Capitol Transamerica Acquired by Alleghany

January 9, 2002

Alleghany Corporation acquired insurance holding company Capitol Transamerica Corporation of Madison, Wis., in a transaction that gives holders of Capitol Transamerica common stock $16.50 in cash for each outstanding share of common stock.

Capitol Transamerica will operate under its own name as a wholly-owned subsidiary of Alleghany. Capitol Transamerica writes specialty lines of property and casualty insurance as well as fidelity and surety coverages, primarily through its subsidiary, Capitol Indemnity Corporation (CIC’). CIC operates in 37 states with a geographic concentration in the Midwestern and Plains States, and conducts business through independent and general insurance agents located throughout the U.S.

John J. Burns, Jr., president and chief executive officer of Alleghany, said his company plans to support the continued growth of the newly-acquired Capitol Transamerica.

Alleghany Corporation is engaged through subsidiaries in the businesses of insurance, industrial minerals and industrial fasteners.

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