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A.M. Best Co. has commented that the ratings of
Alleghany Corporation (Alleghany) (Wilmington, DE) [NYSE: Y], its subsidiaries and
Transatlantic Holdings, Inc. (Transatlantic) (New York, NY) [NYSE: TRH] and its subsidiaries are unchanged following the announcement of a definitive agreement under which Transatlantic will combine with Alleghany. All of the rated operating companies of both organizations maintain their respective financial strength ratings, issuer credit ratings and outlooks. (See A.M. Best’s press releases of June 10, 2011 and December 21, 2010.)
The transaction brings two complementary organizations together. Alleghany’s specialty insurance platform and Transatlantic’s reinsurance platform, combined with a shared philosophy of underwriting discipline, will bring greater diversification of earnings, cash flow sources and business by geography, product and distribution to Alleghany. Significant liquidity at the parent company level also is expected to be maintained. The transaction is expected to be finalized in the first quarter of 2012, subject to customary regulatory and shareholder approvals.