8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 14, 2013

ALLEGHANY CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-9371	51-0283071
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
7 Times Square Tower, 17th Floor, New York, New York		10036
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 752-1356

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

The information contained in Item 7.01 is incorporated by reference into this Item 2.02.

Item 7.01. Regulation FD Disclosure.

On February 14, 2013, at approximately 1:45 p.m. Eastern Time, Weston M. Hicks, President and chief executive officer of Alleghany Corporation (“Alleghany”), will present at the Bank of America Merrill Lynch 2013 Insurance Conference. The presentation will include an overview of Alleghany’s businesses, a discussion of its financial condition as of the end of fiscal 2012 and its outlook going forward. A copy of the presentation materials is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

A live audio webcast and accompanying presentation materials will be available at http://www.veracast.com/webcasts/baml/insurance2013/id13037410.cfm. A replay of the webcast will be available on the site beginning approximately one hour after conclusion of the live event and for 90 days thereafter.

The information hereunder shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Presentation, dated February 14, 2013

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ALLEGHANY CORPORATION
Date: February 14, 2013	By:	/s/ Roger B. Gorham
	Name:	Roger B. Gorham
	Title:	Senior Vice President and chief financial officer

INDEX TO EXHIBITS

Exhibit Number	Description
99.1	Presentation, dated February 14, 2013

EX-99.1

Alleghany

Exhibit 99.1

FORWARD-LOOKING STATEMENTS

This

presentation

contains

“forward-looking

statements”

within

the

meaning

of the Private Securities Litigation Reform Act of 1995. These forward-looking

statements are not historical facts but instead represent only Alleghany’s

belief regarding future events, many of which, by their nature, are inherently

uncertain and outside Alleghany’s control.  Except for Alleghany’s ongoing

obligation to disclose material information as required by federal securities

laws, Alleghany is not under any obligation (and expressly disclaims any

obligation) to update or alter any projections, goals, assumptions, or other

statements, whether written or oral, that may be made from time to time,

whether as a result of new information, future events or otherwise.  Factors

that could cause Alleghany’s actual results and experience to differ, possibly

materially, from those expressed in the forward-looking statements include

the factors set forth in Alleghany’s most recent Annual Report on Form 10-K

and Quarterly Reports on Form 10-Q filed with the United States Securities

and Exchange Commission.

Alleghany

Timeline

Otis & Mantis Van Sweringen (1929)

Robert Young (1937)

Allan Kirby (1958)

F.M. Kirby (1967)

John J. Burns, Jr. (1992)

Weston M. Hicks (2004)

Alleghany

A Rich History

Nickel Plate Railroad

Chesapeake & Ohio Railroad

New York Central

MSL Industries

Jones Motor

World Minerals

Investors Diversified Services

Chicago Title & Trust

Sacramento Savings Bank

Underwriters Re

Alleghany

Alleghany 10 Years Ago ($ bn)

Capitol Transamerica

$  0.2

15%

World Minerals

0.2

15

Other

0.1

6

Operating subsidiaries

$  0.5

36%

Parent investments

$  1.0

71%

Parent debt, other

(0.1)

-

Parent, net

$  0.9

64%

Stockholders’

equity

$  1.4

100%

Alleghany

Alleghany Reinvented: 2002-2012

(2002)

(2003)

(2006)

(2007)

(2012)

Alleghany

Alleghany Today ($ bn)

TransRe

$  4.3

67%

RSUI Group

1.5

23

Other

0.5

9

(Re)insurance

$  6.3

99%

Parent investments

$  0.9

14%

Parent debt, other

(0.8)

(13)

Parent, net

$  0.1

1%

Stockholders’

equity

$  6.4

100%

Alleghany

TransRe

•

Acquired March 6, 2012 for $3.5 billion in cash

and stock

•

Leading specialty professional reinsurer with

49% of premium outside of US

•

Produced an underwriting profit in first ten

months of Alleghany ownership

•

Expect combined ratio of ~ 96% absent

unusual large catastrophes

Alleghany

RSUI Group

•

Acquired July 1, 2003 from Royal & Sun

Alliance; initial investment $626 million

•

Cumulative underwriting profits of $1.1 billion

under Alleghany ownership

•

Stockholder’s equity now $1.5 billion at the

end of 2012 …

after net upstream cash flows

of $300 million

•

Long-term average combined ratio of 81%

including

Katrina

and

Sandy

Alleghany

RSUI’s Combined Ratio

Alleghany

60%

86%

122%

71%

69%

80%

70%

73%

82%

99%

03

04

05

06

07

08

09

10

11

12

RSUI’s Combined Ratio

Ex Katrina (2005) and Sandy (2012)

Alleghany

Other Insurance Operations

•

Capitol Insurance Companies –

Small

commercial property-casualty and surety

•

PacificComp

–

California workers’

compensation

•

Homesite

(33% ownership) –

Mono-line

homeowners specialty insurer

Alleghany

Alleghany Capital Partners

•

Bourn & Koch (80%) –

machine tools and

grinders

•

Stranded Oil Resources (80%) –

oil recovery

•

ORX Exploration (38%) –

high impact oil and

gas exploration

•

Article One Partners (40%) –

crowd-sourced

patent validation

Alleghany

Opportunities

•

Better underlying economy = exposure growth

•

Improving pricing in property lines and select

casualty lines

•

Standard market dislocation = E&S

opportunity

•

Improved competitive position at Capitol and

PacificComp

•

Share repurchases at discount to book value

Alleghany

Challenges

•

Negative real interest rates hurts economics

of the business

•

Observed increase in frequency of severe

weather events

•

Relentless claims inflation in California

workers’

compensation

Alleghany

Alleghany

Y Book Value Per Share

Alleghany