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Transatlantic Holdings, Inc. Reports First Quarter Results
NEW YORK--(BUSINESS WIRE)--April 26, 2011--Transatlantic Holdings, Inc. (NYSE: TRH) today reported a net loss of ($190) million, or ($3.05) per common share (diluted), for the first quarter of 2011 compared to net income of $16 million, or $0.24 per common share (diluted), for the first quarter of 2010. Net operating loss for the first quarter of 2011 was ($225) million, or ($3.61) per common share (diluted), compared to net operating income of $17 million, or $0.26 per common share (diluted), in the first quarter of 2010.
First quarter 2011 net loss and net operating loss include $545 million of pre-tax net catastrophe costs (net of reinsurance and net reinstatement premiums) offset by related tax benefits of $191 million. The pre-tax net catastrophe costs include $365 million related to the Tohoku Earthquake in Japan and ensuing tsunami and $180 million related to the February earthquake in Christchurch, New Zealand and events in Australia. Catastrophe costs for the events in Japan contemplate an industry loss of between $25 billion and $30 billion.
First quarter 2010 net income and net operating income include pre-tax net catastrophe costs of $130 million, $105 million of which is related to the earthquake in Chile. Tax benefits associated with such catastrophe costs totaling $27 million were recorded in the first quarter of 2010.
Robert F. Orlich, President and Chief Executive Officer, commented, “Results in the first quarter were affected by an extremely high level of catastrophes, including what is likely to be the costliest earthquake loss in history. Despite the magnitude of these events, Transatlantic’s catastrophe costs fell within our risk tolerances. Our core operations remain sound and, excluding the impact of catastrophes, performed well.
“The last 15 months have witnessed extraordinary catastrophe activity, with rising frequency and severity. While property catastrophe rates have begun to rise, additional increases are needed, particularly in regions that have experienced significant losses.
“As this environment unfolds, Transatlantic remains financially strong and well-positioned to capitalize on opportunities. Our strong risk management culture enables us to plan for and manage through periods such as the first quarter, as we continue to execute a successful business model that stresses underwriting discipline and diversification geographically and across classes of property and casualty business worldwide.”
The following information was filed by Transatlantic Holdings Inc (TRH) on Tuesday, April 26, 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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