Validus Addresses Statements Made by Transatlantic

Validus Holdings, Ltd. (NYSE: VR) today filed an investor presentation addressing certain statements made by Transatlantic Holdings, Inc. (NYSE: TRH) in its Schedule 14D-9 and investor presentation filed on November 4, 2011.

Edward J. Noonan, Validus' Chairman and Chief Executive Officer, said, “Despite months of deliberation, the Transatlantic board still fails to act to maximize value for Transatlantic stockholders by entering into a premium transaction with Validus. As we have said since the beginning of this process, we believe that the Transatlantic board should act in the best interests of its stockholders and we are fully committed to making our increased offer directly available to Transatlantic stockholders.”

The Transatlantic board has once again made a number of inaccurate statements regarding Validus' increased offer, which had a total value of $55.58 on October 31, 2011 and which is currently valued at $57.34 based on Validus' closing share price on November 4, 2011. Validus' increased offer is comprised of 1.5564 Validus common shares per Transatlantic share, $11.00 in cash per Transatlantic share through a pre-closing dividend financed from new borrowings, and $1.75 in cash per Transatlantic share through a pre-closing dividend funded from available cash on hand at Transatlantic, subject to the impact of additional Transatlantic share repurchases.

As the Transatlantic board continues to repurchase Transatlantic shares from selling stockholders, the Transatlantic board is causing the aggregate amount available for the initially offered $2.00 cash per share pre-closing dividend, which would be paid to all Transatlantic stockholders in the Validus transaction, to be reduced on a dollar-for-dollar basis. Transatlantic's share repurchases after October 31, 2011 through November 3, 2011 (based on publicly available information as of November 4, 2011), have already reduced the initially offered $2.00 additional dividend to $1.75.