Research Update: Allied World Assurance And Some Transatlantic Ratings Placed On CreditWatch Positive Following Merger Announcement Jun 11

Standard & Poors, June 2011

Abstract
Yesterday, Allied World Assurance Co. Holdings AG and Transatlantic Holdings Inc.'s respective boards of directors approved a definitive agreement for a stock-for-stock merger of equals. We have placed the ratings on Allied World and its operating units on CreditWatch with positive implications because being part of a leading global reinsurance group could improve its competitive position. We have also placed the rating on Transatlantic on CreditWatch positive because of possible narrowed notching between the holding-company and operating-company ratings. The ratings on Transatlantic's operating companies are unchanged. On June 13, 2011, Standard & Poor's Ratings Services placed its 'BBB+' counterparty credit rating on Allied World Assurance Co. Holdings AG and its 'A' counterparty credit and financial strength ratings on Allied World's...

Companies mentioned in this report are: Allied World Assurance Company Holdings, AG,Transatlantic Holdings Inc.,Allied World Assurance Co. U.S. Inc.,Allied World National Assurance Co.,Allied World Assurance Co. (Europe) Ltd.,Allied World Assurance Co. (Reinsurance) Ltd.,Allied World Assurance Co. Ltd.,Allied World Reinsurance Co.
Action: On CreditWatch:Positive

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Allied World Assurance Company Holdings, AG,Transatlantic Holdings Inc.,Allied World Assurance Co. U.S. Inc.,Allied World National Assurance Co.,Allied World Assurance Co. (Europe) Ltd.,Allied World Assurance Co. (Reinsurance) Ltd.,Allied World Assurance Co. Ltd.,Allied World Reinsurance Co.

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