Alleghany Corp. (Y) News

FARMINGTON, Conn., Aug. 8 /PRNewswire-FirstCall/ -- Darwin Professional Underwriters, Inc. ('Darwin' or the 'Company') (NYSE: DR) today announced that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC) registering for possible future sales any or all of the approximately 9.4 million shares of Darwin common stock currently held by Alleghany Insurance Holdings LLC (AIHL), a wholly-owned subsidiary of Alleghany Corporation (NYSE: Y).

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Today's filing was in response to a demand registration request submitted to Darwin by AIHL under the Registration Rights Agreement dated May 18, 2006. In the registration request, Darwin was advised that: 'Although AIHL has no present plan to sell any of its shares of common stock of [Darwin], AIHL is requesting the filing of the shelf registration statement at this time to provide flexibility in the event that, in the future, AIHL determines to sell some or all of its shares of common stock ... '. Darwin would not receive any proceeds from a sale of shares by AIHL.

Once declared effective by the SEC, the shelf registration statement will permit AIHL to offer and sell all or any part of its current 54.9% equity interest in Darwin over time, either through a single offering or in a series of offerings. However, the filing of the shelf registration does not obligate AIHL to sell any shares. At such time as any shares of stock are offered for sale, a prospectus supplement will be provided which will contain specific information about the terms of any such offering.

The registration statement relating to these securities has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

IMPORTANT INFORMATION

Certain matters discussed in this release are forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include the accuracy of assumptions underlying the Company's outlook and other risks described in the Company's filings with the SEC, including the Company's Annual Report on Form 10-K for 2006 and quarterly reports on Form 10-Q filed during 2007. These forward- looking statements represent the Company's judgment as of the date of this release. The Company disclaims any intent or obligation to update these forward-looking statements.

ABOUT DARWIN PROFESSIONAL UNDERWRITERS, INC.

Darwin is a specialty insurance group based in Farmington, Connecticut. The company is focused on the professional liability insurance market and underwrites directors and officers ('D&O') liability for public and private companies, errors and omissions ('E&O') liability insurance, medical malpractice liability insurance, and other specialty coverages. Darwin member companies include Darwin Professional Underwriters, Inc., Darwin National Assurance Company (DNA), and Darwin Select Insurance Company (Darwin Select). DNA and Darwin Select have earned a financial strength rating of 'A- (Excellent)' from A.M. Best Company. Darwin is traded on the New York Stock Exchange under the ticker symbol, 'DR.' For more information about Darwin, visit www.darwinpro.com.

    CONTACTS:
    Analyst and investor inquiries: Jack Sennott
    +1-860-284-1918
    or jsennott@darwinpro.com

    Press and media inquiries: Drake Manning
    +1-860-284-1500
    or dmanning@darwinpro.com

    Both of Darwin Professional Underwriters, Inc.

SOURCE Darwin Professional Underwriters, Inc.