UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Kirby, Jr., Allan P.
14 East Main Street
P.O. Box 90
Mendham, NJ 07945
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/Day/Year
04/21/03
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (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. |2A. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Trans-|Exec- |Trans | or Disposed of (D) | Securities |ect | Beneficial Ownership |
|action|ution |action| | Beneficially |(D)or | |
| | | | | | A/| | Owned Following |Indir | |
|Date | Date |Code|V| Amount | D | Price | Reported Trans(s)|ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock |04/21/| |M | |1,960 |A |$74.97 | | | |
|03 | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|04/21/| |F | |866 |D |$169.63 |219,988 |D | |
|03 | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | |305,655 |I |(1) |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________|
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of |2.Con- |3. |3A. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Derivative |version |Trans- |Deemed|Trans-| rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
Security |or Exer |action | |action| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | |Execu-| | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| |ution | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | | A/|Exer-|ation| Title and Number | |Owned Follow|ire| |
|Secu- |(Month/|(Month| | | | D |cisa-|Date | of Shares | |ing Reported|ct | |
|rity |Day/ |/Day/ |Code|V| Amount | |ble | | | |Trans- |(I)| |
| |Year) |Year) | | | | | | | | |action(s) | | |
___________________________________________________________________________________________________________________________________|
Option (right|$74.97 |04/21/0| |M | |1 |D |(2) |04/26|Common Stock|1,960 |(2) |9 |D | |
to buy) | |3 | | | | | | |/03 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
(1) By Allan P. Kirby, Jr. as co-trustee and
beneficiary
(2) One-third of such option is exercisable on each of the first, second and
third anniversaries of the date of grant
SIGNATURE OF REPORTING PERSON
Allan P. Kirby, Jr.
Christopher K. Dalrymple, Attorney-In-Fact
DATE
April 23, 2003