Exhibit 99.1

Transatlantic Holdings, Inc. Announces Second Quarter Results

NEW YORK--(BUSINESS WIRE)--July 26, 2010--Transatlantic Holdings, Inc. (NYSE: TRH) today reported net income of $111 million, or $1.70 per common share (diluted), for the second quarter of 2010 compared to $112 million, or $1.68 per common share (diluted), for the second quarter of 2009.

Net operating income for the second quarter of 2010 was $105 million, or $1.62 per common share (diluted), compared to $129 million, or $1.93 per common share (diluted), in the second quarter of 2009.

Second quarter 2010 net income and net operating income include $27 million of pre-tax net costs (net of reinsurance and net reinstatement premiums) related to significant catastrophe events, including $14 million attributable to the Deepwater Horizon explosion and additional costs associated with events occurring in earlier periods, principally the earthquake in Chile. Catastrophe costs in the second quarter of 2009 were insignificant. The determination of catastrophe costs involves a significant amount of judgment and is based on information available at the time of estimation.

Pre-tax catastrophe costs generate tax benefits totaling 35% over the full year in which such pre-tax costs are recorded. As a result of applying the effective tax rate method for interim periods, second quarter 2010 tax benefits related to catastrophe costs totaled $12 million. Additional tax benefits of $15 million, which relate to pre-tax catastrophe costs already reflected in 2010 thus far, will be recorded over the remaining two quarters of 2010.

Commenting on results, Robert F. Orlich, President and Chief Executive Officer, said, “Transatlantic performed well in the quarter. We grew book value per share by 2.5% and achieved an annualized GAAP ROE of 11%, based on second quarter net income. Our operations were strong and the impact of 2010 catastrophe events modest.

“In this challenging market environment, we continue to pursue favorable opportunities in segments that coincide with our traditional strengths, while fine tuning our book to emphasize business that meets our margin requirements. Utilizing our broad expertise, local market presence and strict underwriting discipline, we continue to capitalize on quality business opportunities across the globe.”

Other highlights in the second quarter of 2010 include:

  • Net premiums written of $947.6 million, declining 4% from the prior year quarter, excluding the impact of foreign exchange.
  • Net investment income of $116 million, an increase of 4% year over year.
  • Realized net capital gains of $8 million. There were no charges to earnings in the current quarter for other-than-temporary impairments. In the second quarter of 2009, realized net capital losses totaled ($25) million, which included other-than-temporary impairments charged to earnings of ($20) million.
  • Combined ratio of 96.9%. Pre-tax net costs related to significant catastrophe events of $27 million added 2.8 percentage points to the combined ratio in the 2010 second quarter. In 2009, second quarter catastrophe costs were insignificant. Net favorable loss reserve development related to prior accident years totaled $15 million in the 2010 quarter compared to net favorable development of $5 million a year ago. The current quarter amount includes $6 million of favorable development related to catastrophe costs from prior year events.
  • Net operating cash flow of $183 million.
  • Net loss and loss adjustment expense reserves of $7.97 billion at quarter-end, a decrease of $11 million (which reflects a reduction of $109 million due to foreign exchange) during the quarter.
  • Stockholders’ equity of $4.05 billion at quarter-end. During the quarter, TRH repurchased 580,000 of its outstanding common shares under the existing program for $27 million. At the end of the quarter, TRH had approximately $56 million remaining under its existing share repurchase program.
  • Book value per common share of $63.53 at June 30, 2010, an increase of 2.5% during the quarter.
  • Consolidated investments and assets of $12.30 billion and $15.25 billion, respectively, at quarter-end.
  • TRH opened an office in Bermuda during the quarter to serve existing local business and expand access to captive business.

The following information was filed by Transatlantic Holdings Inc (TRH) on Monday, July 26, 2010 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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