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Transatlantic Holdings Inc.s board of directors is not pursuing a value-maximizing strategy and is putting up self-imposed roadblocks to discussions with Validus Holdings, according to a Validus letter to Transatlantic shareholders.

Validus Holdings says it has started to contact shareholders of Transatlantic Holdings by mail to urge them to vote against Transatlantics merger agreement with Allied World Assurance Co. Holdings.

Even as Bermuda executives chatted up the Jan. 1, 2012 reinsurance pricing upside of catastrophe events and model changes recently, midyear 2011 renewal strategies varied widely along with opinions about where to bet reinsurance capital.

Even as Bermuda executives chatted up the Jan. 1, 2012 reinsurance pricing upside of catastrophe events and model changes recently, midyear 2011 renewal strategies varied widely along with opinions about where to bet reinsurance capital.

Validus Groups ongoing hostile takeover bid with Transatlantic Holdings took on heightened acrimony this week as Validus says it would open its books to Transatlantic and sued the carrier for breach of fiduciary duty.

Berkshire Hathaway’s National Indemnity Co. has put in a competing bid for Transatlantic Holdings Inc.

Catastrophe-loss hits—and the added potential price-moving impetus of a catastrophe model change—were front and center as management teams for half of the players in the Bermuda market disclosed first-half losses and strategies for preserving capital to take advantage of a Jan. 1 pricing upturn.

In spite of the fact that two Bermuda players are engaged in a heated battle over a global-casualty reinsurer, the intensity of the contest in no way suggests that the casualty market is hardening, according to one of the potential acquirers.