Alleghany Announces 2007 Stock Dividend.

NEW YORK -- The board of directors of Alleghany Corporation (NYSE:Y) has declared a dividend on its common stock of one share of Alleghany common stock in respect of every 50 shares outstanding. This stock dividend will be distributed on April 27 to holders of record on April 2. Cash will be paid in lieu of fractional shares of Alleghany stock.

Alleghany anticipates making arrangements by which stockholders who so desire may instruct the company's transfer agent to sell the shares of Alleghany common stock distributable to them, and receive the cash proceeds.