Two Bermuda Companies Merge: Max & Harbor
Two Bermuda based insurance companies Max Capital Group and Harbor Point have merged to create ‘Alterra Capital Holdings Limited’, a global insurance and reinsurance company.
Alterra is expected to have approximately $3 billion in equity and minimal financial leverage, enhancing financial flexibility.
The boards of directors of both Max and Harbor Point unanimously approved a definitive amalgamation agreement for a merger of equals. The combined company will be renamed Alterra Capital Holdings Limited and will trade on the NASDAQ Global Select market under the symbol ALTE.
John R. Berger, who was Director, CEO and President of Harbor Point will be CEO of Reinsurance of Alterra and Vice Chairman of the board of directors.
W. Marston “Marty” Becker who was Chairman and CEO of Max Capital will be President and CEO of Alterra and serve as a Director.
Mr Becker said:
The Max – Harbor Point transaction is a true merger of equals and brings together two strong and vibrant organizations with good balance at both the Board and senior management level, and robust balance sheets to create Alterra Capital Holdings Limited, a diversified and balanced global insurance company with much greater scale, capital, and financial strength.
The full press release is below:
Comments (1)
Trackback URL | Comments RSS Feed
Articles that link to this one: