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.
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