Balance Sheet

Total invested assets, including cash and cash equivalents, were $7,970.9 million as of September 30, 2012, an increase of $156.2 million from December 31, 2011. As of September 30, 2012, 96.3% of the fixed maturities portfolio (by carrying value) was investment-grade, an increase from 94.4% as of December 31, 2011. As of September 30, 2012, the weighted average book yield of Alterra’s cash and fixed maturities portfolio was 3.21%, and the weighted average duration was 4.4 years.

Under a Board-approved share repurchase authorization, Alterra repurchased 921,707 common shares during the third quarter of 2012 at an average price of $23.11 per share for a total of $21.3 million. Share repurchases under the Board-approved share repurchase authorization for the nine months ended September 30, 2012 were 6,626,684 common shares at an average price of $23.03 per share for a total of $152.6 million. As of September 30, 2012, $201.7 million remained under the Board-approved share repurchase authorization.

Shareholders’ equity was $2,923.2 million as of September 30, 2012, an increase of 4.1% from December 31, 2011. Diluted book value per share as of September 30, 2012 was $29.57. Including dividends declared, diluted book value per share growth for the third quarter of 2012 was 3.6%, and was 11.5% for the nine months ended September 30, 2012. Not included in shareholders’ equity as of September 30, 2012 were $194.8 million of unrecognized gains on held-to-maturity securities, which represented $1.97 in unrecognized diluted book value per share.

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

Alterra will host a conference call on Wednesday, November 7, 2012 at 11:00 am (EDT) to discuss these results and related matters. The conference call can be accessed via telephone by dialing 1-866-700-7173 (toll-free U.S.) or 1-617-213-8838 (international) and using access code 15493660. 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.

If you liked this article you might like

Alterra Reaches New 52-Week High (ALTE)

Jim Cramer: Real-World Deals

Cramer's 'Mad Money' Recap: Forget About Washington

Alterra Stock To Go Ex-dividend Tomorrow (ALTE)

Alterra Stock To Go Ex-dividend Tomorrow (ALTE)