NEW YORK, N.Y., June 17 /PRNewswire/ -- Alleghany Corporation (NYSE:Y) and
Chicago Title Corporation (NYSE:CTZ) today jointly announced the completion of
the spin-off (the "Spin-Off") of Chicago Title Corporation ("Chicago Title")
to Alleghany's stockholders of record as of June 10, 1998.
Chicago Title, through its subsidiaries Chicago Title and Trust Company,
Chicago Title Insurance Company, Security Union Title Insurance Company and
Ticor Title Insurance Company, is one of the nation's largest providers of
title insurance and other related services for residential and commercial real
estate transactions. Chicago Title currently has more than 300 full service
offices and 3,800 policy issuing agents in 49 states, Puerto Rico, the Virgin
Islands, Guam and Canada.
The Spin-Off was effected through a distribution of three shares of
Chicago Title common stock for each share of Alleghany common stock
outstanding on the record date. The Internal Revenue Service has ruled that
the Spin-Off will be tax-free to Alleghany stockholders and to Alleghany.
Alleghany will continue to engage in the property and casualty reinsurance
and insurance, industrial minerals and financial services businesses conducted
by its subsidiaries Underwriters Re Group, Inc., World Minerals Inc. and
Alleghany Asset Management, Inc. Alleghany will also continue to operate a
steel fastener importing and distribution business through its Heads and
Threads division.
Alleghany beneficially owns approximately 7.43 million shares, or 4.7
percent, of Burlington Northern Santa Fe Corporation, which owns one of the
largest railroad networks in North America, with 34,000 route miles covering
28 states and two Canadian provinces.
SOURCE Chicago Title Corporation
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Related links:
http://www.ctt.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 117465
CONTACT:
R.M. Hart of Alleghany Corporation,
212-752-1356; or Paul T. Sands, Jr. of Chicago Title Corporation,
312-223-5104
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