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ALTERRA Provides Preliminary Loss Estimates for 2011 Australian Floods, Cyclone Yasi, and New Zealand Earthquake
Hamilton, Bermuda – 18 March, 2011 - Alterra Capital Holdings Limited (NASDAQ: ALTE; BSX: ALTE.BH) announced initial loss estimates for three recent natural catastrophe events, which include $5 to $8 million related to the Australian floods in January 2011; $6 to $10 million related to Cyclone Yasi on February 2, 2011; and $15 to $20 million related to the New Zealand earthquake on February 21, 2011. Alterra's loss estimates are pretax and net of reinsurance and reinstatement premiums.
In addition, Alterra is carefully monitoring the rapidly developing claims situation resulting from the Japanese earthquake and tsunami on March 11, 2011. Given the limited information that is available and the uncertainty of potential claims and damages, it is not yet possible to issue a credible loss estimate related to these events; however, Alterra has no information at this time that indicates that its losses from these events will be outside of Alterra's normal risk tolerances for natural catastrophe events in this geographic region.
Alterra's preliminary loss estimates are based on proprietary modeling analysis, industry assessments of exposure, preliminary claims information obtained from Alterra's clients and brokers to date and a review of in-force contracts. Alterra's actual losses from these events may vary materially from the estimates due to the inherent uncertainties in making such determinations resulting from several factors, including the preliminary nature of available information, the potential inaccuracies and inadequacies in the data provided by clients and brokers, the modeling techniques and the application of such techniques, the contingent nature of business interruption exposures, the effects of any resultant demand surge on claims activity and attendant coverage issues. In addition, actual losses may increase if Alterra's reinsurers fail to meet their obligations to Alterra or the reinsurance protections purchased by Alterra are exhausted or are otherwise unavailable.
About Alterra Capital Holdings Limited
Alterra Capital Holdings Limited is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers.
Contacts
Susan Spivak Bernstein
Senior Vice President susan.spivak@alterra-bm.com 1-212-898-6640
Roanne Kulakoff or Peter Hill
Kekst and Company
peter-hill@kekst.com 1-212-521-4800