A.M. Best Revises Alterra’s Outlook To Stable

June 21, 2012

A.M. Best Co. has revised the outlook to stable from negative and affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of Alterra Bermuda Limited (Alterra Bermuda) and its affiliated operating companies.

Concurrently, A.M. Best has revised the outlook to stable from negative and affirmed the ICR of “bbb” of Alterra Bermuda’s parent company, Alterra Capital Holdings Limited (Alterra). A.M. Best also has revised the outlook to stable from negative and affirmed all debt ratings of Alterra, Alterra USA Holdings Limited, Alterra Finance, LLC (both domiciled in Delaware) and Alterra Capital Trust I. The above named companies are domiciled in Bermuda, unless otherwise specified.

A statement from A.M. Best said, “The revised outlook for Alterra and its subsidiaries reflects the stable execution of the company’s business plan and strategy since its formation from the merger of Max Capital Group Ltd. and Harbor Point Limited in 2010.

“In August 2011, A.M. Best viewed the departure of a key executive as a material change in the management structure, which could have potentially introduced uncertainty to the organization. A.M. Best has since continued to monitor Alterra and has gained a level of comfort with the current management structure and its core strategy.”

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