Validus Commences Exchange Offer to Acquire Transatlantic Stock for Stock and $8.00 per Share in Cash

Validus Holdings, Ltd.

earlier today commenced an Exchange Offer for all of the outstanding shares of common stock of Transatlantic Holdings, Inc.

. Under the terms of the Exchange Offer, Transatlantic stockholders would receive 1.5564 Validus voting common shares and $8.00 in cash for each share of Transatlantic common stock they own. The terms and conditions of the Exchange Offer are set forth in the offering documents that Validus is filing today with the Securities and Exchange Commission.