Alleghany Corp. And Transatlantic Holdings Inc. Ratings Affirmed Following Merger Announcement Nov 11

Standard & Poors, November 2011

Abstract
Alleghany Corp. and Transatlantic Holdings Inc.'s respective boards of directors signed a definitive agreement for a stock-for-stock and cash amalgamation. We have affirmed our 'BBB' long-term counterparty credit rating on Alleghany and our 'A+' financial strength rating and 'BBB+' long-term counterparty credit rating on Transatlantic. We expect Transatlantic to run autonomously, minimizing a change to its stand-alone financial strength characteristics including its very strong competitive position and capitalization. NEW YORK (Standard & Poor's) Nov. 22, 2011--Standard & Poor's Ratings Services said today that it affirmed its 'BBB' long-term counterparty credit rating on Alleghany Corp., and its 'A+' financial strength rating and 'BBB+' long-term counterparty credit rating on Transatlantic Holdings Inc. The outlook on both entities is stable. "These rating actions...

Companies mentioned in this report are: Transatlantic Holdings Inc.,Alleghany Corp.,Putnam Reinsurance Co.,Transatlantic Reinsurance Co.,Trans Re Zurich
Action: Affirmed

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Transatlantic Holdings Inc.,Alleghany Corp.,Putnam Reinsurance Co.,Transatlantic Reinsurance Co.,Trans Re Zurich

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