This Day On The Street
Continue to site
ADVERTISEMENT
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

Alterra Capital Reports Fourth Quarter And Year End 2012 Results

Alterra Capital Holdings Limited (NASDAQ: ALTE; BSX: ALTE.BH) (“Alterra”) today reported a net loss of $51.8 million, or a loss of $0.54 per diluted share, for the fourth quarter of 2012, compared to net income of $30.9 million, or $0.30 per diluted share, for the same quarter of 2011.

The net operating loss for the fourth quarter of 2012 was $49.7 million, or a loss of $0.52 per diluted share, compared to net operating income of $31.7 million, or $0.30 per diluted share, for the same quarter of 2011.

For the year ended December 31, 2012, Alterra reported net income of $143.8 million, or $1.43 per diluted share, compared to net income of $65.3 million, or $0.61 per diluted share, for the year ended December 31, 2011. Net operating income for the year ended December 31, 2012 was $119.1 million, or $1.18 per diluted share, compared to net operating income of $96.6 million, or $0.91 per diluted share, for the year ended December 31, 2011. Net operating return on average shareholders’ equity for the year ended December 31, 2012 was 4.2%.

W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, said: "Alterra's fourth quarter operating results were impacted heavily by Hurricane Sandy. However, for the year, we are pleased to report net income of $143.8 million and growth in diluted book value per share of 7.5%, including dividends. Our 2012 results reflect the diversified underwriting strategy and risk management discipline that has served us well, particularly in years with major industry losses such as Sandy.

"On December 19 we ended the year with the announcement of a merger agreement pursuant to which Alterra will be acquired by Markel Corporation. The transaction is subject to shareholder and regulatory approval and is expected to close in the first half of 2013. We believe the combined company will establish itself as a leading specialty insurance and reinsurance company with greater capacity and a broader range of products and services, and will be better positioned for long-term success, including the creation of superior shareholder value," Mr. Becker concluded.

1 of 8

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs