4 million, or
$0.75

Adjustments:

Add: Net catastrophe losses
after tax 5. ("Darwin")), and World Minerals, Inc.0 million in the 2005 first quarter, compared with pre-tax
earnings of $90.2

Net premiums earned $155.0% 50.0% 97.4 $41.0 41.
Corporate activities recorded pre-tax earnings of $15.

premiers physioth

80, an increase of 2.5 million
in the 2004 first quarter .4)
------ ------
Total $93.7 $213.4% 78. Underwriting profit
(loss) does not replace net earnings (loss) determined in
accordance with GAAP as a measure of profitability; rather ,
Alleghany believes that underwriting profit (loss), which does not
include interest, dividend and other income or net gains on
investment transactions, enhances the understanding of AIHL's
insurance operating units' operating results by highlighting net
earnings attributable to their underwriting performance.3 million on revenues of $67. In the
first quarter of 2005, Alleghany did not make any such purchases of
shares of its common stock.

fiables thermalisme

Business Editors

NEW YORK----Net earnings from
continuing operations of Alleghany Corporation (NYSE-Y) in the first
quarter of 2005 were $60.3% from common
stockholders' equity per share of $226. First quarter 2005 net
earnings from continuing operations adjusted to exclude net
catastrophe losses after tax and net gains on investment transactions
after tax were $35.7 $7.2% 96.6 million in the 2005 first quarter, compared with $0.1 million on
revenues of $25. As of March 31, 2005, Alleghany had
7,885,205 shares of common stock outstanding (which includes the stock
dividend declared in March 2005).
Investors should consider these non-GAAP measures in addition to,
and not as a substitute for, measures of financial performance
prepared in accordance with GAAP.

pitaux absence

Alleghany Corporation Announces 2005 First Quarter Results

1 million, or $7.92 per share, in the
corresponding 2004 period. 2005 first quarter pre-tax earnings from
continuing operations were $93.
(industrial minerals business), as well as by corporate activities
(consisting of Alleghany Properties LLC and corporate activities at
the parent level), were as follows (in millions):

Three Months Ended
March 31
2005 2004
------ ------
AIHL $77.5 5.2 million, compared with
$10.2 $33.1 20.0 12.9 million in the
corresponding 2004 period, primarily reflecting an increase in loss
and loss adjustment expenses in certain property lines of business and
higher underwriting expenses primarily reflecting the absence of
profit sharing payments received under certain property reinsurance
treaties due to 2004 catastrophe losses .4
million in the first quarter of 2004, primarily reflecting improved
loss experience in its property and casualty lines of business and a
decrease in reinsurance costs.5 million in the 2005 first quarter , compared with an
underwriting loss of $0.4 million on revenues of $7.

fiables personne

72 per share (per share
information throughout is presented on a diluted basis), compared with
$60.6
billion at March 31, 2005, an increase of 4.3
million, or $0.6 $39.0%
Combined ratio (6) 63.1%

(1) Although Darwin is an underwriting manager for Platte River and
certain subsidiaries of CATA, Darwin is managed on an operating
unit basis and therefore, the results of business generated by
Darwin have been separated from CATA's results for purposes of
this table.07 per share .

pitaux pendances

75 per share, in the first quarter of 2004,
Weston M.51 per share, compared with $39.8 million, compared with $93.6
World Minerals 1.5
====== ======

AIHL recorded pre-tax earnings of $77.0
Net premiums written (2) 141.4 20.7 5.7 36.7
------ ------ -------- -------
Underwriting profit (loss) (3) $54.0
-------
Earnings before income taxes $90.0% 98.0 million in the
corresponding period in 2004. The 2005 first quarter results primarily
reflect higher operating, production and transportation costs,
primarily at World Minerals' Lompoc, California plant, which were
exacerbated by unusually heavy rainfall in California during the
quarter, and competitive pricing pressures, partially offset by a
modest increase in net sales.

vieillissement dentisterie

04 per share, in the corresponding 2004 period.6) (3. ("RSUI"), Capitol Transamerica Corporation ("CATA") and Darwin
Professional Underwriters, Inc.4
-------
Earnings before income taxes $77.9% 68.8%

2004
-----

Gross premiums written (2) $294.4 $(0.0 million
shares, or approximately 2.

vieillissement dicales

9 million, or $7.4
million, or $5.5 $39.5
Loss and loss adjustment expenses 82.9
====== ====== ========
Interest, dividend and other income 10.

thermalisme transplantation

89 per share, compared with $21.75 per share, in the 2004 first quarter.3 53.0%
Expense ratio (5) 19 .5 15.

RSUI's 2005 first quarter underwriting profit was approximately
$43.
Catastrophe losses and gains on investment transactions can fluctuate
significantly from period to period, which could distort the analysis
of trends and comparability of reported periods.

mentale honcode

On a
consolidated basis, cash and invested assets were approximately $2.8% from approximately $2.68 per share, in the 2005 first quarter, compared with $0.9 $43.7
Loss and loss adjustment expenses 70.4) 54 . Darwin reported an underwriting profit
of $0.

dicales dentisterie

50 as of December 31, 2004 (as
adjusted for the stock dividend declared in March 2005).3
Underwriting expenses 30.8 14.5

Net premiums earned $148.4 $34.2% 54. With the
addition of interest , dividend and other income and net gains on
investment transactions, reported pre-tax net earnings (a GAAP
measure) may show a profit despite an underlying underwriting
loss. CATA reported an underwriting
profit of $1.0 million of net gains on investment transactions
before tax, compared with $1.
Alleghany has previously announced that it may purchase shares of
its common stock in open market transactions from time to time.

transplantation honcode

6 0.8%
Combined ratio (6) 72.
(3) Represents net premiums earned less loss and loss adjustment
expenses and underwriting expenses, all as determined in
accordance with U. generally accepted accounting principles
("GAAP"), and does not include interest, dividend and other income
or net gains on investment transactions. Where such underwriting losses persist over extended
periods, an insurance company 's ability to continue as an ongoing
concern may be at risk.
(6) The sum of the Loss Ratio and Expense Ratio, all as determined in
accordance with GAAP, representing the percentage of each premium
dollar an insurance company has to spend on losses (including loss
adjustment expenses) and underwriting expenses.4 million in the 2004 first quarter, primarily
reflecting a significant increase in net premiums earned due to
increased levels of gross premiums written across all lines of
business, partially offset by increased loss and loss adjustment and
underwriting expenses primarily attributable to such premium growth.

urgences seulement

Alleghany common stockholders' equity per share at
March 31, 2005 was $231.5
billion at December 31, 2004.3 0.2
=======
Loss ratio (4) 53.4
Other expenses 6.6% 62.
The reconciliations of such measures to the most comparable GAAP
figures are included herein.

dicales palliatifs

In the
first quarter of 2005, net gains on investment transactions after tax
were $30.3 $18.9 115.7
Net premiums written (2) 137.1% 43.
(4) Loss and loss adjustment expenses divided by net premiums earned,
all as determined in accordance with GAAP. Corporate activities' 2005 first quarter
results include $22.

premiers dentisterie

7 million, or $7.4 0.68 0.1 (2.2 million on revenues of
$253.2 million and net gains on
investment transactions before tax of $25.0 17.0
------ ------ -------- -------
Underwriting profit (loss) (3) 43.2
====== ====== ========
Interest, dividend and other income 14.1
Underwriting expenses 23.2 3.8% 71.
As of March 31, 2005, Alleghany beneficially owned 8.4 million, or $53.

La sant est un tat de complet bien -tre physique, mental et social et ne consiste pas seulement en une absence de maladie ou d'infirmit .

consiste secours

72 $7.7) (21.
(3) Adjusted to reflect the dividend of common stock declared in March
2005.6 million on revenues of $231.3 million and $31.9% 54.9 $0.
(5) Underwriting expenses divided by net premiums earned, all as
determined in accordance with GAAP.5 million in the 2005 first quarter, compared with a
pre-tax loss of $2.1 percent, of the outstanding common stock
of Burlington Northern Santa Fe Corporation, which had an aggregate
market value on that date of approximately $431. Throughout the press release Alleghany
presents its operations in the way it believes will be most meaningful
and useful to the investing public and others who use such information
in evaluating Alleghany's results.

palliatifs infirmiers

Hicks, President and chief executive officer of Alleghany,
announced today.

Three Months Ended March 31,
------------------ ----------
Per Share(1)
------------
(in millions, except for per share
and share amounts) 2005 2004 2005 2004
---- ---- ---- ----
Net earnings from continuing
operations $60.51 $5.
(2) Adjusted to exclude net catastrophe losses after tax and net gains
on investment transactions after tax.
The comparative contributions to earnings from continuing
operations before taxes made by Alleghany's operating units Alleghany
Insurance Holdings LLC ("AIHL," a holding company for Alleghany's
property and casualty insurance businesses consisting of RSUI Group,
Inc . AIHL's 2005 first quarter pre-tax earnings include
investment income before tax of $14.4 million , respectively, in the corresponding
2004 period.0 18. The aggregate cost of such shares is approximately $96.

[Dfinition de l'OMS, 1946]

pendances thermalisme

6 million, or $4.04

Deduct: Net gains on investment
transactions after tax (30.04

Average number of outstanding
shares of common stock (3) 7,896,309 7,835,784

(1) Represents diluted earnings per share of common stock and includes
the impact on net earnings resulting from the inclusion of
dilutive securities under the "if-converted method".6 41.
(2) Amounts do not reflect the impact of an inter -company pooling
agreement. Therefore, Alleghany views underwriting
(loss) profit as an important measure in the overall evaluation of
performance.

transplantation fiables

72 per
share, compared with $62 .1%
Expense ratio (5) 15.6 million in first quarter 2005, compared with pre -tax
earnings of $5.

ALLEGHANY CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in thousands)
(unaudited)

THREE MONTHS ENDED MARCH 31, 2005
-------------------------------------
ALLEGHANY
INSURANCE WORLD CORPORATE
HOLDINGS MINERALS ACTIVITIES COMBINED
-------------- -----------------------
Revenues
Net premiums earned $213,552 $0 $0 $213,552
Net mineral and filtration
sales 0 69,738 0 69,738
Interest, dividend and other
income 14,248 (162 ) 3,476 17,562
Net gain (loss) on investments
transactions 25,192 0 22,035 47,227
-------- -------- --------- ------- --

Total revenues 252,992 69,576 25,511 348,079

Costs and expenses
Loss and loss adjustment
expenses 115,277 0 0 115,277
Commissions and brokerage 53,044 0 0 53,044
Cost of mineral and filtration
sales 0 56,954 0 56,954
Salaries, administrative and
other operating expenses 7,354 10,410 799 18,563
Corporate administration 102 0 8,979 9,081
Interest expense 0 687 665 1,352
-------- -------- --------- ---------

Total costs and expenses 175,777 68,051 10,443 254,271
-------- -------- --------- ---------

Earnings (loss) from continuing
operations before income taxes $77,215 $1,525 $15,068 93,808
======== ======== ==========

Income taxes 32,937
---------
Earnings from continuing
operations 60,871

Discontinued operations
Operations 0
Income taxes 0
------ ---
Earnings from discontinued
operations, net 0
---------

Net earnings $60,871
=========
THREE MONTHS ENDED MARCH 31, 2004
-------------------------------------

ALLEGHANY
INSURANCE WORLD CORPORATE
HOLDINGS MINERALS ACTIVITIES COMBINED
- ------------------------------------
Revenues
Net premiums earned $189,668 $0 $0 $189,668
Net mineral and filtration
sales 0 67 ,081 0 67,081
Interest, dividend and other
income 10,273 (92) 6,171 16,352
Net gain (loss) on investments
transactions 31,437 0 1,746 33,183
-------- -------- -------- - ---------

Total revenues 231,378 66,989 7,917 306,284

Costs and expenses
Loss and loss adjustment
expenses 93,098 0 0 93,098
Commissions and brokerage 41,638 0 0 41,638
Cost of mineral and
filtration sales 0 51,378 0 51,378
Salaries , administrative and
other operating expenses 5,984 9,801 1,004 16,789
Corporate administration 33 0 8,769 8,802
Interest expense 0 556 532 1,088
-------- -------- --------- ---- -----

Total costs and expenses 140,753 61,735 10,305 212,793
-------- -------- --------- ---------

Earnings (loss) from continuing
operations before income taxes $90,625 $5,254 ($2,388) 93,491
======== ======== ==========

Income taxes 32,795
---------
Earnings from continuing
operations 60,696

Discontinued operations
Operations 2,287
Income taxes 919
---------
Earnings from discontinued
operations, net 1,368
---- -----

Net earnings $62,064
=========

ALLEGHANY CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

MARCH 31, DECEMBER 31,
2005 2004*
(unaudited) (audited)
----------- -----------
ASSETS
Available for sale securities at fair value:
Equity securities $637,291 $645,184
Debt securities 1,466,558 1,179,210
Short-term investments 265,733 378,452
----------- ------- ----
2,369,582 2,202,846

Cash 240,729 288,436
Notes receivable 91,665 91,665
Accounts receivable, net 63,008 70,547
Premium balances receivable 181,466 203,141
Reinsurance recoverables 648,922 623,325
Ceded unearned premium reserves 275 ,131 286,451
Deferred acquisition costs 55,514 56,165
Property and equipment - at cost, net of
accumulated depreciation 164,976 168 ,316
Inventory 39,950 41,521
Goodwill and other intangibles, net of
amortization 221,339 223,706
Deferred tax assets 110,738 104,563
Other assets 121,131 67,043
----------- ----- ------
$4,584,151 $4,427,725
=========== ===========

LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Losses and loss adjustment expenses $1,266,411 $1,232,337
Unearned premiums 729,517 751,131
Reinsurance payable 121 ,794 112,479
Deferred tax liabilities 225,384 224,847
Subsidiaries ' debt 138,860 138,258
Current taxes payable 46,008 17,433
Other liabilities 228,389 177,824
----------- -----------
Total liabilities 2,756,363 2,654,309
Common stockholders' equity 1,827 ,788 1,773,416
----------- -----------
$4,584,151 $4,427,725
=========== ===========

COMMON SHARES OUTSTANDING (adjusted for stock
dividends ) 7,885,205 7,829,721

* Certain amounts have been reclassified to conform to the 2005
presentation.

consiste dicales

Alleghany had net catastrophe losses after tax of $5.04 per share in the corresponding 2004 period.

2005 first quarter net earnings were $60.3% 49.8 % 44.6
million, or $12.

honcode absence

Discontinued operations consist of the
operations of Heads + Threads International LLC prior to its
disposition in December 2004.4 million in the first
quarter of 2004.9 $348.5 % 24.6 $356.6
=======
Loss ratio (4) 47.7% 105.
World Minerals recorded pre-tax earnings of $1.9 million in the
corresponding period in 2004.7 million in the corresponding 2004
period.
In addition to the GAAP presentations of net earnings (loss),
Alleghany also shows net earnings (loss) as adjusted to exclude both
net catastrophe losses after tax and net gains on investment
transactions after tax, a non-GAAP financial measure, which is
intended to assist investors in analyzing the impact of such items.

infirmit infirmiers

7 million, or $3.4 $4.5 203.5 45.2
Net gains on investment transactions 25.2% 45.0 188.5 million on
revenues of $69.

Comment on Regulation G

This press release includes certain non-GAAP financial measures.

secours seulement

6 million,
or $2.75)
------ ------ ------ -------
Net earnings from continuing
operations, as adjusted (2) $35.3
Corporate activities 15.3
Net gains on investment transactions 31.S.1 million, compared with approximately $54.93
per share.

thermalisme podologie

89) (2.2 $90.
The comparative pre-tax contributions to AIHL's results made by
its operating units RSUI, CATA and Darwin were as follows (in
millions , except ratios):

Three Months Ended March 31,
- ---------------------------
RSUI CATA Darwin(1) AIHL
------ ------ --------- ------
2005
----
Gross premiums written (2) $270.2
Other expenses 7.1% 28.4 $6.9 $189.5% 22.

charte physioth

9 $60.9 million, or $7.8 $93.1 1.7 $20.8 4.3 93.