fwp
Filed pursuant to Rule 433
Registration number 333-169373
September 15, 2010
(GRAPHIC)
Alleghany Corporation
$300,000,000 5.625% SENIOR NOTES DUE 2020
Final Term Sheet
September 15, 2010
     
Issuer:
  Alleghany Corporation
 
    
Title of Securities:
  5.625% Senior Notes due 2020 (the “Notes”)
 
    
Security Type:
  Senior Unsecured Fixed Rate Notes
 
    
Ratings* (Moody’s / S&P):
  Baa2 (Moody’s) / BBB (S&P)
 
    
Format:
  SEC Registered
 
    
Trade Date:
  September 15, 2010
 
    
Settlement Date (T+3):
  September 20, 2010
 
    
Maturity Date:
  September 15, 2020
 
    
Aggregate Principal Amount Offered:
  $300,000,000
 
    
Benchmark Treasury:
  2.625% due August 15, 2020
 
    
Benchmark Treasury Price / Yield:
  99-04+ / 2.724%
 
    
Spread to Benchmark:
  T+ 295 basis points
 
    
Re-offer Yield:
  5.674%
 
    
Coupon:
  5.625% per annum
 
    
Price to the Public (Issue Price):
  99.631%
 
    
Interest Payment Dates:
  Semi-annually on March 15 and September 15 of each year, commencing March 15, 2011
 
    
Optional Redemption:
  Make-whole call at any time at the greater of 100% and the discounted value at Treasury rate plus 45 basis points plus, in each case, accrued and unpaid interest through the redemption date
 
    
CUSIP/ISIN:
  017175AB6/US 017175AB67
 
    

 

 

     
Minimum Denomination:
  $2,000 and integral multiples of $1,000 in excess thereof
 
    
Joint Book- Running Managers:
  U.S. Bancorp Investments, Inc.
 
  J.P. Morgan Securities LLC
 
  Wells Fargo Securities, LLC
 
    
Co-Manager:
  UBS Securities LLC
 
*   An explanation of the significance of ratings may be obtained from the rating agencies. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The ratings of the Notes should be evaluated independently from similar ratings of other securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling U.S. Bancorp Investments, Inc. toll free at 1-877-558-2607, J.P. Morgan Securities LLC at (212) 834-4533 or Wells Fargo Securities, LLC at 1-800-326-5897.