Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2011

Summary of Investments - Other Than Investments in Related Parties

Schedule I – Summary of Investments – Other Than Investments in Related Parties

ALLEGHANY CORPORATION AND SUBSIDIARIES

December 31, 2011


Type of Investment	Cost		Fair Value		Amount at which shown in the Balance Sheet
	(in thousands)
Fixed maturities:
Bonds:
United States Government and government agencies and authorities	$	260,594	$	267,817	$	267,817
States, municipalities and political subdivision bonds		1,038,200		1,113,561		1,113,561
Foreign governments		—		—		—
Mortgage and asset-backed securities		816,483		860,516		860,516
All other bonds		423,595		437,634		437,634

Fixed maturities		2,538,872		2,679,528		2,679,528

Equity securities:
Common stocks:
Public utilities		—		—		—
Banks, trust, and insurance companies		12,035		14,284		14,284
Industrial, miscellaneous, and all other		763,706		856,666		856,666
Nonredeemable preferred stocks		—		—		—

Equity securities		775,741		870,950		870,950

Other invested assets		—		—		—
Short-term investments		1,096,517		1,096,517		1,096,517

Total investments	$	4,411,130	$	4,646,995	$	4,646,995

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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