Alleghany Corporation Completes Spin-Off of Chicago Title Corporation.NEW YORK--(BUSINESS WIRE)--June 17, 1998--Alleghany Corporation (NYSE NYSE See: New York Stock Exchange : Y) and Chicago Title Corporation (NYSE: CTZ CTZ Chemoreceptor trigger zone, see there ) today jointly announced the completion of the spin-off (the "Spin-Off") of Chicago Title Corporation ("Chicago Title") to Alleghany's stockholders of record as of June 10, 1998. Chicago Title, through its subsidiaries Chicago Title and Trust Company, Chicago Title Insurance Company, Security Union Title Insurance Company and Ticor Title Insurance Company, 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 Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , the Virgin Islands, Guam and Canada. The Spin-Off was effected through a distribution of three shares of Chicago Title common stock for each share of Alleghany common stock outstanding on the record date. The Internal Revenue Service has ruled that the Spin-Off will be tax-free to Alleghany stockholders and to Alleghany. Alleghany will continue to engage in the property and casualty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and insurance, industrial minerals and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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 Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. Corporation, which owns one of the largest railroad networks in North America, with 34,000 route miles covering 28 states and two Canadian provinces.
CONTACT: Alleghany Corporation
R.M. Hart, 212/752-1356
or
Chicago Title Corporation
Paul T. Sands, Jr., 312/223-5104
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