Transatlantic Holdings Releases First Quarter Results

April 27, 2000

Transatlantic is a leading international reinsurer headquartered in New York, with assets of $5.5 billion and stockholders’ equity of $1.7 billion. Its subsidiaries include Transatlantic Reinsurance Co. and Putnam Reinsurance Co.

The company’s income before taxes totaled $71.6 million for the first quarter 2000, versus $96.7 million in the same quarter 1999. Included in these results are pre-tax realized capital gains of $13.9 million and $41.7 million in the first quarters of 2000 and 1999 respectively.

Excluding pre-tax realized capital gains, income before income taxes would have increased 5.1 percent year over year. Net premiums written in the first quarter of 2000 were $392.5 million, an increase of 9.9 percent from $357.2 million in the first quarter one year prior.

The combined ratio was 100 for the quarter compared to 99.4 for the same period last year. Net investment income was $58.6 million in the first quarter of 2000 compared to $55.3 million in the 1999 first quarter, an increase of 6 percent.

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