Alterra Q2 Net Income Declines To $32.6M
Alterra Capital Holdings Limited reported net income of $32.6 million for the second quarter of 2011, a drop from the net income of $103.4 million for the same quarter of 2010.
Net operating income for the second quarter of 2011 was $39.6 million, or $0.37 per diluted share, compared to net operating income of $58.8 million, or $0.64 per diluted share, for the same quarter of 2010. Annualized net operating return on average shareholders’ equity for the second quarter of 2011 was 5.7%.
For the six months ended June 30, 2011, Alterra reported a net loss of $14.1 million, or $0.13 per diluted share, compared to net income of $139.8 million, or $1.88 per diluted share, for the same period of 2010.
Net operating income for the six months ended June 30, 2011 was $14.8 million, or $0.14 per diluted share, compared to net operating income of $99.5 million, or $1.33 per diluted share, for the same period of 2010. Annualized net operating return on average shareholders’ equity for the six months ended June 30, 2011 was 1.1%.
W. Marston Becker, President and Chief Executive Officer of Alterra, said: “Alterra achieved a solid $39.6 million of net operating income in the second quarter despite recognizing over $49 million of property catastrophe net losses.”
“In a year that continues to be heavily influenced by the size and frequency of major property catastrophe events, Alterra’s diversified underwriting platform has performed very well.”
“Net operating earnings for the first six months of the year are in positive territory and our capital position has improved over the most recent quarter, putting Alterra in what we believe is a strong position going into the U.S. hurricane season.”
The full 39-page report is below, click ‘Fullscreen’ for greater clarity:
