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Alterra Capital Reports Third 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 September 30, Nine Months Ended September 30,

2012

 

2011

2012

 

2011

 
Net income $ 37,652 $ 48,386 $ 195,616 $ 34,334
Annualized net income 150,608 193,544 260,821 45,779
 
Net operating income $ 32,133 $ 50,082 $ 168,816 $ 64,915
Annualized net operating income 128,532 200,328 225,088 86,553
 
Average shareholders' equity [b] $ 2,887,456 $ 2,818,210 $ 2,856,401 $ 2,799,260
 
Annualized return on average shareholders' equity 5.2 % 6.9 % 9.1 % 1.6 %
Annualized net operating return on average shareholders' equity 4.5 % 7.1 % 7.9 % 3.1 %

[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)

   

September 30, 2012

December 31, 2011

Shareholders' equity $ 2,923,176 $ 2,809,235
Goodwill and intangible assets 55,371   56,111
Tangible book value $ 2,867,805   $ 2,753,124
 
Diluted shares outstanding 98,850,961 104,406,779
 
Diluted tangible book value per share $ 29.01 $ 26.37
 

ALTERRA CAPITAL HOLDINGS LIMITED

 

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

(Expressed in thousands of United States Dollars)

       
Type of Investment As of September 30, 2012 Investment Distribution As of December 31, 2011 Investment Distribution
 
Cash and cash equivalents (restricted and unrestricted) $ 651,556   8.2 % $ 922,844   11.8 %
 
U.S. government and agencies $ 811,788 10.2 % $ 751,806 9.6 %
Non-U.S. governments 240,463 3.0 % 164,621 2.1 %
Corporate securities 2,673,789 33.5 % 2,646,358 33.9 %
Municipal securities 270,501 3.4 % 263,007 3.4 %
Asset-backed securities 354,739 4.5 % 247,965 3.2 %
Residential mortgage-backed securities 1,310,149 16.4 % 1,296,277 16.6 %
Commercial mortgage-backed securities 443,709   5.6 % 361,097   4.6 %
 
Fixed maturities at fair value $ 6,105,138   76.6 % $ 5,731,131   73.3 %
 
U.S. government and agencies $ 27,627 0.3 % $ 29,201 0.4 %
Non-U.S. governments 516,673 6.5 % 524,449 6.7 %
Corporate securities 292,392 3.7 % 319,609 4.1 %
Asset-backed securities 656     1,000    
 
Fixed maturities at amortized cost $ 837,348   10.5 % $ 874,259   11.2 %
 
Other investments $ 376,870   4.7 % $ 286,515   3.7 %
 
Total invested assets $ 7,970,912   100.0 % $ 7,814,749   100.0 %
Credit Rating As of September 30, 2012 Ratings Distribution As of December 31, 2011 Ratings Distribution
 
U.S. government and agencies [a] $ 2,084,315 30.0 % $ 1,869,405 28.3 %
AAA 1,203,508 17.3 % 948,861 14.4 %
AA 757,361 10.9 % 883,783 13.4 %
A 1,480,920 21.3 % 1,378,361 20.9 %
BBB 321,374 4.6 % 281,983 4.3 %
BB 67,285 1.0 % 84,803 1.3 %
B 140,223 2.0 % 131,159 2.0 %
CCC or lower 33,576 0.5 % 53,157 0.8 %
Not rated 16,576   0.2 % 99,619   1.5 %
Fixed maturities at fair value $ 6,105,138   87.9 % $ 5,731,131   86.8 %
 
U.S. government and agencies $ 27,627 0.4 % $ 29,201 0.4 %
AAA 583,187 8.4 % 619,832 9.4 %
AA 92,473 1.3 % 82,511 1.2 %
A 101,119 1.5 % 117,600 1.8 %
BBB 30,567 0.4 % 24,117 0.4 %
BB 2,375     998    
Fixed maturities at amortized cost $ 837,348 12.1 % $ 874,259 13.2 %
       
Total fixed maturities $ 6,942,486   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 $1,272,527 (December 31, 2011: $1,117,599)

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