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TRANSATLANTIC HOLDINGS, INC. ANNOUNCES FIRST QUARTER EARNINGS INCREASE

TRANSATLANTIC HOLDINGS, INC. ANNOUNCES FIRST QUARTER EARNINGS INCREASE
 NEW YORK, April 30 /PRNewswire/ -- Transatlantic Holdings, Inc. (NYSE: TRH) today reported that its net income in the first quarter of 1992 increased 20.0 percent to $22.0 million or $0.96 per common share, compared with $18.4 million, or $0.80 per common share, in the same period of 1991.
 Income before income taxes in the first quarter of 1992 increased to $26.1 million, or 16.1 percent over the $22.5 million recorded in the same period of 1991.
 The "fresh start" tax benefit reduced the provision for income taxes by $475,000 and $468,000 in the first quarters of 1992 and 1991, respectively.
 At March 31, 1992, TRH's consolidated assets and stockholders' equity were approximately $2.3 billion and $513.8 million, respectively, representing increases of $69.2 million and $14.2 million, respectively, over the Dec. 31, 1991 amounts.
 Loss and loss adjustment expense reserves increased $46.8 million in the first quarter of 1992 to $1.3 billion. The market value of bonds exceeded the carrying value of $1.7 billion by $71.2 million. The Company's conservative fixed maturity portfolio consists primarily of diversified and liquid taxable bonds and tax-exempt municipal bonds. The Company's equity portfolio emphasizes quality growth companies.
 Net premiums written in the first quarter decreased 2.2 percent to $117.5 million from $120.1 million in last year's first quarter.
 The combined ratio was 107.7 for the first quarter of 1992 versus 106.5 for the comparable 1991 quarter. The first quarter loss ratios for 1992 and 1991 were 81.8 and 80.3, respectively. The underwriting expense ratios for the first quarters of 1992 and 1991 were 25.9 and 26.2, respectively.
 Net investment income rose 9.3 percent to $31.5 million in the first quarter of 1992 from $28.8 million in last year's first quarter.
 In the first quarter, realized capital gains, net of income taxes, totalled $3.5 million versus $2.1 million in the comparative 1991 quarter.
 Other deductions totalled $672,000 and $1.4 million for the first quarters of 1992 and 1991, respectively.
 In the first quarter of 1992, a dividend of $0.06 per common share was declared by the Board of Directors to stockholders of record as of June 9, 1992, payable on June 23, 1992.
 Commenting on these results, Joseph V. Taranto, President, said, "Building on record 1991 results, Transatlantic posted strong first quarter earnings which propelled stockholders' equity past the $500 million mark. In a property and casualty market where substantial competition still prevails, we continue to implement our strategy of disciplined underwriting and capitalize on opportunities in certain specialty casualty classes. We believe that our substantial size, financial strength, creative flexibility and global presence will take on added significance as we proceed through the decade of the 1990s."
 Transatlantic Holdings, Inc. (TRH) is a leading U.S. international reinsurance organization with operations throughout the United States and foreign offices in London, Hong Kong, Tokyo and Toronto. With assets approximating $2.3 billion, its subsidiaries, Transatlantic Reinsurance Company and Putnam Reinsurance Company, offer reinsurance capacity for a full range of products on both a treaty and facultative basis and have proven their strength, stability and service over the years. Our companies write all types of property and casualty risks from standard to complex, including professional liability and environmental liability.
 TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
 Financial Highlights
 (in thousands, except per share data)
 Three Months Ended
 March 31,
 1992 1991 Pct Change
 Statement of Operations Data:
 Net premiums written $117,490 $120,131 -2.2
 Net premiums earned 125,531 125,638 -0.1
 Adjusted underwriting loss (9,107) (7,570) 20.3
 Net investment income 31,470 28,805 9.3
 Loss Ratio 81.8 80.3
 Expense Ratio 25.9 26.2
 Combined Ratio 107.7 106.5
 Realized capital gains $4,381 $2,610 67.9
 Operating income 26,744 23,845 12.2
 Other deductions (672) (1,381) -51.3
 Income before income taxes 26,072 22,464 16.1
 Net income 22,031 18,357 20.0
 Earnings per common share $0.96 $0.80 20.0
 Average common shares outstanding 22,863 22,857
 March 31, December 31,
 1992 1991
 Selected Balance Sheet Data:
 Investments and cash $1,869,270 $1,793,759
 Total assets 2,272,715 2,203,548
 Loss and loss adjustment expense
 reserves 1,288,002 1,241,160
 Stockholders' equity 513,777 499,592
 Book value per common share $22.47 $21.85
 -0- 4/30/92
 /CONTACT: David W. Smith, 212-770-2162, for Transatlantic Holdings, Inc./
 (TRH) CO: Transatlantic Holdings, Inc. ST: New York IN: INS SU: ERN


KD -- NY002 -- 4775 04/30/92 09:18 EDT
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Date:Apr 30, 1992
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