Validus Responds to Transatlantic Board of Directors Announcement; Reiterates Commitment to its Superior Proposal

Validus Holdings, Ltd. VR today responded to yesterday's announcement by the Board of Directors of Transatlantic Holdings, Inc. TRH. Validus has delivered to the Board of Directors of Transatlantic a Superior Proposal that provides a 27.1% premium to the June 10, 2011 Transatlantic unaffected share price of $44.01,1 and a 5.3% ($2.63 per Transatlantic share) premium to the current implied value of the Allied World transaction.2 In contrast, the implied value of Allied World's offer currently represents a 4.3% discount to the Transatlantic share price.2 Validus is pleased that the Transatlantic Board has offered to engage in discussions and exchange information with Validus, and the Company looks forward to the opportunity to speak with Transatlantic and exchange information regarding Validus' Superior Proposal. Validus remains fully committed to its Superior Proposal, and in keeping with that commitment has filed a preliminary proxy statement today with the Securities and Exchange Commission in connection with the special meeting of stockholders of Transatlantic, urging them to vote against the inferior Allied World acquisition in order to preserve the ability of Transatlantic stockholders to benefit from Validus' Superior Proposal.