UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
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).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Burns, Jr., John J.
Alleghany Corporation
375 Park Avenue
New York, NY 10152
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
December 31, 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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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 |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common stock |6/18/9|A(1)|12,802 |A |$223.875 | | | |
|8 | | | | | | | |
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|6/18/9|D(1)|6,401 |D |$223.875 | | | |
|8 | | | | | | | |
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|6/18/9|A(2)|7,681 |A |$223.875 | | | |
|8 | | | | | | | |
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|12/21/|G |920 |D | |39,836 |D | |
|98 | | | | | | | |
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| | | | | |726 |I |by wife |
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| | | | | |325 |I |by daughter |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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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 |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice 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 | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Explanation of Responses:
(1) Settlement of 12,802 performance shares for 6,401 shares of Common stock
and $1,432,934.72 in cash.
(2) Vesting of 7,681 performance shares for 7,681 shares of Common stock.
Payout is deferred until the month after
the undersigned ceases to be an officer of Alleghany Corporation and will be
paid one-half in shares of Common
stock and one-half in cash (based upon the fair market value of the Common
stock at the time of the payout).
SIGNATURE OF REPORTING PERSON
/s/ John J. Burns, Jr.
DATE
January 13, 1999
