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Transatlantic Holdings, Inc. Reports Second Quarter Results
Book Value Per Share Rises 4.8%
NEW YORK--(BUSINESS WIRE)--July 27, 2011--Transatlantic Holdings, Inc. (NYSE: TRH) today reported net income of $81 million, or $1.28 per common share (diluted), for the second quarter of 2011 compared to $111 million, or $1.70 per common share (diluted), for the second quarter of 2010. Net operating income for the second quarter of 2011 was $81 million, or $1.28 per common share (diluted), compared to $105 million, or $1.62 per common share (diluted), in the second quarter of 2010.
Second quarter 2011 net income and net operating income include $66 million of pre-tax net catastrophe costs (net of reinsurance and net reinstatement premiums) offset by related tax benefits of $23 million. Such pre-tax net catastrophe costs include $34 million related to severe tornado activity in the United States during the quarter and $32 million arising principally from net changes in estimated costs from first quarter 2011 catastrophe events.
Second quarter 2010 net income and net operating income include pre-tax net catastrophe costs of $27 million offset by related tax benefits of $12 million.
Robert F. Orlich, President and Chief Executive Officer, commented, “We achieved an annualized operating ROE of 7.9% in the quarter and grew book value per share by almost 5%, despite an elevated level of catastrophe activity that continued through the second quarter. In addition, we delivered improvements in our combined ratio, excluding catastrophe costs, for the quarter and year to date periods.
“Rates on catastrophe-exposed business are beginning to track upward, but at least initially are confined primarily to loss-affected areas, so we believe that more positive rate movement is needed. In casualty lines, rate movement has been mixed and we are concentrating our efforts in areas offering the most favorable opportunities, emphasizing those lines in which we specialize.
“Transatlantic remains financially strong and well-positioned to address the opportunities that exist in the current marketplace due to our global market coverage, underwriting discipline and selectivity, and strong risk management orientation. We remain very focused on applying these core strengths to maximize value for our stakeholders over the long term.”
The following information was filed by Transatlantic Holdings Inc (TRH) on Wednesday, July 27, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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