Reshuffle creates Alterra Bermuda Ltd

(Re)insurance group Alterra Capital Holdings has combined its two Bermuda units, Alterra Insurance and Harbor Point Re, into a single company called Alterra Bermuda Ltd. The new company will write both insurance and reinsurance business from its Hamilton offices.

The merger will create a company with $2.3bn of shareholders’ equity, based on pro-forma numbers at 30 June 2010.

“This enhanced scale is expected to provide superior security and improved efficiencies for our business partners, who will continue to be served by our existing insurance and reinsurance underwriting teams,” said Marty Becker, president and CEO of Alterra, in a statement. “We believe that the streamlining of our corporate structure is an important step towards maximizing the value of Alterra for the benefit of all stakeholders.”

Alterra Capital Holdings was formed on 12 May from the merger of (re)insurers Max Capital Holdings and Harbor Point. In addition to Bermuda, the company also has operations in the US, Ireland, the UK, Brazil and Colombia.