UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Cuming, David B.
Alleghany Corporation
375 Park Avenue
New York, NY 10152
USA
2. Issuer Name and Ticker or Trading Symbol
Alleghany Corporation
Y
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 31, 2001
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock |2/01/0|A |4,000 |A | | | | |
|1 | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|3/20/0|A(1)|3,740 |A |$204.90 | | | |
|1 | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|3/20/0|D(1)|1,870 |D |$204.90 |40,010(2) |D | |
|1 | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
(1) Settlement of 3,740 performance shares for 1,870 shares of Common Stock and
$383,163.00 in cash.
(2) Includes shares of Common Stock paid by Alleghany Corporation as a stock
dividend in April 2001.
SIGNATURE OF REPORTING PERSON
/s/ David B. Cuming
DATE
January 7, 2002