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Who were the alternative suitors for Transatlantic Holdings, Inc.—the reinsurer that agreed to merge with specialty insurer Allied World Assurance Company Holdings AG last Sunday? I make a few guesses.

Who were the alternative suitors for Transatlantic Holdings, Inc.—the reinsurer that agreed to merge with specialty insurer Allied World Assurance Company Holdings AG last Sunday? I make a few guesses.

An overriding theme of the latest wave of mergers and acquisitions in the insurance industry: strategic buys of specialty-flavored books is specialization.

Allied World Assurance Company Holdings, AG and Transatlantic Holdings, Inc. announced a $3.2 billion merger deal that executives say will create a global specialty insurer and reinsurer operating in 18 countries on six continents.

Yesterday, Transatlantic Holdings, Inc. and Allied World Assurance Company Holdings, AG announced a $3.2 billion merger deal that executives say will create a global specialty insurer and reinsurer operating in 18 countries on six continents.

First-quarter catastrophes drove down results for several insurers and reinsurers as three Bermuda companies and Luxembourg-based Flagstone Reinsurance Holdings reported 2011 first-quarter net losses.

Three insurers and reinsurers report 2011 first-quarter net losses due to natural catastrophes.

Company estimates continue to roll in for 2011 first-quarter catastrophe losses, led by London-based Amlin plc’s estimate of up to £275 million ($448.7 million at current exchange rate) in claims for the Japan and New Zealand earthquakes as well as Australian flooding.