Hashtag: #AlterraCapitalHoldings
S&P Upgrades Alterra Capital Ratings
Standard & Poor’s Ratings Services said this week that it has raised its financial strength rating and counterparty rating on Bermuda-based Alterra Capital Holdings Ltd.’s core companies. The New York-based rating agency cited improved operations following the “successfully completed” merger of Max Capital Group Ltd. and Harbor Point Ltd.... Read more of this article
Island Could Benefit From Cat Bond Boom
Interest in the re/insurance industry’s use of insurance-linked securities to spread its risk of exposure to global catastrophes continues to grow and Bermuda could benefit from this resurgence, business magazine “Financial News” reports today [Nov. 6]. Through insurance-linked securities, insurance risk is transferred in a capital markets... Read more of this article
CEOs: Rate Increases Won’t Off-Set Losses
Investment yields, low interest rates, less-favorable reserves and high catastrophe losses are working together to create a market hardening, according to Bermuda reinsurance and specialty-insurance executives. However, rate increases are not enough to offset losses, according to a report in re/insurance journal “Property Casualty 360″ today... Read more of this article
Alterra Reports Third Quarter 2011 Results
Bermuda ‘s Alterra Capital Holdings Limited yesterday [Nov.1] reported net income of $48.4 million, or $0.46 per diluted share, for the third quarter of 2011, compared to net income of $82.8 million, or $0.70 per diluted share, for the same quarter of 2010. Net operating income for the third quarter of 2011 was $50.1 million, or $0.47 per diluted... Read more of this article
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.... Read more of this article
Analysts Upgrade Alterra From Hold To Buy
Bermuda’s Alterra Capital Holdings has today [Oct.28] been upgraded by TheStreet Ratings from hold to buy. The stock analysts say the company’s strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and solid stock... Read more of this article
Alterra Estimates Q3: $20/30M
Bermuda-based Alterra Capital Holdings Limited today [Oct.12] announced that its initial loss estimate from Hurricane Irene and other catastrophe events that occurred during the third quarter of 2011 is in the range of $20 million to $30 million, pretax and net of reinsurance and reinstatement premiums. Alterra believes that its estimated losses from... Read more of this article
Alterra Appoints Melissa Sturtecky
Alterra Capital Holdings Limited announced the appointment of Melissa Sturtecky as Regional Vice President of Alterra USA. Doug Worman, Chief Executive Officer of Alterra’s US Insurance operations, commented: “We are pleased that Melissa Sturtecky is joining Alterra USA. Melissa is a well-qualified and experienced underwriter with a track... Read more of this article
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,... Read more of this article
Alterra Reinsurance Leadership Changes
Alterra Capital Holdings Limited announced that John Berger, Chief Executive Officer of Reinsurance and a member of Alterra’s Board of Directors, is leaving in order to pursue a new opportunity. Alterra also announced that Thomas C. Wafer, formerly the President of Alterra Reinsurance USA, has been appointed Chief Executive Officer of Reinsurance.... Read more of this article
Alterra: Reduced Collateral Status Approval By NY
Alterra Capital Holdings Limited announced today [July 8] that the State of New York Insurance Department has approved Alterra Bermuda Limited as an eligible reinsurer for reduced collateral status, which allows lower collateral requirements for non-domestic reinsurers that are highly rated and financially secure. Alterra Bermuda will now be able to... Read more of this article
Alterra Estimates Tornado Losses: $18-28m
Bermuda-based Alterra Capital Holdings Limited today [June 21] announced that its initial loss estimate from the series of tornadoes and other severe weather that hit large portions of the United States during April and May 2011, as well as the recent flooding along the Mississippi River, is in the range of $18 million to $28 million, pretax and net... Read more of this article
