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): APRIL 22, 2005

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                              ALLEGHANY CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)



                                                      
        DELAWARE                           1-9371                51-0283071
-------------------------------      ----------------       --------------------
(STATE OR OTHER JURISDICTION OF      (COMMISSION FILE          (IRS EMPLOYER
        INCORPORATION)                    NUMBER)            IDENTIFICATION NO.)

                   375 PARK AVENUE, SUITE 3201
                        NEW YORK, NEW YORK                10152
                -------------------------------         ----------
                (ADDRESS OF PRINCIPAL EXECUTIVE         (ZIP CODE)
                            OFFICES)


       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (212) 752-1356
                                                          --------------

ITEM 2.02   RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

      On April 22, 2005, Alleghany Corporation issued a press release on the
subject of its 2005 first quarter consolidated earnings. A copy of such release
is furnished herewith as Exhibit 99.1. 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

(C) EXHIBITS

99.1    2005 First Quarter Earnings Release, dated April 22, 2005

                                    SIGNATURE

      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 thereunto duly authorized.

                                                 ALLEGHANY CORPORATION


                                                 /s/ Peter R. Sismondo
                                                 -----------------------------
                                             By: Peter R. Sismondo
                                                 Vice President,
                                                 Controller,
                                                 Treasurer and Assistant
                                                    Secretary

Date: April 22, 2005

                                INDEX TO EXHIBITS




Exhibit Number                      Exhibit Description

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99.1               2005 First Quarter Earnings Release, dated April 22, 2005