UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)
RAM HOLDINGS Ltd.
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(Name of Issuer)
Common Shares, $0.10 par value per share
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(Title of Class of Securities)
G7368R104
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(CUSIP Number)
December 31, 2007
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosure provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be filed for the purpose of Section 18 of the Securities Exchange
Act of 1934, as amended ("Act"), or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
Page 1 of 10 pages
CUSIP NO. 640820106
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
American International Group, Inc.
I.R.S. Identification No. 13-2592361
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated under the laws of the State of Delaware
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5. SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 1,065,565 (1)
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,065,565 (1)
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,065,565 (1)
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.91%
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12. TYPE OF REPORTING PERSON
HC
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(1) American International Group, Inc. beneficially owns 59% of Transatlantic
Holdings, Inc. 1,049,058 common shares of RAM Holdings Ltd. are beneficially
owned directly by Transatlantic Reinsurance Company. Transatlantic Reinsurance
Company is a wholly-owned subsidiary of Transatlantic Holdings, Inc.
Accordingly, American International Group, Inc., Transatlantic Reinsurance
Company and Transatlantic Holdings, Inc. can be deemed to share voting and
dispositive power over the common shares of RAM Holdings Ltd. beneficially owned
directly by Transatlantic Reinsurance Company.
Page 2 of 10
CUSIP NO. 640820106
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Transatlantic Holdings, Inc.
I.R.S. Identification No. 13-3355879
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the laws of the State of New York
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5. SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 1,065,565(1)
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,065,565(1)
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,065,565(1)
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.91%
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12. TYPE OF REPORTING PERSON
CO
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(1) American International Group, Inc. beneficially owns 59% of Transatlantic
Holdings, Inc. 1,049,058 common shares of RAM Holdings Ltd. are beneficially
owned directly by Transatlantic Reinsurance Company. Transatlantic Reinsurance
Company is a wholly-owned subsidiary of Transatlantic Holdings, Inc.
Accordingly, American International Group, Inc., Transatlantic Reinsurance
Company and Transatlantic Holdings, Inc. can be deemed to share voting and
dispositive power over the common shares of RAM Holdings Ltd. beneficially owned
directly by Transatlantic Reinsurance Company.
Page 3 of 10
CUSIP NO. 640820106
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Transatlantic Reinsurance Company
I.R.S. Identification No. 13-5616275
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the laws of the State of New York
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5. SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 1,065,565(1)
EACH --------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,065,565(1)
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,065,565(1)
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.91%
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12. TYPE OF REPORTING PERSON
IC
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(1) American International Group, Inc. beneficially owns 59% of Transatlantic
Holdings, Inc. 1,049,058 common shares of RAM Holdings Ltd. are beneficially
owned directly by Transatlantic Reinsurance Company. Transatlantic Reinsurance
Company is a wholly-owned subsidiary of Transatlantic Holdings, Inc.
Accordingly, American International Group, Inc., Transatlantic Reinsurance
Company and Transatlantic Holdings, Inc. can be deemed to share voting and
dispositive power over the common shares of RAM Holdings Ltd. beneficially owned
directly by Transatlantic Reinsurance Company.
Page 4 of 10
ITEM 1 (a). NAME OF ISSUER:
Ram Holdings Ltd.
ITEM 1 (b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
RAM RE HOUSE
46 REID STREET
HAMILTON DO HM 12
ITEM 2 (a). NAME OF PERSON(S) FILING:
American International Group, Inc.
Transatlantic Holdings Inc.
Transatlantic Reinsurance Company
ITEM 2 (b). ADDRESS OF PRINCIPAL BUSINESS OFFICE(S):
American International Group, Inc.
70 Pine Street
New York, New York 10270
Transatlantic Holdings Inc.
80 Pine Street
New York, New York 10005
Transatlantic Reinsurance Company
80 Pine Street
New York, New York 10005
ITEM 2 (c). CITIZENSHIP:
The information requested hereunder is set forth
under Item 4 of the cover pages to this Schedule 13G.
ITEM 2 (d). TITLE OF CLASS OF SECURITIES:
Common Shares, $0.10 par value per share
ITEM 2 (e). CUSIP NUMBER: G7368R104
Page 5 of 10
ITEM 3. TYPE OF PERSONS FILING:
Not applicable
ITEM 4. OWNERSHIP.
(a) through (c). The information requested hereunder is
set forth under Items 5 through 9 and Item 11 of the
cover pages to this Schedule 13G.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF CLASS.
If this statement is being filed to report the fact that
as of the date hereof the reporting person has ceased to
be the beneficial owner of more than five percent of the
class of securities, check the following [X].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY
THE PARENT HOLDING COMPANY.
See Exhibit 1 attached hereto for the information
requested hereunder with respect to the relevant
subsidiaries of American International Group, Inc.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
Not applicable.
Page 6 of 10
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: February 12, 2008
AMERICAN INTERNATIONAL GROUP, INC.
By /s/ Win J. Neuger
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Name: Win J. Neuger
Title: Executive Vice President and
Chief Investment Officer
TRANSATLANTIC HOLDINGS INC.
By /s/ Gary A. Schwartz
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Name: Gary A. Schwartz
Title: Senior Vice President and General Counsel
TRANSATLANTIC REINSURANCE COMPANY
By /s/ Gary A. Schwartz
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Name: Gary A. Schwartz
Title: Senior Vice President and General Counsel
Page 7 of 10
EXHIBIT INDEX
Exhibit 1 Identification of the Subsidiaries Which Acquired the Security
Being Reported on by the Parent Holding Company
Page 8 of 10