Exhibit 99.1

     NEW YORK, NY, August 19, 2004--Commencing on Friday, August 13, 2004,
Hurricane Charley, a Category 4 hurricane, struck portions of Florida and other
areas of the eastern seaboard of the United States, including the Carolinas. The
insurance operations of RSUI Group, Inc. (a subsidiary of Alleghany Corporation
(NYSE:Y)), which underwrite business in the affected areas, have dispatched
claims adjusters to the affected areas in order to start collecting data. At
this time, the impact of Hurricane Charley on RSUI's insurance operations cannot
be fully determined. Based on preliminary information, however, it is not
expected that Alleghany's after-tax net loss due to Hurricane Charley will
exceed $25.0 million.

     Alleghany Corporation (NYSE:Y) is engaged through its subsidiary Alleghany
Insurance Holdings LLC (consisting of RSUI Group, Inc., Capitol Transamerica
Corporation and Darwin Professional Underwriters, Inc.) in the property and
casualty insurance business, and through its subsidiary World Minerals Inc. in
the industrial minerals business.

Forward-Looking Statements
--------------------------

     This press release contains disclosures which are forward-looking
statements. Forward-looking statements include all statements that do not relate
solely to historical or current facts, and can be identified by the use of words
such as "may," "will," "expect," "project," "estimate," "anticipate," "plan" or
"continue." These forward-looking statements are based upon Alleghany's current
plans or expectations and are subject to a number of uncertainties and risks
that could significantly affect current plans, anticipated actions and the
Alleghany's future financial condition and results. These statements are not
guarantees of future performance, and Alleghany has no specific intention to
update these statements. The uncertainties and risks include, but are not
limited to, those relating to conducting operations in a competitive environment
and conducting operations in foreign countries, effects of acquisition and
disposition activities, adverse loss development for events insured by the
Alleghany's insurance operations in either the current year or prior years,
general economic and political conditions, including the effects of a prolonged
U.S. or global economic downturn or recession, changes in costs, including
changes in labor costs, energy costs and raw material prices, variations in
political, economic or other factors such as currency exchange rates, inflation
rates or recessionary or expansive trends, changes in market prices of
Alleghany's significant equity



investments, tax, legal and regulatory changes, extended labor disruptions,
significant weather-related or other natural or human-made catastrophes and
disasters, especially with respect to their impact on losses at Alleghany's
insurance subsidiaries, acts of terrorism, civil unrest or other external
factors over which Alleghany has no control, and changes in Alleghany's plans,
strategies, objectives, expectations or intentions, which may happen at any time
at Alleghany's discretion. As a consequence, current plans, anticipated actions
and future financial condition and results may differ from those expressed in
any forward-looking statements made by or on behalf of Alleghany.

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