Alterra Capital Holdings Limited (“Alterra”) today announced the closing of a merger of equals between Max Capital Group Ltd. (“Max”) and Harbor Point Limited (“Harbor Point”) to form Alterra. The closing of the merger follows 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.
At the open of business tomorrow, May 13, 2010, Alterra will begin trading 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.
“We are very pleased to introduce Alterra as a formidable player in the global insurance and reinsurance marketplace,” said W. Marston (Marty) Becker, President and Chief Executive Officer. “Alterra itself means ‘high ground’ – a fitting name for a company that will be a provider of superior security and a market leader at the pinnacle of our industry. With approximately $3 billion in capital, Alterra 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, Chief Executive Officer of Reinsurance for Alterra and Vice Chairman of the Board of Directors, said “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.”“One of Alterra’s greatest assets is the solid track record of its new management team,” said Michael O’Reilly, Alterra’s non-executive Chairman. “Alterra’s clients, partners and shareholders can be confident that the company has the resources in place to consistently execute its business strategy, respond to market needs, and take full advantage of opportunities as they arise.”