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Transatlantic Holdings, Inc. Reports Strong Third Quarter 2010 Results
Book Value Per Share Increases 8.5% in the Quarter
Share Repurchase Authorization Increased to $200 Million
NEW YORK--(BUSINESS WIRE)--October 27, 2010--Transatlantic Holdings, Inc. (NYSE: TRH) today reported net income of $134 million, or $2.08 per common share (diluted), for the third quarter of 2010 compared to $153 million, or $2.28 per common share (diluted), for the third quarter of 2009. Net operating income for the third quarter of 2010 was $127 million, or $1.97 per common share (diluted), compared to $149 million, or $2.22 per common share (diluted), in the third quarter of 2009.
Third quarter 2010 net income and net operating income include $22 million of pre-tax net catastrophe costs (net of reinsurance and net reinstatement premiums), $19 million of which relate to the earthquake in New Zealand. The 2009 third quarter results include a reduction of catastrophe costs of $3 million. 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, third quarter 2010 tax benefits related to catastrophe costs totaled $15 million. Additional tax benefits of $8 million, which relate to pre-tax catastrophe costs already reflected in 2010 thus far, will be recorded in the fourth quarter of 2010.
Commenting on the results, Robert F. Orlich, President and Chief Executive Officer, said, “Transatlantic reported strong earnings for the quarter, with operating cash flows topping $350 million. Book value per share grew 8.5% in the quarter and more than 13% year-to-date.
“Market conditions remain challenging and we continue to emphasize strict underwriting discipline; however, our unique blend of financial strength, breadth of products and strong leadership in key reinsurance markets worldwide enhances our ability to attract quality business opportunities.”
The following information was filed by Transatlantic Holdings Inc (TRH) on Wednesday, October 27, 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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