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Alterra Capital Reports First Quarter 2012 Results

Under a Board-approved share repurchase authorization, Alterra repurchased 2,065,877 common shares during the first quarter of 2012 at an average price of $23.56 per share for a total of $48.7 million. As of March 31, 2012, $205.7 million remained under the Board-approved share repurchase authorization.

Shareholders’ equity was $2,851.3 million as of March 31, 2012, an increase of 1.5% from December 31, 2011. Diluted book value per share as of March 31, 2012 was $27.67. Including dividends declared, diluted book value per share growth for the first quarter of 2012 was 3.3%, and was 11.3% for the twelve months ended March 31, 2012. Not included in shareholders’ equity as of March 31, 2012 were $144.3 million of unrecognized gains on held-to-maturity securities, which represented $1.40 in unrecognized diluted book value per share.

A copy of Alterra’s first quarter financial supplement is available on Alterra’s website at www.alterracap.com.

Alterra will host a conference call on Thursday, May 10, 2012 at 10:00 am (EDT) to discuss these results and related matters. The conference call can be accessed via telephone by dialing 1-888-679-8040 (toll-free U.S.) or 1-617-213-4851 (international) and using access code 41021175. A live broadcast of the conference call will also be available through Alterra’s website at www.alterracap.com.

Alterra Capital Holdings Limited is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities and property and casualty insurers.

Non-GAAP Financial Measures

In presenting Alterra’s results, management has included and discussed net operating income, net operating income per diluted share, annualized net operating return on average shareholders’ equity and diluted tangible book value per share. These measures are “non-GAAP financial measures” as defined in Regulation G. Management believes that these non-GAAP financial measures, which may be defined differently by other companies, allow for a more complete understanding of Alterra’s business. These measures, however, should not be viewed as a substitute for measures determined in accordance with U.S. GAAP. The reconciliation of these measures to their respective most directly comparable U.S. GAAP financial measures is presented in the attached financial information in accordance with Regulation G.

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