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        CUSIP NO.  017175100                                                      13G                                                         Page 1 of 6

 

                                                                                   UNITED STATES

                                                              SECURITIES AND EXCHANGE COMMISSION

                                                                              Washington, D.C. 20549

 

                                                                                    SCHEDULE 13G

 

                                                                 Under the Securities Exchange Act of 1934

                                                                                (Amendment No. 14)*

 

                                                                          ALLEGHANY CORPORATION

                                                                                    (Name of Issuer)

 

                                                                         Common Stock, $1.00 par value

 

                                                                            (Title of Class of Securities)

 

                                                                                        017175100

                                                                                    (CUSIP Number)

 

                                                                                  December 31, 2010

                                                        (Date of Event Which Requires Filing of this Statement)

 

          Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

          [X]    Rule 13d‑1(b)

          [ ]     Rule 13d‑1(c)

          [ ]     Rule 13d‑1(d)

 

          *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to

          the subject class of securities, and for any subsequent amendment containing information which would alter the

          disclosures provided in a prior cover page.

 

          The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of

          Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of

          the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 


 

 

 

 

        CUSIP NO.  017175100                                                      13G                                                         Page 2 of 6

 

          1.        NAMES OF REPORTING PERSONS.    

 

                     Franklin Mutual Advisers, LLC

 

          2.        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

                     (a)

                     (b)  X

 

          3.        SEC USE ONLY

 

          4.        CITIZENSHIP OR PLACE OF ORGANIZATION

 

                     Delaware

 

          NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

 

                     5.        SOLE VOTING POWER

 

                                (See Item 4)

 

                     6.        SHARED VOTING POWER

 

                                (See Item 4)

 

                     7.        SOLE DISPOSITIVE POWER

 

                                (See Item 4)

 

                     8.        SHARED DISPOSITIVE POWER

 

                                (See Item 4)

 

          9.        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

                    852,297

 

          10.      CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

                     CERTAIN SHARES [ ]

 

          11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

                     9.7%

 

          12.      TYPE OF REPORTING PERSON

 

                     IA, OO (See Item 4)

 

 


 

 

 

 

        CUSIP NO.  017175100                                                      13G                                                         Page 3 of 6

 

          Item 1.

 

          (a)        Name of Issuer

 

                      ALLEGHANY CORPORATION

 

          (b)        Address of Issuer's Principal Executive Offices

 

                      7 Times Square Tower

                      17th Floor

                      New York, NY  10036

 

          Item 2.

 

          (a)        Name of Person Filing

 

                      Franklin Mutual Advisers, LLC

 

          (b)        Address of Principal Business Office or, if none, Residence

 

                      101 John F. Kennedy Parkway

                      Short Hills, NJ 07078‑2789

 

          (c)        Citizenship

 

                      Delaware

 

          (d)        Title of Class of Securities

 

                      Common Stock, $1.00 par value

 

          (e)        CUSIP Number

 

                      017175100

 


 

 

 

 

        CUSIP NO.  017175100                                                      13G                                                         Page 4 of 6

 

          Item 3.      If this statement is filed pursuant to §§240.13d‑1(b) or 240.13d‑2(b) or (c), check whether the person

                          filing is a:

                          (a)  [ ] Broker or dealer registered under section 15 of the Act (15     U.S.C.

                                78o).

                          (b)  [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

                          (c)  [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.

                                78c).

                          (d)  [ ] Investment company registered under section 8 of the Investment Company Act of

                                1940 (15 U.S.C 80a ‑8).

                          (e)  [X] An investment adviser in accordance with §240.13d‑1(b)(1)(ii)(E);

 

                          (f)   [ ] An employee benefit plan or endowment fund in accordance with

                                §240.13d‑1(b)(1)(ii)(F);

                          (g)  [ ] A parent holding company or control person in accordance with

                                §240.13d‑1(b)(1)(ii)(G);

                          (h)  [ ] A savings associations as defined in Section 3(b) of the Federal Deposit

                                Insurance Act (12 U.S.C. 1813);

                          (i)   [ ] A church plan that is excluded from the definition of an investment

                                company under section 3(c)(14) of the Investment Company Act of 1940

                                (15 U.S.C. 80a‑3);

 

                          (j)   [ ] A non‑U.S. institution in accordance with §240.13d‑1(b)(ii)(J);

 

                          (k)  [ ] Group, in accordance with §240.13d‑1(b)(1)(ii)(K).

 

                          If filing as a non‑U.S. institution in accordance with §240.13d‑1(b)(1)(ii)(J), please specify

                          the type of institution

 

          Item 4.      Ownership

 

          The securities reported herein (the “Securities”) are beneficially owned by one or more open‑end investment companies

          or other managed accounts which, pursuant to investment management contracts, are managed by Franklin Mutual

          Advisers, LLC ("FMA"), an indirect wholly owned subsidiary of Franklin Resources, Inc. ("FRI"). Such investment

          management contracts grant to FMA all investment and voting power over the securities owned by such investment

          management clients.  Therefore, FMA may be deemed to be, for purposes of Rule 13d‑3 under the Act, the beneficial

          owner of the Securities.

 

          Beneficial ownership by investment management subsidiaries and other affiliates of FRI is being reported in conformity

          with the guidelines articulated by the SEC staff in Release No. 34‑39538 (January 12, 1998) relating to organizations,

          such as FRI, where related entities exercise voting and investment powers over the securities being reported

          independently from each other. The voting and investment powers held by FMA are exercised independently from FRI

          (FMA’s parent holding company) and from all other investment management subsidiaries of FRI (FRI, its affiliates and

          investment management subsidiaries other than FMA are, collectively, “FRI affiliates”). Furthermore, internal policies

          and procedures of FMA and FRI establish informational barriers that prevent the flow between FMA and the FRI

          affiliates of information that relates to the voting and investment powers over the securities owned by their respective

          investment management clients. Consequently, FMA and the FRI affiliates report the securities over which they hold

          investment and voting power separately from each other for purposes of Section 13 of the Act.

 

          Charles B. Johnson and Rupert H. Johnson, Jr. (the "Principal Shareholders") each own in excess of 10% of the

          outstanding common stock of FRI and are the principal stockholders of FRI. However, because FMA exercises

          voting and investment powers on behalf of its investment management clients independently of FRI, the Principal

          Shareholders, and their respective affiliates, beneficial ownership of the securities being reported by FMA is being

          attributed only to FMA. FMA disclaims any pecuniary interest in any of the Securities.  In addition, the filing of this

          Schedule 13G on behalf of FMA should not be construed as an admission that it is, and it disclaims that it is, the

          beneficial owner, as defined in Rule 13d‑3, of any of the Securities.

 

 


 

 

 

 

        CUSIP NO.  017175100                                                      13G                                                         Page 5 of 6

 

          Furthermore, FMA believes that it is not a "group" with FRI, the Principal Shareholders, or their respective

          affiliates within the meaning of Rule 13d‑5 under the Act and that none of them are otherwise required to attribute

          to each other the beneficial ownership of the Securities held by any of them or by any persons or entities for

          whom or for which FMA or the FRI affiliates provide investment management services.

 

                                   

(a)

Amount beneficially owned:

 

 

 

 

 

852,297

 

 

 

 

(b)

Percent of class:

 

 

 

 

 

9.7%

 

 

 

 

(c)

Number of shares as to which the person has:

 

 

 

(i)

Sole power to vote or to direct the vote

 

 

 

 

Franklin Mutual Advisers, LLC:

852,297

 

 

 

(ii)

Shared power to vote or to direct the vote

 

 

 

 

0

 

(iii)

 

 

 

Sole power to dispose or to direct the disposition of

 

 

 

 

Franklin Mutual Advisers, LLC:

852,297

 

 

 

(iv)

Shared power to dispose or to direct the disposition of

 

 

 

 

0

 

 

          Item 5.      Ownership of Five Percent or Less of a Class

 

                          If this statement is being filed to report the fact that as of the date hereof the reporting person has

                          ceased to be the beneficial owner of more than five percent of the class of securities, check the

                          following [ ]. 

 

          Item 6.      Ownership of More than Five Percent on Behalf of Another Person

 

                          The clients of Franklin Mutual Advisers, LLC, including investment companies registered under the

                          Investment Company Act of 1940 and other managed accounts, have the right to receive or power to

                          direct the receipt of dividends from, and the proceeds from the sale of, the Securities.

 

          Item 7.      Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By

                          the Parent Holding Company

 

                          Not Applicable

 

          Item 8.      Identification and Classification of Members of the Group

 

                          Not Applicable

 

          Item 9.      Notice of Dissolution of Group

 

                          Not Applicable

 

 


 

 

 

 

        CUSIP NO.  017175100                                                      13G                                                         Page 6 of 6

 

          Item 10.      Certification

 

          By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were

          acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose

          of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and

          are not held in connection with or as a participant in any transaction having that purpose or effect.

 

         

 

                                                                                  SIGNATURE

 

          After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this

          statement is true, complete and correct.

          Dated:         January 18, 2011

 

          Franklin Mutual Advisers, LLC

 

          By:

                        /s/BRADLEY D. TAKAHASHI

                        Bradley D. Takahashi

                        Vice President of Franklin Mutual Advisers, LLC