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Transatlantic Holdings, Inc. Reports Strong Fourth Quarter and Full Year 2010 Results
13% Annual Increase in Book Value Per Share
NEW YORK--(BUSINESS WIRE)--February 9, 2011--Transatlantic Holdings, Inc. (NYSE: TRH) today reported net income of $142 million, or $2.22 per common share (diluted), for the fourth quarter of 2010 compared to $137 million, or $2.04 per common share (diluted), for the fourth quarter of 2009. Net operating income for the fourth quarter of 2010 was $133 million, or $2.09 per common share (diluted), compared to $131 million, or $1.96 per common share (diluted), in the fourth quarter of 2009.
Fourth quarter 2010 net income and net operating income include $23 million of pre-tax net catastrophe costs (net of reinsurance and net reinstatement premiums) consisting principally of an increase in TRH’s estimate of costs related to the third quarter 2010 earthquake in New Zealand and costs related to the fourth quarter 2010 Rockhampton floods in Australia. The 2009 fourth quarter results include a reduction of catastrophe costs of $2 million. The determination of catastrophe costs involves a significant amount of judgment and is based on information available at the time of estimation.
Robert F. Orlich, President and Chief Executive Officer, commented, “We achieved strong earnings for the quarter and year despite an elevated level of industry catastrophe loss activity. Book value per share increased 13% in the last twelve months and 43% since the end of 2008. Net operating cash inflows totaled $1.1 billion in 2010.
“Our commitment to underwriting and fiscal discipline is allowing us to capitalize on favorable business opportunities around the world despite the pricing and economic pressures affecting reinsurers. We also took steps during 2010 to further strengthen our on-the-ground presence in key markets, opening an office in Hamilton, Bermuda to support our local business partners; upgrading our Munich office to full branch status to enhance its standing in the local market; and establishing a new entity in Gibraltar to serve our European clients. In addition, we recently completed a strategic investment to participate as a corporate name in Lloyd’s.
The following information was filed by Transatlantic Holdings Inc (TRH) on Wednesday, February 9, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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