This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Combination Of Max Capital And Harbor Point Creates ALTERRA CAPITAL

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.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%
YHOO $44.45 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs