Alterra wrote more business and easily beat Wall Street expectations reporting a $79 million profit in the first quarter.The global insurer’s net income broke down to 66 cents per diluted share for the first quarter of 2012, compared to a net loss of $46.7 million, or 44 cents per share, in the same quarter of 2011.Net operating income for the quarter was $67.8 million, or 66 cents per share, compared to a net operating loss of $24.7 million or 23 cents per share. On average, analysts polled by Bloomberg had expected operating earnings of 62 cents per share.The global speciality re/insurer wrote more property and casualty business for the first three months of this year, with gross premiums written rising 5.3 percent from last year to $660.9 million.Alterra’s net premiums written decreased 10.9 percent to $436.4 million compared to the same quarter of 2011. The company says the decrease reflects increased property reinsurance premiums ceded in order to manage aggregate property exposures across all segments and a decrease in net premiums written on contract binding business in the US insurance segment resulting from the sale of the renewal rights for this business in 2011.The insurer reported a combined ratio on property and casualty business of 92.6 percent compared to 112.5 percent in the first quarter of 2011.“We started the year off with a solid quarter and the financial results reflect a good balance between underwriting and investment performance,” said Marty Becker, president and chief executive officer of Alterra. “Our operating return on equity was just under ten percent, making this the fourth consecutive quarter in which we have grown book value per share.”The company reported a nominal level of property catastrophe event net losses, compared to the first three months of last year when they suffered net losses of $106.3 million.“The market has firmed materially for any risk that has property catastrophe exposure, and has firmed somewhat for certain other lines of business. It is encouraging to us that the remaining rates are no longer going down, and that terms and conditions are generally more balanced. We continue to expect positive rate movement through the balance of 2012, and believe Alterra is well positioned to take advantage of underwriting opportunities as better times return,” Mr Becker concluded.Total revenues for the quarter rose to $422.2 million from $419.1 million a year ago. Analysts expected revenue of $435.55 million for the quarter.Net premiums earned for the quarter declined to $338.2 million from $379.9 million a year ago, while net investment income rose to $58.7 million from $57.8 million in the year-ago comparable quarter.Alterra also announced last night that its board of directors declared a dividend of 14 cents per share. The dividend is payable on June 5, 2012 to shareholders of record as of May 22, 2012.