862510--2/24/2010--TRANSATLANTIC_HOLDINGS

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{operation, international, foreign}

{operation, natural, condition}

{condition, economic, financial}

{stock, price, share}

{regulation, government, change}

{loan, real, estate}

{provision, law, control}

{debt, indebtedness, cash}

{customer, product, revenue}

{competitive, industry, competition}

The occurrence of severe catastrophic events could have a material adverse effect on TRH's financial condition, results of operations and operating cash flows. If TRH is required to increase its liabilities for loss reserves, TRH's financial condition, results of operations and ultimately its cash flows may be materially adversely affected. A downgrade in the ratings assigned to TRH could adversely affect TRH's ability to write new business and/or TRH's cost and availability of any future unsecured financing, and may adversely impact TRH's existing agreements. If TRH's risk management methods and pricing models are not effective, TRH's financial condition, results of operations and cash flows could be materially adversely affected. The property and casualty reinsurance business is historically cyclical, and TRH expects to experience periods with excess underwriting capacity and unfavorable pricing. Increased competition could adversely affect TRH's profitability. A limited number of brokers account for a large portion of TRH's premiums; the loss of all or a substantial portion of the business provided by them may have an adverse effect on TRH. Concentration of TRH's investment portfolios in any particular segment of the economy may have adverse effects. The valuation of TRH's investments includes methodologies, estimations and assumptions which are subject to differing interpretations; a change in interpretations could result in changes to investment valuations that may adversely affect TRH's results of operations or financial condition. The determination of the amount of other-than-temporary impairment ("OTTI") taken on TRH's investments is subjective and could materially impact TRH's results of operations or financial condition. TRH's liquidity could be materially impaired by future events within or outside of TRH's control, including conditions in the financial and credit markets. The impact on TRH of governmental actions made in response to the recent economic crisis is difficult to determine at this time. Difficult and volatile conditions in the global capital and credit markets and in the overall economy could materially and adversely affect TRH's operating results, investment portfolio and financial condition. TRH may be adversely affected by the impact of market volatility and interest rate and foreign currency exchange rate fluctuations. TRH's businesses are heavily regulated, and changes in regulation may reduce TRH's profitability and limit its growth. TRH's offices that operate in jurisdictions outside the U.S. are subject to certain limitations and risks that are unique to foreign operations. The loss of key personnel could adversely affect TRH's results of operations, financial condition and cash flows. The Company is a holding company and depends on the ability of its subsidiaries to distribute funds to it in order to meet its financial and other obligations. TRH's counterparties may acquire certain rights upon a change in control of TRH, which could negatively affect TRH. Future sales of the Company's common stock, or the perception in the public markets that these sales may occur, could depress the price of the Company's common stock. Provisions in the Company's certificate of incorporation and by-laws and the insurance laws of the jurisdictions in which TRH operates could discourage another company from acquiring TRH and may prevent attempts by the Company's stockholders to replace or remove TRH's current management. The market price of the Company's common stock has been volatile and may continue to be volatile, which may make it difficult or impossible for stockholders to obtain a favorable selling price for their shares.

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862510--2/24/2010--TRANSATLANTIC_HOLDINGS_INC