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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. - -------------------------------------------------------------------------------- (Name of Issuer) Common Shares, $0.10 par value per share - -------------------------------------------------------------------------------- (Title of Class of Securities) G7368R104 --------------------------------------------- (CUSIP Number) December 31, 2007 - -------------------------------------------------------------------------------- (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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Incorporated under the laws of the State of Delaware - -------------------------------------------------------------------------------- 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% - -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON HC - -------------------------------------------------------------------------------- (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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Organized under the laws of the State of New York - -------------------------------------------------------------------------------- 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% - -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------- (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 - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Organized under the laws of the State of New York - -------------------------------------------------------------------------------- 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% - -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON IC - -------------------------------------------------------------------------------- (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 ------------------------------------------- Name: Win J. Neuger Title: Executive Vice President and Chief Investment Officer TRANSATLANTIC HOLDINGS INC. By /s/ Gary A. Schwartz ------------------------------------------- Name: Gary A. Schwartz Title: Senior Vice President and General Counsel TRANSATLANTIC REINSURANCE COMPANY By /s/ Gary A. Schwartz ------------------------------------------- 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
Exhibit 1 IDENTIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. American International Group, Inc. -- Subsidiary Information Transatlantic Holdings, Inc. Transatlantic Reinsurance Company Page 9 of 10