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Transatlantic Holdings: A Value Proposition Worth Consideration
New Low Observer • Sat, Aug 28, 2010 • 2 Comments

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Transatlantic Holdings' CEO Discusses Q3 2011 Results - Earnings Call Transcript
Thu, Oct 27, 2011
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Thu, Jul 28, 2011
Transatlantic Holdings, Inc. Q1 2010 Earnings Call Transcript
Tue, May 4, 2010

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Transatlantic Holdings, Inc. Announces Preliminary Estimate of Fourth Quarter 2011 Catastrophe Costs

Business Wire (Jan 18, 2012)
Transatlantic Announces Record Date and Meeting Date for Special Meeting of Stockholders

PR Newswire (Dec 21, 2011)
Transatlantic Reinsurance Company Announces Promotions

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Company Description

The Company is a holding company incorporated in the state of Delaware. Originally formed in 1986 under the name PREINCO Holdings, Inc. as a holding company for Putnam Reinsurance Company ("Putnam"), the Company's name was changed to Transatlantic Holdings, Inc. on April 18, 1990 following the... More

Sector: Financial

Industry: Property & Casualty Insurance

Country: United States

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| Earnings
| Dividends
| M&A
| On the move

Wednesday, January 30, 9:42 AM The hot homebuilder sector (XHB) gets even more buzz as TRI Pointe Homes (TRH) ups the size of its IPO to 13.69M shares from 11.7M. The builder (mostly CA, also CO) would now raise $205M based on the midpoint of the expected price range of $14-$16/share. Comment! [U.S. Economy]
Wednesday, February 29, 2012, 7:10 AM S&P announces that Alleghany (Y) will replace Transatlantic Holdings (TRH) in its S&P MidCap 400 Index after the close of trading on March 5. Shares of Y +1.9% premarket, TRH inactive. Comment! [Financials]
Monday, November 28, 2011, 9:05 AM Validus (VR) files with the SEC to return 7.7M shares of Transatlantic (TRH) - tendered in its bid to buy its rival - after saying certain conditions of its offer weren't satisfied. Transatlantic's board fought Validus's bid tooth and nail, opting in the end to accept Alleghany's (Y) $3.4B stock and cash deal. Comment! [Financials, Global & FX]
Wednesday, November 23, 2011, 5:15 AM A Transatlantic Holdings (TRH) shareholder yesterday filed suit to block the reinsurer's $3.4B acquisition by Alleghany (Y), saying the deal came from an unfair process and undervalues Transatlantic. (previous) Comment! [Financials, M&A]
Monday, November 21, 2011, 8:12 AM As expected, Alleghany (Y) confirms it will buy reinsurer Transatlantic (TRH +4.7%) for $3.4B in cash and stock, or $59.79/share. That's a 10% premium on TRH's Friday close. The deal theoretically ends a long process involving a series of suitors for TRH, although it's already called off an M&A with Allied World. (previous) (PR) Comment! [Top Stories, M&A, On the Move, Financials]
Monday, November 21, 2011, 4:50 AM Transatlantic (TRH) is in talks with yet another suitor, Alleghany (Y), and the firms may even announce their engagement today, reports say. Alleghany will pay about $59-60 a share, a premium of up to 10% on Transatlantic's close on Friday. The price values Transtlantic at $3.4B, above Alleghany's market cap of $2.7B. (previous) Comment! [M&A]
Friday, November 4, 2011, 11:16 AM The back-and-forth between Transatlantic (TRH +1.5%) and Validus (VR +2.1%) continues with a SEC filing from the erstwhile buyer making a direct proxy appeal to TRH shareholders: "Validus has a superior business plan for the combined company that will drive earnings by capturing the best priced segments of the reinsurance market. A combined Validus/Transatlantic would derive a majority of its premiums from short-tail lines and 17% of premiums written from property catastrophe." Comment! [M&A]
Friday, November 4, 2011, 7:31 AM Transatlantic's board (TRH) officially rejects a cash-and-stock exchange offer from Validus (VR) saying the revised proposal is "substantially lower than book value." The company tells shareholders it's still discussing strategic alternative with two other parties. Comment! [Global & FX, M&A]
Thursday, November 3, 2011, 9:00 AM Premarket gainers: MDVN +124%. FIO +16%. NBG +15%. ARO +13%. ING +13%. ANR +12%. PSTI +12%. QCOM +10%. QGEN +8%. ALU +7%. TS +7%. BCS +7%. YRCW +7%. AEO +7%. DB +5%. STX +5%. PCX +5%. LYG +5%. SWKS +5%. GPS +4%. E +4%. MS +4%. LNG +4%. PHG +3%. NOK +3%. TRH +3%. FTE +3%. RTK +3%. ONNN +3%. AU +3%. BAC +3%. MPEL +3%. HL +3%. C +3%. FCX +3%. TOT +3%. SNY +3%. AKS +3%.
Losers: DNDN -27%. ANF -19%. GMXR -13%. WFR -10%. RIG -8%. WTSLA -7%. K -7%. NTRI -5%. CLWR -5%. TGP -5%. LTD -4%. M -3%. Comment! [On the Move]
Thursday, November 3, 2011, 8:52 AM Like a maiden who can't decide on whom to walk down the aisle with, if at all, reinsurer Transatlantic (TRH) rejects Validus' (VR) latest increased cash-and-stock bid of up to $3.46B. Valdius is not best pleased and will try to replace Transatlantic's board with three independent directors. Reuters has a summary of Transatlantic's dalliances. (PR) 1 Comment [Financials]
Tuesday, October 11, 2011, 9:37 AM The battle for Transatlantic (TRH) takes another turn as the reinsurer enters negotiations with a fourth, unnamed, suitor. The talks add to discussions TRH has been holding with Validus (VR), Berkshire's (BRK.A) National Indemnity, and an additional undisclosed party. (PR) Comment! [Financials, M&A]
Monday, September 26, 2011, 1:57 PM Transatlantic (TRH +3.9%) enters into a confidentiality agreement and discussions with a third party about potential strategic options, adding another party to the list of suitors angling for the reinsurance company. TRH says the agreement is in addition to previously announced pacts with Validus (VR +2.1%) and National Indemnity (BRK.A +6.7%). Comment! [Financials, M&A]
Friday, September 23, 2011, 5:25 PM Validus (VR) wins a skirmish with hostile takeover target Transatlantic (TRH) that will allow the companies to exchange non-public information. The "limited standstill" agreement, which expires Oct. 31, comes after a competing deal with Allied World Assurance (AWH) was called off. Comment! [Financials, M&A]
Tuesday, September 20, 2011, 3:00 AM Transatlantic (TRH) is reportedly exploring a "limited standstill" agreement with Validus (VR), after rejecting a reinstated offer from National Indemnity (BRK.A) and calling off a planned merger with Allied World Assurance (AWH). Comment! [Financials, M&A]
Monday, September 19, 2011, 9:19 AM Transatlantic (TRH) announces receipt of a reinstated offer from Buffett's National Indemnity (BRK.A) for $52/share, set to expire at the end of business today. Believing its book value to be $69-$70, the Transatlantic Board rejects the offer, saying it "would not deliver fair value to its shareholders." (PR) Comment! [Financials]
Friday, September 16, 2011, 7:37 AM Transatlantic (TRH) will pay Allied World (AWH) a termination fee of $35M and expenses of $13.3M after their merger hits the skids, as part of the agreement between the firms. Shareholders of Tranatlantic will also see $455M added to an existing shareholder repurchasement plan. Premarket: TRH -1.1%, AWH +0.5%. Comment! [M&A]

Dividend Sheet
14 Dividend Contenders Under Book Value: http://bit.ly/vjLk8C + $PBCT $NWFL $TSH $LARK $PRE $RBCAA $SFG $NTT $ALTE $HCC $ACE $DFG $BG $TRH
12/9/11
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Asif Suria
Validus ends Transatlantic takeover bid $VR $TRH http://reut.rs/v0Lu3T
11/28/11
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Asif Suria
Alleghany Said to Be in Talks to Buy Reinsurer Transatlantic for $3.4 billion $Y $TRH http://bit.ly/vnocs8
11/21/11
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Jacob Wolinsky
Monday Morning Pre-Market News http://bit.ly/rNzu1N $SPY $ERO $EWG $GS $UBS $AMZN $VRUS $GILD $TRH $Y $C
11/21/11
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Asif Suria
Validus $VR Boosts Offer for Transatlantic $TRH
11/3/11
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Asif Suria
Trans-Atlantic Bids Need $1 Billion Windfall as Buffett Rebuked $TRH
10/14/11
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Asif Suria
Transatlantic Holdings in confidential talks about 'strategic alternatives' with latest party $TRH
10/11/11
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Asif Suria
Brandon Enters Transatlantic Bidding, Insurance Insider Reports $TRH
9/27/11
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Asif Suria
Transatlantic considering options with suitor Validus $TRH $VR
9/20/11
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Asif Suria
Berkshire Hathaway $3.25B offer for reinsurer Transatlantic Holdings $TRH has expired but the two sides are still in talks over a deal
8/16/11
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