<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
ALLEGHANY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET FOR THE
QUARTER ENDING MARCH 31, 1996 AND THE CONSOLIDATED STATEMENT OF EARNING
FOR THE 3 MONTHS THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<DEBT-HELD-FOR-SALE>                         1,643,508
<DEBT-CARRYING-VALUE>                                0
<DEBT-MARKET-VALUE>                                  0
<EQUITIES>                                     674,047
<MORTGAGE>                                           0
<REAL-ESTATE>                                        0
<TOTAL-INVEST>                               2,317,555
<CASH>                                         234,453
<RECOVER-REINSURE>                             397,650
<DEFERRED-ACQUISITION>                               0
<TOTAL-ASSETS>                               4,174,257
<POLICY-LOSSES>                              1,555,384
<UNEARNED-PREMIUMS>                                  0
<POLICY-OTHER>                                       0
<POLICY-HOLDER-FUNDS>                                0
<NOTES-PAYABLE>                                341,602
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                   1,336,522
<TOTAL-LIABILITY-AND-EQUITY>                 4,174,257
<PREMIUMS>                                     374,098
<INVESTMENT-INCOME>                             45,997
<INVESTMENT-GAINS>                                 416
<OTHER-INCOME>                                  47,582
<BENEFITS>                                      72,532
<UNDERWRITING-AMORTIZATION>                          0
<UNDERWRITING-OTHER>                                 0
<INCOME-PRETAX>                                 24,704
<INCOME-TAX>                                     7,893
<INCOME-CONTINUING>                             16,811
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    16,811
<EPS-PRIMARY>                                     2.33
<EPS-DILUTED>                                     2.33
<RESERVE-OPEN>                                       0
<PROVISION-CURRENT>                                  0
<PROVISION-PRIOR>                                    0
<PAYMENTS-CURRENT>                                   0
<PAYMENTS-PRIOR>                                     0
<RESERVE-CLOSE>                                      0
<CUMULATIVE-DEFICIENCY>                              0