This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Transatlantic And Allied World Mutually Terminate Merger Agreement

In addition, Transatlantic announced that Michael C. Sapnar, currently Executive Vice President and Chief Operating Officer of the Company, has been appointed President, effective immediately, and Chief Executive Officer, effective January 1, 2012.  Mr. Sapnar will succeed Robert F. Orlich, who, as previously announced, will retire as CEO.  Mr. Orlich will remain on the Board of Directors.

"Transatlantic has an industry-leading franchise that has delivered strong returns for stockholders over its 20-plus year history as a public company," said Richard S. Press, Chairman of the Transatlantic Board of Directors.  "The future of Transatlantic remains very bright and our aggressive stock repurchase program announced today underscores that belief.  Since we first became a fully independent company in 2010, the Board and management team have focused on continuing to build long-term value for all our stockholders by executing on important strategic initiatives while managing our balance sheet prudently and maintaining our financial strength ratings.  We will continue to actively execute those initiatives that the Allied World merger would have accelerated, and we remain confident about our long-term prospects. At the same time, we appreciate the dialogue we have had with our stockholders over the past three months and want them to know that their Board is open to seriously considering any transaction that will deliver the value they deserve."

Mr. Press continued, "Mike has been a valuable member of Transatlantic's leadership team and his appointment is consistent with our long-term succession planning.  He has been critical to the Company's success and his many achievements demonstrate his ability to guide Transatlantic in the future.  Bob and I look forward to continuing to work with Mike in his new role."

Following the announcement of the Allied World merger, Validus Holdings (NYSE: VR) submitted an unsolicited proposal to acquire Transatlantic that the Transatlantic Board of Directors, after careful consideration, determined was not superior to the Allied World merger.  Even after Transatlantic invited Validus to enter negotiations under a customary confidentiality agreement, Validus refused to engage.  The Transatlantic Board of Directors believes the Validus proposal continues to be inadequate for numerous reasons, but, nevertheless, the Company remains willing to enter negotiations and conduct mutual due diligence.

Stock quotes in this article: AWH, BRK.A, BRK.B, TRH, VR 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs