Alterra Merges Irish Companies
Bermuda based Alterra Capital Holdings Limited today [Nov.1] announced the merger of its Irish underwriting companies, Alterra Europe plc (“Alterra Europe”) and Alterra Reinsurance Europe plc.
Alterra Europe, the surviving entity, will underwrite business from its head office in Dublin, as well as from its branch offices in London and Zurich.
W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, commented: “We are pleased to have been able to merge our Irish underwriting companies in order to operate our insurance and reinsurance businesses as a single platform.”
“We believe there are benefits for all stakeholders in this single company structure that has been enabled by the Central Bank of Ireland relaxing its restrictions on the writing of reinsurance business by direct insurance companies. The new structure of Alterra Europe provides a stronger consolidated balance sheet for our Dublin insurance and reinsurance platform, allowing for greater operational efficiencies, and simplifying the implementation of Solvency II.”
