- Statement of Changes in Beneficial Ownership (4)

FORM 4 [ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Bonny Paul A	2. Issuer Name and Ticker or Trading Symbol TRANSATLANTIC HOLDINGS INC [ TRH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                      _____ 10% Owner __ X __ Officer (give title below)      _____ Other (specify below) Executive Vice President
(Last)          (First)          (Middle) 80 PINE STREET	3. Date of Earliest Transaction (MM/DD/YYYY) 3/6/2012
(Street) NEW YORK, NY 10005 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$52.68	3/6/2012		D			18750	3/24/2007	3/24/2013	Common Stock	18750	(1)	0	D
Stock Option (Right to Buy)	$55.704	3/6/2012		D			18750	12/5/2006	12/5/2012	Common Stock	18750	(1)	0	D
Stock Option (Right to Buy)	$62.072	3/6/2012		D			25000	12/4/2007	12/4/2013	Common Stock	25000	(1)	0	D
Stock Option (Right to Buy)	$60.34	3/6/2012		D			32000	12/2/2008	12/2/2014	Common Stock	32000	(1)	0	D
Stock Option (Right to Buy)	$64.31	3/6/2012		D			30000	2/9/2011	2/9/2017	Common Stock	30000	(1)	0	D
Stock Option (Right to Buy)	$68.6	3/6/2012		D			25000	2/21/2012	2/21/2018	Common Stock	25000	(1)	0	D
Stock Option (Right to Buy)	$69.95	3/6/2012		D			40000	11/30/2009	11/30/2015	Common Stock	40000	(1)	0	D

Explanation of Responses:

( 1)

Pursuant to an Agreement and Plan of Merger, dated November 20, 2011, by and among the Transatlantic Holdings, Inc. ("TRH"), Alleghany Corporation ("Alleghany") and Shoreline Merger Sub, Inc. (formerly, Shoreline Merger Sub, LLC) (the "Merger Agreement"), at the Effective Time (as defined in the Merger Agreement), each outstanding option was converted into the right to receive cash in an amount equal to the applicable Black-Scholes Amount (as defined in the Merger Agreement) multiplied by the number of shares of TRH common stock subject to such option, less required income or employment tax withholding.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Bonny Paul A 80 PINE STREET NEW YORK, NY 10005			Executive Vice President

Signatures
/s/ Amy M. Cinquegrana by Power of Attorney for Paul A. Bonny		3/8/2012
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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