TRH Prices Senior Notes Offering

December 10, 2005

Transatlantic Holdings Inc. has priced a registered offering of $750,000,000 aggregate principal amount of its 5.75% senior notes due 2015 (the “Notes”).

The Notes are being sold at a discount of 0.488% from face value. Of the $750,000,000 aggregate principal amount of the Notes offered, $450,000,000 aggregate principal amount are being purchased by certain subsidiaries of American International Group Inc., beneficial owner of approximately 60% of the company’s common stock.

The offering is expected to close on Dec. 14, 2005, subject to customary conditions. The company intends to use the net proceeds of the offering to increase the capital and surplus of its wholly-owned subsidiary, Transatlantic Reinsurance Company, and for other general corporate purposes.

The underwriters for the offering are Banc of America Securities LLC and Merrill Lynch & Co.

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