Alterra Specialty Opens Excess Casualty Facility

HAMILTON, Bermuda--(BUSINESS WIRE)-- Alterra Capital Holdings Limited ("Alterra") (NASDAQ: ALTE; BSX: ALTE.BH) today announced that Alterra Specialty, Alterra's US specialty insurance operation that focuses principally on the wholesale distribution segment, has opened a new facility to underwrite Excess Casualty coverage. The facility is led by Joe Rainone, Senior Vice President of Alterra Specialty, and offers both admitted and non-admitted policies, using the papers of Alterra America Insurance Company and Alterra Excess & Surplus Insurance Company, respectively.

W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, commented: "The addition of a dedicated Excess Casualty facility at Alterra Specialty is a further important step in building out the underwriting capability of our Specialty operations, and reflects Alterra's continued strategic commitment to market diversity and prudent expansion within the US. We believe Excess Casualty has been an underserved market segment for Alterra. We expect the new facility will enable us to more actively participate in this market and be well positioned to take advantage of opportunities as and when they arise."

Steve Vaccaro, Chief Executive Officer of Alterra Specialty, commented: "We are excited to have increased Alterra Specialty’s capacity to operate effectively in the Excess Casualty market, and believe Joe Rainone is ideally suited to lead the new team. Joe is well known and respected throughout the industry by brokers, reinsurers and peers, and is a disciplined Excess Casualty underwriter with a successful track record.  Joe’s underwriting team will include Jarrett Long, Jim Nodar and Jim Owen, all of whom are also experienced underwriters. The team will operate from Alterra Specialty’s office in Atlanta."

About Alterra Capital Holdings Limited

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.

Cautionary Note Regarding Forward-Looking Statements

This release may include forward-looking statements that reflect Alterra's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. For further information regarding cautionary statements and factors affecting Alterra's future results, please refer to the most recent reports on Form 10-K and Form 10-Q and other documents filed by Alterra with the SEC. Alterra undertakes no obligation to update or revise publicly any forward-looking statement whether as a result of new information, future developments or otherwise.

Alterra Capital Holdings LimitedSusan Spivak Bernstein, 1-212-898-6640
Senior Vice President
[email protected]
or
Kekst and CompanyMelissa Sheer or Peter Hill, 1-212-521-4800
[email protected] / [email protected]

Source: Alterra Capital Holdings Limited