior Vice President and chief
financial officer
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Index to Exhibits
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Exhibit Number Exhibit Description
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<S> <C>
99 Alleghany Corporation press release dated
May 26, 1998.
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Contact: R.M. Hart
(212) 752-1356
FOR IMMEDIATE RELEASE
ALLEGHANY CORPORATION SETS RECORD DATE OF
JUNE 10, 1998 FOR SPIN-OFF OF CHICAGO TITLE CORPORATION
NEW YORK, NY, May 26, 1998 -- Alleghany Corporation (NYSE-Y) announced
today that the record date for the previously announced spin-off of Chicago
Title Corporation ("Chicago Title"), a newly formed holding company for Chicago
Title and Trust Company, will be June 10, 1998.
The spin-off (the "Spin-Off") will be accomplished through a distribution
of three shares of Chicago Title common stock for each share of Alleghany common
stock outstanding on the record date. Alleghany stockholders of record will not
be required to pay for any shares of Chicago Title common stock distributed to
them or to take any action to receive such shares of Chicago Title common stock.
The effective date of the Spin-Off will be June 17, 1998. The Internal Revenue
Service has ruled that the Spin-Off will be tax-free to Alleghany stockholders
and to Alleghany.
It is anticipated that the Chicago Title common stock to be distributed in
the Spin-Off will commence "when issued" trading on the New York Stock Exchange
under the symbol "CTZ" on Monday, June 8, 1998.
Further details concerning the Spin-Off will be provided to Alleghany
stockholders in an information statement to be distributed to Alleghany
stockholders prior to the effective date of the Spin-Off.
Chicago Title is one of the nation's largest providers of title insurance
and other related services for residential and commercial real estate
transactions. Chicago Title currently has more than 300 full service offices and
3,800 policy issuing agents in 49 states, Puerto Rico, the Virgin Islands, Guam
and Canada.
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After the Spin-Off, Alleghany will continue to engage in the property and
casualty reinsurance and insurance, industrial minerals and financial services
businesses conducted by its subsidiaries Underwriters Re Group, Inc., World
Minerals Inc. and Alleghany Asset Management, Inc. Alleghany will also continue
to operate a steel fastener importing and distribution business through its
Heads and Threads division.
Alleghany beneficially owns approximately 7.43 million shares, or
4.7 percent, of Burlington Northern Santa Fe Corporation, which owns one of the
largest railroad networks in North America, with 34,000 route miles covering 28
states and two Canadian provinces.
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