On February 26, 2009, Alleghany Corporation (the "Company") issued a press release on the subject of its 2008 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e)
Although the Company generally pays annual cash incentives to its officers under the Company's 2005 Management Incentive Plan (the "2005 MIP"), no cash incentives were earned in respect of 2008 awards under the 2005 MIP. At its meeting on February 26, 2009, the Compensation Committee (the "Compensation Committee") of the Board of Directors of the Company, based upon Company achievements in 2008 and other factors, determined to make discretionary supplemental annual cash incentive payments for 2008 (the "2008 Bonuses") to 2005 MIP participants, including the executive officers named in the table below (the "Named Executive Officers"). The 2008 Bonus amount for each of the Named Executive Officers is as follows:

                                                                  2008 Cash Bonus
      Name                      Title                                 Amount

Weston M. Hicks      President and chief                         $     1,275,000
                     executive officer

Roger B. Gorham      Senior Vice President -                     $       453,150
                     Finance and Investments and
                     chief financial officer

Robert M. Hart       Senior Vice President,                      $       445,500
                     General Counsel and
                     Secretary

Jerry G. Borrelli    Vice President - Finance and                $       193,800
                     chief accounting officer

The Compensation Committee's decision to pay the 2008 Bonuses to the Named Executive Officers was approved by the Board of Directors of the Company, with Mr. Hicks abstaining, at its meeting on February 26, 2009.

(c) Exhibits
99.1 2008 Earnings Release, dated February 26, 2009