Alleghany Completes Sale of Underwriters Re

May 12, 2000

Alleghany Corp. has completed the sale of its Underwriters Re Group property and casualty reinsurance and insurance businesses to Swiss Re American Holding Corp. As previously announced, Alleghany is retaining Underwriters Re Group’s London-based Lloyd’s operations to be conducted through Alleghany Underwriting Holdings Ltd.

Alleghany Corp. has completed the sale of its Underwriters Re Group property and casualty reinsurance and insurance businesses to Swiss Re American Holding Corp. As previously announced, Alleghany is retaining Underwriters Re Group’s London-based Lloyd’s operations to be conducted through Alleghany Underwriting Holdings Ltd.

Pre-tax proceeds of the sale are about $660 million (including about $188 million of market value, or 7.425 million shares, in common stock of Burlington Northern Santa Fe Corp. acquired by Alleghany from Underwriters Re Group as part of the transaction.)

Alleghany Corp. is engaged through its subsidiaries, Alleghany Asset Management, Alleghany Underwriting Holdings, World Minerals and Heads & Threads International, in the businesses of investment management, global insurance and reinsurance, industrial minerals and industrial fasteners.

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