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Alterra

Reinsurance

"Markel values Alterra’s Bermuda operation highly"

US insurer Markel Corp says it’s placed a “high value” on Bermuda-based Alterra, which it is buying for $3 billion in cash and stock to diversify into reinsurance. Responding to concerns about staff cuts at the Alterra office in Bermuda, Markel senio...
Feb 06, 2013
Reinsurance

"Ratings agencies view Markel-Alterra merger positively"

Rating agencies have reacted to the announcement that Markel has agreed to buy Alterra for $3.13bn, noting the scale the merged insurance and reinsurance firm would have. AM Best and Fitch have both affirmed Alterra and Markel’s ratings following ann...
Dec 21, 2012
Reinsurance

"Markel to buy Alterra and redomicile company to US"

US insurer Markel Corp’s proposed $3 billion acquisition of Bermuda-based Alterra will not see the specialty insurer moving to Bermuda, but rather Alterra re-domiciling to the US. However, Markel intends to maintain a “very significant presence” on ...
Dec 20, 2012
Reinsurance

"Alterra sidecar grows 18%"

Alterra’s sidecar New Point V has increased in size nearly 18 percent from $210 million to $247 million, in the first six months since its formation, the company said. New Point V, which is backed by Stone Point Capital, Alterra and a number of other...
Dec 19, 2012
Reinsurance

"Crop and storm losses drive Alterra’s profit down 22%"

Alterra Capital Holdings Ltd last night reported a profit of $37.7 million for the third quarter of 2012, down more than 22 percent from the same period last year. The Bermuda insurer and reinsurer also said its operating income for the last three m...
Nov 07, 2012
Reinsurance

"Alterra expects $22m in crop insurance losses"

Bermuda re/insurer Alterra Capital Holdings Ltd last night estimated crop insurance and catastrophe losses in the third quarter would amount to up to $37.5 million. Most of the losses, around $22.5 million, were from crop insurance and related to the...
Oct 16, 2012
Reinsurance

"Profits more than double but Alterra expects crop insurance hit"

Alterra Capital Holdings Ltd’s profits were up more than $45 million during the second quarter of this year, thanks to a nominal level of property catastrophe event losses. The company also indicated that it expects to see a net underwriting loss of ...
Aug 08, 2012
Reinsurance

"Alterra launches $210m sidecar"

Bermuda-based reinsurer Alterra has officially announced the formation of New Point V Ltd, a new sidecar backed by $210 million in capital. And, there was also good news for Alterra as ratings agency A.M. Best raised the company’s outlook to stable f...
Jun 21, 2012
Reinsurance

"Alterra returns to profit"

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 ...
May 10, 2012
Reinsurance

"Alterra announces reinsurance management changes"

Bermuda-based re/insurer Alterra Capital Holdings Ltd yesterday announced that Adam Mullan has been appointed chief executive officer of Global Reinsurance and Thomas Wafer has been appointed chairman of Global Reinsurance. Mr Mullan will continue i...
Apr 24, 2012
Reinsurance

"Alterra set to launch another sidecar"

Bermudian re/insurer, Alterra is getting ready to launch another sidecar ahead of the midyear US renewal season. According to a filing with the US Securities and Exchange Commission, Alterra has signed an agreement with BMO Capital Markets to place ...
Mar 23, 2012
Reinsurance

"Alterra comes through challenging year with $65m profit"

Alterra Capital Holdings Ltd recorded a profit of $65 million for 2011, despite taking a more than quarter-billion-dollar hit from net catastrophe losses. Last night, the Bermuda insurer and reinsurer also said it made net income of $31 million for ...
Feb 09, 2012
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