862510--3/15/2006--TRANSATLANTIC_HOLDINGS

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Uncertainty related to losses from Hurricanes Katrina, Rita and Wilma may further negatively impact TRH s financial results. 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 cash flows may be adversely affected. If TRH s risk management methods and pricing models are not effective, TRH s financial condition and results of operations could be materially adversely affected. Increased competition could adversely affect TRH s profitability. The property and casualty reinsurance business is historically cyclical, and TRH expects to experience periods with excess underwriting capacity and unfavorable pricing. A downgrade in the ratings assigned to TRH s operating subsidiaries could adversely affect TRH s ability to write new business and may adversely impact TRH s existing agreements. The current investigations into certain non-traditional, or loss mitigation, insurance products and other legal matters could have a material adverse effect on TRH s financial condition or results of operations. 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 United States are subject to certain limitations and risks that are unique to foreign operations. TRH may be adversely affected by the impact of market volatility and interest rate and foreign currency exchange rate fluctuation on its invested assets.

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862510--3/15/2006--TRANSATLANTIC_HOLDINGS_INC