Alterra Capital combines insurance and reinsurance units to form Alterra Bermuda Ltd
By APTuesday, September 7, 2010
Alterra Capital combines Bermuda subsidiaries
NEW YORK — Specialty insurer Alterra Capital Ltd. on Tuesday said it combined its Bermuda operating subsidiaries into one company.
Alterra, based in Hamilton, Bermuda, said it combined Alterra Insurance Ltd. and Harbor Point Re Ltd., creating Alterra Bermuda Ltd. The combined company will underwrite both insurance and reinsurance business and be based in Hamilton.
The new firm has $2.3 billion of shareholders’ equity, Alterra President and CEO W. Marston Becker said.
In afternoon trading, Alterra shares fell 27 cents, to $18.97, while the broader market dropped. The stock has traded between $17.02 and $24.99 in the past 52 weeks.
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