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Transatlantic Holdings (NYSE:TRH) and Allied World Assurance Company Holdings (NYSE:AWH) agreed to merge in a $3.2 billion deal that creates a reinsurer with operations in 18 countries, according to a Bloomberg report.Allied will exchange 0.88 of a share for each Transatlantic shares to create TransAllied Group Holdings AG, with Transatlantic's shareholders owning about 58% of the combine company. The combination will have total invested assets of $21 billion.Transatlantic CEO Robert Orlich said, "The transaction delivers strategic and financial benefits, including primary insurance operations, a Lloyd's presence and a bigger capital base outside the U.S." Transatlantic Holdings has a potential upside of 31.8% based on a current price of $44.01 and an average consensus analyst price target of $58.