Published: March 09, 2010
Transatlantic Holdings, Inc. Prices Stock Repurchase and Secondary Public Offering of AIG's Remaining Shares of TRH Common Stock
NEW YORK - (BUSINESS WIRE) - Transatlantic Holdings, Inc. (NYSE: TRH) today announced that TRH will
purchase 2 million shares of its common stock from American Home
Assurance Company ("AHAC" ) in the Offering (as described below) pursuant
to a stock offering agreement (the "Stock Offering Agreement" ) at a
price of $52.52 per share, which is the initial price to the public in
the Offering, as adjusted pursuant to the Stock Offering Agreement. A
copy of the Stock Offering Agreement was filed as Exhibit 99.1 to TRH's
Current Report on Form 8-K filed on March 8, 2010.
TRH also announced that an underwritten public offering (the "Offering" )
of 8,466,693 shares of its common stock owned by AHAC, a subsidiary of
American International Group, Inc., was priced at a public offering
price of $53.35 per share.
Goldman, Sachs & Co., Wells Fargo Securities and BofA Merrill Lynch, the
underwriters of the offering, have a 30-day option to purchase up to an
additional 725,969 shares of TRH common stock from AHAC.
TRH has filed a registration statement (including a prospectus) with the
Securities and Exchange Commission ("SEC" ) for the offering to which
this communication relates. Before you invest, you should read the
prospectus in that registration statement and other documents TRH 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 website 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 toll-free Goldman, Sachs & Co. at 866-471-2526 or Wells
Fargo Securities at 800-326-5897.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be a sale of these
securities in any state or other 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.
Caution concerning forward-looking statements:
This press release contains forward-looking statements within the
meaning of the U.S. federal securities laws. These forward-looking
statements are based on assumptions and opinions concerning a variety of
known and unknown risks. Please refer to TRH's Annual Report on Form
10-K for the year ended December 31, 2009 as well as its other and
future filings and reports filed with or furnished to the Securities and
Exchange Commission for a description of the business environment in
which TRH operates and the important factors, risks and uncertainties
that may affect its business and financial results. If any assumptions
or opinions prove incorrect, any forward-looking statements made on that
basis may also prove materially incorrect. TRH is not under any
obligation to (and expressly disclaims any such obligation to) update or
alter its forward-looking statements whether as a result of new
information, future events or otherwise.
Transatlantic Holdings, Inc. is a leading international reinsurance
organization headquartered in New York, with operations on six
continents. Its subsidiaries, Transatlantic Reinsurance Company,
Trans Re Zurich Reinsurance Company Ltd 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.
Transatlantic Holdings, Inc.
Thomas V. Cholnoky, 212-365-2292
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