Allied World Says Merger of Equals with Transatlantic on Target to Close

Allied World Assurance Company Holdings, AG

today issued the following statement on the decision by the board of directors of Transatlantic Holdings, Inc.

to again reaffirm its recommendation of the Transatlantic and Allied World merger. In a statement, Allied World said: “We fully support the Transatlantic Board's decision to once again recommend our merger agreement to shareholders and are pleased to learn that the Transatlantic Board rejected the Validus offer after review with outside advisors. We believe our transaction provides the best immediate and long-term value and strategic benefits for all shareholders. The creation of TransAllied offers shareholders a compelling strategic rationale with superior insurance capabilities, superior currency and demonstrated record of value creation, a stronger credit profile and risk management platform, and mutually beneficial synergies.