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Combination Of Max Capital And Harbor Point Creates ALTERRA CAPITAL

Mr. Becker added, “John and I would like to express our appreciation for the hard work of our employees – who have been instrumental not only in building our business lines to where they are today, but also in making Alterra come together for the benefit of all of our stakeholders. I believe both Max and Harbor Point had well-earned reputations for consistently providing superior and valuable service to business partners, and Alterra is committed to continuing, without interruption, these same high standards in the months and years ahead.”

Pursuant to the terms of the amalgamation agreement, holders of Harbor Point common shares have received a fixed exchange ratio of 3.7769 Max common shares for each Harbor Point common share. In addition, the Alterra Board of Directors expects to declare a special cash dividend of $2.50 per share to all shareholders of Alterra (approximately $300 million in total).

Alterra 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 Alterra’s new web site, www.alterracap.com.

About Alterra Capital Holdings Limited

Alterra Capital Holdings Limited is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers, and life and health insurers. Alterra was formed in 2010 by the merger of Max Capital Group Ltd. and Harbor Point Limited.

Cautionary Note Regarding Forward-Looking Statements

This press release may include forward-looking statements that reflect Alterra’s current views with respect to future events and financial performance. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may” and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and you should not place undue reliance on any such statements.

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