Transatlantic Holdings Inc

Operating conditions last year were even more challenging for the group then the positive net profit result, which was boosted by a tax benefit of $99.0mn, suggests. Besides the challenges on the investment front, there was a marked increase in TRH’s loss experience. The latter was in part due due to damage caused by Hurricane Ike, which despite being only a category 2 storm, produced one of the highest insured loss figures in US history. In addition, many of the group’s core casualty reinsurance lines saw a deterioration in pricing despite an increase in claims experience over the cause of the year

The US based reinsurance group, Transatlantic Holdings (TRH) had a tough time last year. In addition to having to deal with the uncertainty in the market about its future raised by the near collapse of its majority owner, AIG (which until very recently owned close to 60.0% of the group), TRH saw its net income result reduced by 80.0% from a record profit of £487.1mn in 2007 to £102.3mn in 2008.