Alterra Capital Holdings Limited announced the closing of a “merger of equals” between Max Capital Group Ltd. and Harbor Point Limited, following the receipt of all necessary regulatory approvals, as well as approval of the transaction by the respective shareholders of Max and Harbor Point on April 29, 2010 [See IJ web site – https://www.insurancejournal.com/news/international/2010/04/30/109426.htm].
A.M. Best issued a bulletin announcing that it has upgraded Alterra’s ratings to ‘A’ [See IJ web site – https://www.insurancejournal.com/news/international/2010/05/13/109824.htm].
As of today Alterra will trade on the NASDAQ Global Select market under the symbol ALTE and on the Bermuda Stock Exchange under the symbol ALTE.BH. “Trading of Alterra common shares under the previous ticker symbols (NASDAQ: MXGL; BSX: MXGL.BH) will be discontinued at that time,” the bulletin added.
Alterra’s President and CEO W. Marston (Marty) Becker, who held the same posts at Max Capital, expressed his satisfaction that the merger had been completed. He sees Alterra, which he explained means “high ground,” as a “formidable player in the global insurance and reinsurance marketplace.”
Becker also noted that the new company has approximately $3 billion in capital, and therefore has the “kind of strength and scale that will drive results – both by supporting our proven, profitable worldwide underwriting platforms, and by allowing more effective capital management at the enterprise level.”
John R. Berger, CEO of Reinsurance for Alterra and Vice Chairman of the Board of Directors, added: “In addition to the financial strength and flexibility that comes from our larger capital base and more diversified and balanced book of business, Alterra’s clients and shareholders should benefit greatly from the impressive set of underwriting and risk management resources we have assembled around the world. Our combined human capital is terrific. We believe we have every meaningful advantage a company in our business can have.”
Alterra said the company “has commenced the processes necessary to change the names of its subsidiaries to include “Alterra.” Until those processes are completed, operating subsidiaries will continue to do business under their existing Max or Harbor Point names, as applicable.”
Additional information about Alterra can be found on its new web site at: www.alterracap.com.
Source: Alterra Capital
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