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Alterra Capital Consolidates Bermuda Operations
Hamilton, Bermuda – 07 September, 2010 - Alterra Capital Holdings Limited (NASDAQ: ALTE; BSX: ALTE.BH) announced today the amalgamation of its Bermuda operating subsidiaries, Alterra Insurance Limited (“Alterra Insurance”) and Harbor Point Re Limited (“Harbor Point Re”). The newly amalgamated company, which has been renamed Alterra Bermuda Limited (“Alterra Bermuda”), will underwrite both insurance and reinsurance business from its offices in Hamilton, Bermuda.
W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, said, "The amalgamation of Alterra Insurance and Harbor Point Re to form Alterra Bermuda has produced a Bermuda underwriting company with $2.3 billion of shareholders' equity, based on pro-forma numbers at June 30, 2010. This enhanced scale is expected to provide superior security and improved efficiencies for our business partners, who will continue to be served by our existing insurance and reinsurance underwriting teams. We believe that the streamlining of our corporate structure is an important step towards maximizing the value of Alterra for the benefit of all stakeholders."
Alterra Capital Holdings Limited is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers, and life and health insurers. Alterra was formed on May 12, 2010 by the merger of Max Capital Group Ltd. and Harbor Point Limited.
Contacts
Susan Spivak Bernstein
Senior Vice President
1-212-898-6640
Roanne Kulakoff or Peter Hill
Kekst and Company
1-212-521-4800