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): DECEMBER 17, 1997

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

                                    DELAWARE
                 (State or other jurisdiction of incorporation)

                   1-9371                        51-0283071
         (Commissioner File Number) (IRS Employer Identification Number)

                                 375 PARK AVENUE
                            NEW YORK, NEW YORK 10152
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (212)752-1356






Item 5.  Other Events.

         On December 17, 1997,  Alleghany  Corporation  issued the press release
attached hereto as Exhibit 99 and incorporated herein by reference.

Item 7.  Financial Statements and Exhibits.

         (c)   EXHIBITS.  The following exhibits accompany this Report:

               EXHIBIT NUMBER                EXHIBIT DESCRIPTION

                    99                       Alleghany Corporation press release
                                             dated December 17, 1997.


                                   SIGNATURES

     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 hereunto duly authorized.

                                             ALLEGHANY CORPORATION

Date:  December 17, 1997                     By:/s/ David B. Cuming
                                                David B. Cuming
                                                Senior Vice President and chief
                                                financial officer





                                INDEX TO EXHIBITS

    EXHIBIT NUMBER                       DESCRIPTION OF EXHIBIT

          99                       Alleghany Corporation press release
                                   dated December 17, 1997.