This document provides a financial supplement for Transatlantic Holdings, Inc. and Subsidiaries for the second quarter of 2009. It includes key financial highlights such as statements of operations, balance sheets, net premiums written by office, loss and LAE reserves, segment results, investment data, and reconciliations of non-GAAP measures. The supplement should be read along with SEC filings by Transatlantic Holdings to provide contextual understanding of the company's financial position.

1. Transatlantic Holdings, Inc. and
Subsidiaries
Second Quarter 2009 Financial Supplement
Financial Information as of June 30, 2009
(Unaudited)
The following supplement is provided to assist your understanding of Transatlantic Holdings, Inc. It should be
read in conjunction with documents filed with the SEC by Transatlantic Holdings, Inc., including the Company’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the second quarter 2009 earnings press
release.
Transatlantic Re ®

2. 2
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Cautionary Statement Regarding Forward-Looking Information and Use of Non-GAAP Financial Information
This presentation may include statements which may constitute “forward-looking statements” within the meaning of the U.S. federal securities
laws. These statements are not historical facts but instead represent only Transatlantic Holdings, Inc. and its subsidiaries’ (collectively, “TRH”)
belief regarding future events and financial performance, many of which, by their nature, are inherently uncertain and outside of TRH’s control.
These statements may address, among other things, TRH’s strategy and expectations for growth, product development, government and industry
regulatory actions, legal matters, financial, credit and industry market conditions, financial results and reserves, as well as the expected impact on
TRH of natural and man-made (e.g., terrorist attacks) catastrophic events and political, economic, legal and social conditions. It is possible that
TRH’s actual results, financial condition and expected outcomes may differ, possibly materially, from those anticipated in these forward-looking
statements.
Please refer to the Transatlantic Holdings, Inc. Annual Report on Form 10-K for the year ended December 31, 2008 and the Transatlantic
Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 as well as Transatlantic Holdings, Inc.’s future filings and
reports filed with or furnished to the Securities and Exchange Commission for a description of the business environment in which TRH operates
and important factors, risks and uncertainties that may affect its business and financial results. TRH is not under any obligation to (and expressly
disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or
otherwise.
The financial information in this financial supplement includes performance measures called Net Operating Income (“NOI”), NOI Per Common
Share (diluted) and Annualized Operating Return on Equity (“Annualized Operating ROE”) which are based on a methodology other than
generally accepted accounting principles in the United States (“GAAP”). NOI is defined as GAAP net income excluding realized net capital
(losses) gains and gain on early extinguishment of debt, net of taxes. NOI Per Common Share (diluted) represents NOI divided by Average
Common Shares Outstanding on a diluted basis. GAAP annualized return on equity is defined as GAAP net income divided by the average of
beginning and ending stockholders’ equity multiplied by four (for the three month periods) or two (for the six month periods). Annualized Operating
ROE is defined as NOI divided by the average of beginning and ending stockholders’ equity multiplied by four (for the three month periods) or two
(for the six month periods). TRH uses these measures in analyzing its performance as these measures focus on the core fundamentals of the
Company’s operations. While TRH considers realized capital gains and losses and the gain on early extinguishment of debt as an integral part of
its business and results, such items are not indicative of the core fundamentals of the Company’s operations. TRH believes these measures are
of interest to the investment community because they provide additional meaningful methods of evaluating certain aspects of TRH’s operating
performance from period to period on bases that are not otherwise apparent under GAAP. These non-GAAP measures, namely, NOI, NOI Per
Common Share (diluted) and Annualized Operating ROE should not be viewed as substitutes for GAAP net income, GAAP net income per
common share and GAAP annualized return on equity, respectively. Reconciliations of NOI, NOI Per Common Share (diluted) and Annualized
Operating ROE to GAAP net income, GAAP net income per common share on a diluted basis and GAAP annualized return on equity,
respectively, the most directly comparable GAAP measures, are included on page 24.
Legal Disclaimer

3. 3
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Financial Highlights
Statement of Operations Data 4
Balance Sheet Data 6
Net Premiums Written
By Office 7
Other Premium Information 8
Loss and LAE Reserves
Change in Loss and LAE Reserves 9
Segment Results
Three Months Ended June 30, 2009 10
Three Months Ended June 30, 2008 11
Six Months Ended June 30, 2009 12
Six Months Ended June 30, 2008 13
Investment Data
Investment Revenue 14
Investment Portfolio Profile 15
Fixed Maturity Portfolio Ratings 16
Fixed Maturity Portfolio By Contractual Maturity 18
Fixed Maturity Portfolio Details 19
Equity Portfolio Details 22
Operating Company Data 23
Reconciliation of Non-GAAP Measures 24
Table of Contents

4. 4
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Financial Highlights
Statement of Operations Data
(in millions, except ratios)
2009 2008 2009 2008
Gross premiums written 1,066$ 1,065$ 2,201$ 2,196$
Net premiums written 1,006 989 2,053 2,024
Net premiums earned 1,028 1,023 2,005 2,040
Underwriting profit
(1)
68 62 115 123
Net investment income 111 120 221 238
Total realized net capital losses (25) (60) (86) (75)
Gain on early extinguishment of debt - - 10 -
Income before income taxes 138 107 228 252
Net income 112 90 188 205
Net operating income 129 129 237 254
Ratios:
Loss 66.5 % 66.5 % 67.5 % 66.5 %
Underwriting expense 27.1 27.8 26.8 27.7
Combined 93.6 % 94.3 % 94.3 % 94.2 %
(1) Underw riting profit (loss) represents net premiums earned less net losses and loss adjustment expenses and underw riting expenses plus (minus) the increase (decrease) in deferred
acquisition costs.
June 30,
Six Months Ended
June 30,
Three Months Ended

5. 5
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Financial Highlights
Statement of Operations Data
2009 2008 2009 2008
Net income per common share:
Basic 1.69$ 1.35$ 2.83$ 3.10$
Diluted 1.68 1.34 2.81 3.08
Net operating income per common share (diluted) 1.93$ 1.93$ 3.55$ 3.80$
GAAP annualized return on equity 13.1 % 10.6 % 11.1 % 12.2 %
Annualized operating return on equity 15.0 % 15.2 % 14.1 % 15.0 %
June 30,
Six Months Ended
June 30,
Three Months Ended

6. 6
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Financial Highlights
Balance Sheet Data
(dollars in millions, except per share amounts)
As of
June 30,
2009
As of
December 31,
2008
Total investments 10,965$ 10,230$
Cash and cash equivalents 334 289
Total assets 14,085 13,377
Unpaid losses and loss adjustment expenses 8,424 8,124
Capitalization:
5.75% senior notes due December 14, 2015 697$ 722$
Total stockholders' equity 3,549 3,198
Total capitalization 4,246$ 3,920$
Debt to total capitalization ratio 16.4 % 18.4 %
As of
June 30,
2009
As of
March 31,
2009
As of
December 31,
2008
Book value per common share 53.47$ 50.04$ 48.19$

7. 7
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
(in millions)
Net Premiums Written
By Office
2009 2008 2009 2008
Domestic 511$ 455$ 1,095$ 1,003$
International:
Europe:
London 188 209 369 416
Paris 67 103 129 195
Zurich 101 94 206 177
356 406 704 788
Other:
Toronto 20 17 37 37
Miami 73 65 141 119
Hong Kong 19 23 37 46
Tokyo 27 23 39 31
139 128 254 233
Total international 495 534 958 1,021
Total net premiums written 1,006$ 989$ 2,053$ 2,024$
June 30,
Six Months Ended
June 30,
Three Months Ended

8. 8
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Net Premiums Written
Other Premium Information
(dollars in millions)
2009 2008 2009 2008
Property:
Catastrophe 105$ 97$ 205$ 181$
Other 197 215 380 422
Total property 302 312 585 603
Casualty:
Specialty
(1)
366 317 790 684
Other 338 360 678 737
Total casualty 704 677 1,468 1,421
Total net premiums written 1,006$ 989$ 2,053$ 2,024$
Net premiums written originated by AIG subsidiaries:
Originated by AIG subsidiaries 68$ 81$ 143$ 162$
Percentage of total net premiums written 6.7 % 8.2 % 7.0 % 8.0 %
Net effect of changes in foreign currency exchange rates on the change in net premiums written in 2009 as compared to 2008:
Three Months
Ended
June 30,
Six Months
Ended
June 30,
Increase excluding foreign exchange 6.5 % 7.6 %
Foreign exchange effect (4.7) (6.2)
Increase as reported in U.S. dollars 1.8 % 1.4 %
(1) Principally includes directors' and officers' liability, errors and omissions liability, medical malpractice and accident and health premiums.
Three Months Ended
June 30,
Six Months Ended
June 30,

9. 9
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Loss and LAE Reserves
Change in Loss and LAE Reserves
(in millions)
2009 2008 2009 2008
At beginning of period:
Unpaid losses and LAE 8,138$ 8,070$ 8,124$ 7,926$
Less reinsurance recoverable (783) (934) (775) (1,026)
Unpaid losses and LAE, net of reinsurance recoverable 7,355 7,136 7,349 6,900
Net losses and LAE incurred in respect of losses occuring
in:
Current year 689 683 1,361 1,355
Prior years (5) (2) (7) 1
Total 684 681 1,354 1,356
Net losses and LAE paid 613 523 1,228 992
Foreign exchange effect 210 23 161 53
At end of period:
Unpaid losses and LAE, net of reinsurance recoverable 7,636 7,317 7,636 7,317
Plus reinsurance recoverable 788 928 788 928
Unpaid losses and LAE 8,424$ 8,245$ 8,424$ 8,245$
June 30,
Six Months Ended
June 30,
Three Months Ended

10. 10
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Segment Results
Three Months Ended June 30, 2009
(in millions, except ratios)
Domestic
International -
Europe
International -
Other Consolidated
Net premiums written 511$ 356$ 139$ 1,006$
Net premiums earned 514$ 372$ 142$ 1,028$
Net losses and loss adjustment expenses incurred (321) (293) (70) (684)
Net commissions (120) (77) (40) (237)
Other underwriting expenses (18) (13) (5) (36)
(Decrease) increase in deferred acquisition costs - (4) 1 (3)
Underwriting profit (loss) 55 (15) 28 68
Net investment income 71 32 8 111
Total realized net capital (losses) gains (28) 2 1 (25)
Gain on early extinguishment of debt - - - -
Interest on senior notes (10) - - (10)
Other expenses, net (6) - - (6)
Income before income taxes 82$ 19$ 37$ 138$
Catastrophe (costs) savings:
Net losses and LAE incurred from catastrophe events (1)$ 1$ -$ -$
Net assumed (ceded) reinstatement premiums (1) - - (1)
Net catastrophe (costs) savings (2)$ 1$ -$ (1)$
Ratios:
Loss 62.4 % 78.9 % 48.9 % 66.5 %
Underwriting expense 27.2 25.2 31.9 27.1
Combined 89.6 % 104.1 % 80.8 % 93.6 %

11. 11
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Segment Results
Three Months Ended June 30, 2008
(in millions, except ratios)
Domestic
International -
Europe
International -
Other Consolidated
Net premiums written 455$ 406$ 128$ 989$
Net premiums earned 486$ 418$ 119$ 1,023$
Net losses and loss adjustment expenses incurred (356) (272) (53) (681)
Net commissions (104) (99) (38) (241)
Other underwriting expenses (17) (12) (5) (34)
(Decrease) increase in deferred acquisition costs (6) (3) 4 (5)
Underwriting profit 3 32 27 62
Net investment income 73 39 8 120
Total realized net capital losses (53) (6) (1) (60)
Gain on early extinguishment of debt - - - -
Interest on senior notes (11) - - (11)
Other expenses, net (5) - 1 (4)
Income before income taxes 7$ 65$ 35$ 107$
Catastrophe (costs) savings:
Net losses and LAE incurred from catastrophe events -$ 3$ -$ 3$
Net assumed (ceded) reinstatement premiums - - - -
Net catastrophe (costs) savings -$ 3$ -$ 3$
Ratios:
Loss 73.2 % 65.1 % 44.6 % 66.5 %
Underwriting expense 26.5 27.4 33.5 27.8
Combined 99.7 % 92.5 % 78.1 % 94.3 %

12. 12
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Segment Results
Six Months Ended June 30, 2009
(in millions, except ratios)
Domestic
International -
Europe
International -
Other Consolidated
Net premiums written 1,095$ 704$ 254$ 2,053$
Net premiums earned 1,030$ 728$ 247$ 2,005$
Net losses and loss adjustment expenses incurred (676) (552) (126) (1,354)
Net commissions (260) (157) (64) (481)
Other underwriting expenses (35) (24) (10) (69)
Increase (decrease) in deferred acquisition costs 18 (6) 2 14
Underwriting profit (loss) 77 (11) 49 115
Net investment income 143 62 16 221
Total realized net capital losses (82) - (4) (86)
Gain on early extinguishment of debt 10 - - 10
Interest on senior notes (20) - - (20)
Other expenses, net (12) - - (12)
Income before income taxes 116$ 51$ 61$ 228$
Catastrophe (costs) savings:
Net losses and LAE incurred from catastrophe events (2)$ 4$ -$ 2$
Net assumed (ceded) reinstatement premiums (2) - - (2)
Net catastrophe (costs) savings (4)$ 4$ -$ -$
Ratios:
Loss 65.6 % 75.9 % 50.7 % 67.5 %
Underwriting expense 27.0 25.6 29.1 26.8
Combined 92.6 % 101.5 % 79.8 % 94.3 %

13. 13
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Segment Results
Six Months Ended June 30, 2008
(in millions, except ratios)
Domestic
International -
Europe
International -
Other Consolidated
Net premiums written 1,003$ 788$ 233$ 2,024$
Net premiums earned 995$ 790$ 255$ 2,040$
Net losses and loss adjustment expenses incurred (729) (505) (122) (1,356)
Net commissions (235) (188) (74) (497)
Other underwriting expenses (33) (22) (9) (64)
Increase (decrease) in deferred acquisition costs 4 1 (5) -
Underwriting profit (loss) 2 76 45 123
Net investment income 145 76 17 238
Total realized net capital losses (65) (5) (5) (75)
Gain on early extinguishment of debt - - - -
Interest on senior notes (22) - - (22)
Other expenses, net (12) - - (12)
Income before income taxes 48$ 147$ 57$ 252$
Catastrophe (costs) savings:
Net losses and LAE incurred from catastrophe events (2)$ 5$ -$ 3$
Net assumed (ceded) reinstatement premiums - (1) - (1)
Net catastrophe (costs) savings (2)$ 4$ -$ 2$
Ratios:
Loss 73.2 % 64.0 % 47.9 % 66.5 %
Underwriting expense 26.8 26.6 35.9 27.7
Combined 100.0 % 90.6 % 83.8 % 94.2 %

14. 14
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Investment Revenues
(in millions)
2009 2008 2009 2008
Net investment income:
Fixed maturities 109$ 107$ 215$ 213$
Equities 3 5 7 8
Other invested assets (including alternative investments) (1) 5 (3) 10
Other 3 6 7 12
Total investment income 114 123 226 243
Investment expenses (3) (3) (5) (5)
Net investment income 111$ 120$ 221$ 238$
Realized net capital (losses) gains:
Total other-than-temporary impairments (20)$ (69)$ (66)$ (78)$
Less: other-than-temporary impairments recognized in
other comprehensive income (loss) - - - -
Other-than-temporary impairments charged to earnings (20) (69) (66) (78)
Sales and redemptions of securities (7) 17 (17) 17
Net foreign currency transaction gains (losses) 2 (8) (3) (14)
Total realized net capital losses (25)$ (60)$ (86)$ (75)$
Other-than-temporary impairments charged to earnings:
Fixed maturities (8)$ -$ (29)$ -$
Equities (12) (5) (37) (14)
Securities lending invested collateral - (64) - (64)
Total charged to earnings (20)$ (69)$ (66)$ (78)$
Six Months Ended
June 30,June 30,
Three Months Ended

15. 15
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Investment Portfolio Profile
(dollars in millions)
Amount Amount
Fixed Maturities:
Held to maturity (at amortized cost):
Municipalities 1,216$ 11.1 % 1,219$ 11.9 %
Available for sale (at fair value):
Corporate 2,174 19.8 2,094 20.5
U.S. government and government agencies 28 0.3 45 0.4
Foreign government 256 2.3 281 2.8
Municipalities 5,710 52.1 5,149 50.3
Asset-backed:
Commerical mortgage-backed securities 103 0.9 116 1.1
Residential mortgage-backed securities 350 3.2 291 2.8
Other asset-backed securities 38 0.4 37 0.4
Total available for sale 8,659 79.0 8,013 78.3
Total fixed maturities 9,875 90.1 9,232 90.2
Equities:
Common stocks 451 4.1 426 4.2
Nonredeemable preferred stocks 48 0.4 98 0.9
Total equities 499 4.5 524 5.1
Other invested assets 260 2.4 244 2.4
Short-term investments, at cost (approximates fair value) 331 3.0 230 2.3
Total investments 10,965$ 100.0 % 10,230$ 100.0 %
Percent
As of June 30, 2009 As of December 31, 2008
Percent

16. 16
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Fixed Maturity Portfolio Ratings
(dollars in millions)
AAA AA A BBB
Below BBB
or Not
Rated (2)
Total
Held to maturity:
Municipalities
(3)
592$ 481$ 121$ 22$ -$ 1,216$
Available for sale:
Corporate 272 853 982 57 10 2,174
U.S. government and government agencies 28 - - - - 28
Foreign government 95 130 31 - - 256
Municipalities(3)
2,470 2,714 512 - 14 5,710
Asset-backed:
Commerical mortgage-backed securities 82 - 9 11 1 103
Residential mortgage-backed securities 312 9 - - 29 350
Other asset-backed securities 25 - - 13 - 38
Total available for sale 3,284 3,706 1,534 81 54 8,659
Total fixed maturities 3,876$ 4,187$ 1,655$ 103$ 54$ 9,875$
Percentage of total fixed maturities 39.3% 42.4% 16.8% 1.0% 0.5% 100.0%
AAA AA A BBB
Below BBB or
Not Rated Total
Insured rating 1,206$ 1,357$ 475$ 32$ -$ 3,070$
Underlying rating 284 2,003 722 43 18 3,070
(3) Includes insured municipal bonds w ith ratings as follow s:
(2) Consists of $19 million of BB rated securities, $15 million of B rated securities, $7 million of CCC rated securities and $13 million of not-rated securities.
As of June 30, 2009
(1)
(1) Standard & Poor's ratings.

17. 17
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Fixed Maturity Portfolio Ratings
(dollars in millions)
AAA AA A BBB
Below BBB
or Not
Rated (2)
Total
Held to maturity:
Municipalities
(3)
589$ 523$ 85$ 22$ -$ 1,219$
Available for sale:
Corporate 303 942 800 37 12 2,094
U.S. government and government agencies 45 - - - - 45
Foreign government 120 128 33 - - 281
Municipalities(3)
2,196 2,703 235 11 4 5,149
Asset-backed:
Commerical mortgage-backed securities 97 - 11 - 8 116
Residential mortgage-backed securities 251 7 - 9 24 291
Other asset-backed securities 23 10 4 - - 37
Total available for sale 3,035 3,790 1,083 57 48 8,013
Total fixed maturities 3,624$ 4,313$ 1,168$ 79$ 48$ 9,232$
Percentage of total fixed maturities 39.3% 46.7% 12.6% 0.9% 0.5% 100.0%
AAA AA A BBB
Below BBB or
Not Rated Total
Insured rating 1,167$ 1,635$ 234$ -$ -$ 3,036$
Underlying rating 260 1,999 744 22 11 3,036
(3) Includes insured municipal bonds w ith ratings as follow s:
(2) Consists of $32 million of BB rated securities and $16 million of CCC rated securities.
As of December 31, 2008
(1)
(1) Standard & Poor's ratings.

18. 18
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Fixed Maturity Portfolio By Contractual Maturity
(in millions)
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Fixed maturity portfolio by contractual maturity:
Fixed maturities held to maturity:
Due after five years through ten years 177$ 183$ 128$ 132$
Due after ten years 1,039 1,057 1,091 1,078
Total 1,216$ 1,240$ 1,219$ 1,210$
Fixed maturities available for sale:
Due in one year or less 341$ 349$ 376$ 377$
Due after one year through five years 1,625 1,637 1,494 1,480
Due after five years through ten years 1,963 1,962 1,953 1,923
Due after ten years 4,241 4,220 3,938 3,789
Asset-backed(1)
672 491 534 444
Total 8,842$ 8,659$ 8,295$ 8,013$
As of June 30, 2009 As of December 31, 2008
(1) Asset-backed fixed maturities by their nature do not generally have single maturity dates.

19. 19
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Fixed Maturity Portfolio Details
(in millions)
Ten largest holdings by issuer - municipalities: Fair Value
Unrealized
Gain (Loss)
Florida State Board of Education 187$ 3$
Massachusetts, Commonwealth of 166 (11)
Illinois, State of 161 6
Phoenix Arizona Civic Improvement Corporation 141 -
Washington, State of 125 2
New York City Water Authority, NY 116 (1)
New York State Thruway Authority 114 1
California, State of 101 (14)
New York Metropolitan Transportation Authority 100 3
Connecticut, State of 97 3
Ten largest holdings by issuer - other than municipalities: Fair Value
Unrealized
Gain (Loss)
Germany, Federal Republic of 105$ 2$
General Electric Company 104 (4)
Japan, Government of 99 -
HSBC Holdings, PLC 79 (1)
Lloyds Banking Group PLC 72 (9)
Bank of America Corp 69 (8)
Royal Bank of Scotland Group PLC 67 (9)
Total SA 67 2
ING Group NV 61 (6)
Citigroup Inc. 57 (6)
(1) Standard & Poor's rating.
AA
A+
A+
As of June 30, 2009
A
A
A+
A
Weighted
Average Rating(1)
AA+
AA+
AA
A+
AA
AA
As of June 30, 2009
Weighted
Average Rating
(1)
AAA
AA+
AA
AA
AA+
AAA
AAA

20. 20
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Fixed Maturity Portfolio Details
(dollars in millions)
California municipal bonds as of June 30, 2009:
Fair value of California municipal bonds 674$
Percentage general obligations 39 %
Percentage special revenues 61
Total 100 %
Fair Value Percentage
California municipal bonds prefunded 45$ 7 %
California municipal bonds prefunded and insured 43 6
California municipal bonds insured 521 77
Insurer: Percent Insured
National Indemnity Company 34 %
Financial Security Assurance, Inc. 26
Ambac Financial Group, Inc. 9
Other 8
Total Insured 77 %

21. 21
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Fixed Maturity Portfolio Details
2009 2008 2009 2008
Pre-tax yield on fixed maturity portfolio
(1)
4.4 % 4.4 % 4.4 % 4.4 %
As of
June 30,
2009
As of
December 31,
2008
Duration of fixed maturity portfolio 6.0 years 6.0 years
(1) Represents annualized pre-tax net investment income from fixed maturities (excluding fixed maturities included in securities lending invested collateral) for the periods indicated divided
by the average balance sheet carrying value of the related fixed maturity for such periods.
Three Months Ended Six Months Ended
June 30, June 30,

22. 22
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Investment Data
Equity Portfolio Details
(in millions)
Ten largest equity issuers: Fair Value
Unrealized
Gain (Loss)
HSBC Government Bond Funds 91$ 4$
Apple Inc. 14 2
Occidental Petroleum Corp. 11 1
Monsanto Co. 10 (2)
Exxon Mobil Corp. 9 -
Capital One Financial Corp. 9 (1)
Cisco Systems Inc. 8 1
Bank of America Corp. 8 -
Chevron Corp. 7 (1)
Sempra Energy 6 1
As of June 30, 2009

23. 23
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
Operating Company Data
(dollars in millions)
(Estimated)
As of June 30,
2009
As of December
31, 2008
Statutory Surplus of Transatlantic Reinsurance Company
®
3,680$ 3,534$
Financial strength ratings as of June 30, 2009:
A.M. Best
Company Standard & Poor's
Moody's Investor
Service
Transatlantic Reinsurance Company
®
A (Excellent)
(1)
A+
(2)
Aa3
(3)
Trans Re Zurich A (Excellent)
(1)
A+
(2)
Not rated
Putnam Reinsurance Company A (Excellent)
(1)
A+
(2)
Not rated
(1) Rating assigned a negative outlook.
(2) Rating assigned a stable outlook.
(3) Rating under review for possible dow ngrade.

24. 24
Transatlantic Re ®
Transatlantic Holdings, Inc. & Subsidiaries
(dollars in millions, except per share amounts)
2009 2008 2009 2008
Net income 112$ 90$ 188$ 205$
Total realized net capital losses, net of tax 17 39 55 49
(Gain) on early extinguishment of debt, net of tax - - (6) -
Net operating income 129$ 129$ 237$ 254$
Net income per common share (diluted) 1.68$ 1.34$ 2.81$ 3.08$
Total realized net capital losses, net of tax 0.25 0.59 0.84 0.72
(Gain) on early extinguishment of debt, net of tax - - (0.10) -
Net operating income per common share (diluted) 1.93$ 1.93$ 3.55$ 3.80$
GAAP annualized return on equity 13.1 % 10.6 % 11.1 % 12.2 %
Total realized net capital losses, net of tax 1.9 4.6 3.4 2.8
(Gain) on early extinguishment of debt, net of tax - - (0.4) -
Annualized operating return on equity 15.0 % 15.2 % 14.1 % 15.0 %
Three Months Ended Six Months Ended
June 30, June 30,
Reconciliation of Non-GAAP Measures