Transatlantic Holdings' special committee to resolve uncertainty surrounding AIG's ownership interest

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Transatlantic Holdings, Inc. formed a special committee to evaluate proposals from American International Group, Inc. related to the possible disposition of, or other transactions involving, AIG's 59% common stock interest in the company.

The committee, comprised of lead independent director Richard S. Press and directors John Foos and William J. Poutsiaka, will also evaluate any related business combination transactions involving Transatlantic's outstanding shares, a company news release said.

Lazard has been retained as financial adviser to assist the special committee.

"The special committee is working with AIG to expedite the resolution of uncertainty surrounding AIG's ownership interest in Transatlantic and is focused on achieving a resolution that will be in the best interests of the company's public shareholders," Transatlantic chairman, president and chief executive officer Robert F. Orlich said in the release.

"We believe that our ratings profile has recently been impacted by events surrounding AIG and we look forward to resolving any uncertainty that may exist about our ratings," Orlich added.

AIG is a financial and insurance services company, and Transatlantic is an international reinsurance company. Both companies are based in New York.

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