NEW YORK--(Business Wire)--
Transatlantic Holdings, Inc. (the "Company") (NYSE: TRH) announced today that
American International Group, Inc. ("AIG") and American Home Assurance Company,
a wholly owned subsidiary of AIG, ("AHAC" and together with AIG, the "Selling
Stockholder") entered into an agreement to sell 26 million shares of the
Company`s common stock owned by the Selling Stockholder at a price of $38.00 per
share pursuant to a secondary public offering in the United States (the
"Offering"). The Selling Stockholder has also granted the underwriters in the
Offering a 30-day option to purchase from the Selling Stockholder up to an
additional 3.9 million shares of the Company`s common stock. The Offering is
anticipated to close on or about June 10, 2009, subject to customary closing
conditions.
J.P. Morgan Securities Inc., Goldman, Sachs & Co. and Morgan Stanley & Co.
Incorporated are joint book-running managers with Lazard Capital Markets LLC as
co-lead underwriter for the Offering. Dowling & Partners Securities, LLC and
Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC are co-managers for the
Offering.
The Shares are being offered pursuant to an effective shelf registration
statement that has been filed with the Securities and Exchange Commission
("SEC"). A prospectus and prospectus supplement related to the Offering have
been filed with the SEC and are available on the SEC`s website at
http://www.sec.gov. Copies of the prospectus supplement relating to these
securities may be obtained from J.P. Morgan Securities Inc., Attention:
Prospectus Department, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245,
telephone: (866) 430-0686; Goldman, Sachs & Co., Attention: Prospectus
Department, 85 Broad Street, New York, NY 10004, telephone: 866-471-2526,
fax:(212) 902-9316, email: Prospectus-ny@ny.email.gs.com; or Morgan Stanley &
Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd
floor, New York, NY 10014, telephone: (866) 718-1649, email:
prospectus@morganstanley.com.
This news release 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 or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.
Transatlantic Holdings, Inc. (TRH) is a leading international reinsurance
organization headquartered in New York, with operations on six continents. Its
subsidiaries, Transatlantic Reinsurance Company, Trans Re Zurich and Putnam
Reinsurance Company, offer reinsurance capacity on both a treaty and facultative
basis - structuring programs for a full range of property and casualty products,
with an emphasis on specialty risks.
Forward-looking statements
This news release may include, and the Company`s officers and representatives
may from time to time make, statements which may constitute "forward-looking
statements" within the meaning of the U.S. federal securities laws. These
forward-looking statements are identified, including without limitation, by
their use of such terms and phrases as "intend," "intends," "intended," "goal,"
"estimate," "estimates," "expect," "expects," "expected," "project," "projects,"
"projected," "projections," "plans," "anticipates," "anticipated," "should,"
"think," "thinks," "designed to," "foreseeable future," "believe," "believes,"
"scheduled" and similar expressions.
These statements are not historical facts but instead represent only the
Company`s belief regarding future events and financial performance, many of
which, by their nature, are inherently uncertain and outside of the Company`s
control. These statements may address, among other things, the Company`s
strategy and expectations for growth, product development, government and
industry regulatory actions, legal matters, financial, credit and industry
market conditions, financial results and reserves, as well as the expected
impact on the Company of natural and man-made (e.g., terrorist attacks)
catastrophic events and political, economic, legal and social conditions. It is
possible that the Company`s actual results, financial condition and expected
outcomes may differ, possibly materially, from those anticipated in these
forward-looking statements. Important factors that could cause the Company`s
actual results to differ, possibly materially, from those discussed in the
specific forward-looking statements may include, but are not limited to,
uncertainties relating to economic conditions, financial and credit market
conditions, cyclical industry conditions, credit quality, government, regulatory
and accounting policies, volatile and unpredictable developments (including
natural and man-made catastrophes), the legal environment, legal and regulatory
proceedings, failures of pricing models to accurately assess risks, the
reserving process, the competitive environment in which the Company operates,
interest rate and foreign currency exchange rate fluctuations, the uncertainties
inherent in international operations and the uncertainty surrounding the Selling
Stockholder's continued ownership interest in the Company.
Transatlantic Holdings, Inc.
Steven S. Skalicky, 212-770-2040
Copyright Business Wire 2009
