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Alterra Capital Reports Second Quarter 2012 Results

Per share totals may not add due to rounding.

Annualized Net Operating Return on Average Shareholders' Equity

(Expressed in thousands of United States Dollars)

 
  Three Months Ended June 30,   Six Months Ended June 30,
2012   2011 2012   2011
 
Net income (loss) $ 78,940 $ 32,635 $ 157,964 $ (14,052 )
Annualized net income (loss) 315,760 130,540 315,928 (28,104 )
 
Net operating income $ 68,960 $ 39,558 $ 136,683 $ 14,833
Annualized net operating income 275,840 158,232 273,366 29,666
 
Average shareholders' equity [b] $ 2,851,499 $ 2,758,200 $ 2,840,874 $ 2,789,435
 
Annualized return on average shareholders' equity 11.1 % 4.7 % 11.1 % (1.0 )%
Annualized net operating return on average shareholders' equity 9.7 % 5.7 % 9.6 % 1.1 %

[b] Average shareholders equity is computed as the average of the quarterly average shareholders' equity balances.

Diluted Tangible Book Value Per Share

(Expressed in thousands of United States Dollars, except per share and share amounts)

 
  June 30, 2012   December 31, 2011
Shareholders' equity $ 2,851,736 $ 2,809,235
Goodwill and intangible assets 55,431   56,111
Tangible book value $ 2,796,305   $ 2,753,124
 
Diluted shares outstanding 99,429,181 104,406,779
 
Diluted tangible book value per share $ 28.12 $ 26.37
 

ALTERRA CAPITAL HOLDINGS LIMITED

SCHEDULE OF SUPPLEMENTAL INVESTMENT DATA - JUNE 30, 2012 (UNAUDITED)

(Expressed in thousands of United States Dollars)

 
        As of  

As of June 30,

Investment December Investment
Type of Investment  

2012

  Distribution   31, 2011   Distribution
 
Cash and cash equivalents $ 763,957     9.7 % $ 922,844     11.8 %
 
U.S. government and agencies $ 779,270 9.9 % $ 751,806 9.6 %
Non-U.S. governments 217,341 2.8 % 164,621 2.1 %
Corporate securities 2,571,697 32.6 % 2,646,358 33.9 %
Municipal securities 281,884 3.6 % 263,007 3.4 %
Asset-backed securities 349,715 4.4 % 247,965 3.2 %
Residential mortgage-backed securities 1,322,785 16.8 % 1,296,277 16.6 %
Commercial mortgage-backed securities   398,954     5.1 %   361,097     4.6 %
 
Fixed maturities at fair value $ 5,921,646     75.1 % $ 5,731,131     73.3 %
 
U.S. government and agencies $ 27,616 0.4 % $ 29,201 0.4 %
Non-U.S. governments 509,819 6.5 % 524,449 6.7 %
Corporate securities 295,639 3.7 % 319,609 4.1 %
Asset-backed securities   916     %   1,000     %
 
Fixed maturities at amortized cost $ 833,990     10.6 % $ 874,259     11.2 %
 
Other investments $ 366,404     4.6 % $ 286,515     3.7 %
 
Total invested assets $ 7,885,997     100.0 % $ 7,814,749     100.0 %
 
As of

As of June 30,

Ratings

December 31,

Ratings
Credit Rating  

2012

  Distribution  

2011

  Distribution
 
U.S. government and agencies [a] $ 2,020,993 29.9 % $ 1,869,405 28.3 %
AAA 1,179,378 17.5 % 948,861 14.4 %
AA 741,038 11.0 % 883,783 13.4 %
A 1,388,280 20.5 % 1,378,361 20.9 %
BBB 349,968 5.2 % 281,983 4.3 %
BB 57,532 0.9 % 84,803 1.3 %
B 139,370 2.1 % 131,159 2.0 %
CCC or lower 35,026 0.5 % 53,157 0.8 %
Not rated   10,061     0.1 %   99,619     1.5 %
Fixed maturities at fair value $ 5,921,646 87.7 % $ 5,731,131 86.8 %
 
U.S. government and agencies $ 27,616 0.4 % $ 29,201 0.4 %
AAA 575,679 8.5 % 619,832 9.4 %
AA 92,778 1.4 % 82,511 1.2 %
A 108,610 1.6 % 117,600 1.8 %
BBB 26,962 0.4 % 24,117 0.4 %
Not rated   2,345     %

 

  998     %
Fixed maturities at amortized cost $ 833,990 12.3 % $ 874,259 13.2 %
       
Total fixed maturities $ 6,755,636     100.0 % $ 6,605,390     100.0 %
 
[a] Included within U.S. government and agencies are agency-issued residential mortgage-backed securities
with a fair value of $1,241,723 (December 31, 2011: $1,117,599)

Percentage totals may not add due to rounding.

 
Three Months Ended June 30, Six Months Ended June 30,

2012

2011

2012

2011

 
Net investment income $ 54,729   $ 59,665   $ 113,407   $ 117,431  
 
Realized and unrealized gains (losses) on trading fixed maturities 587 1,432 1,653 (395 )
Net realized gains on available for sale fixed maturities 11,990 54 19,749 3,423
(Decrease) increase in fair value of hedge funds (2,894 ) (1,879 ) 785 1,288
Decrease in fair value of catastrophe bonds (251 ) (25,641 )
(Decrease) increase in fair value of structured deposit (655 ) (1,284 ) (290 ) 50
Income (loss) from equity method investments 5,583 (12 ) 10,510 (157 )
(Decrease) increase in fair value of derivatives   (1,130 )   (3,834 )   6,567     (3,160 )
Net realized and unrealized gains (losses) on investments $ 13,481   $ (5,774 ) $ 38,974   $ (24,592 )
 
Net impairment losses recognized in earnings $ (570 ) $ (353 ) $ (5,939 ) $ (1,382 )




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