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, 2004

                               -----------------

                              ALLEGHANY CORPORATION
             (Exact name of registrant as specified in its charter)


                                                       
          Delaware                       1-9371                  51-0283071
----------------------------          -----------            -------------------
(State or other jurisdiction          (Commission              (IRS Employer
      of incorporation)                File Number)          Identification No.)



                                                       
                         375 Park Avenue,
                            Suite 3201
                        New York, New York                   10152
             ----------------------------------------     ----------
             (Address of principal executive offices)     (Zip Code)


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

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

      (c) Exhibits



Exhibit Number                                Description
--------------                                -----------
                    
99.1                   2004 First Quarter Earnings Release, dated April 22, 2004


ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

      On April 22, 2004, Alleghany Corporation issued a press release on the
subject of its 2004 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.

                                    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, 2004


                                INDEX TO EXHIBITS



Exhibit Number                         Exhibit Description
--------------                         -------------------
               
99.1              2004 First Quarter Earnings Release, dated April 22, 2004