Alterra at Lloyd’s Transfers Management of Syndicates 2525 and 2526 to Focus on Management of Syndicate 1400

HAMILTON, Bermuda--(BUSINESS WIRE)-- Alterra Capital Holdings Limited (“Alterra”) (NASDAQ: ALTE; BSX: ALTE.BH) today announced that Alterra at Lloyd’s has completed the transfer of the management of Lloyd’s Syndicates 2525 and 2526 to Whittington Capital Management. The transfer will be effective from January 1, 2011, and is subject to Lloyd’s approval.

W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, said, “Alterra has only minority interests in the capital of Syndicate 2525, a specialist public and employers’ liability syndicate, and Syndicate 2526, a specialist professional liability syndicate. Therefore, the transfer of the management of those syndicates to a third party is a natural next step as we seek to support the underwriting of Alterra at Lloyd’s with our own capital. Since acquiring Alterra at Lloyd’s in November 2008, we have recruited new teams to underwrite international casualty reinsurance, aviation, and personal accident product lines. The transfer of Syndicates 2525 and 2526 will enable Alterra at Lloyd’s to continue to further develop the business portfolio of Syndicate 1400, which is wholly capitalized by Alterra.”

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. Alterra was formed on May 12, 2010 by the merger of Max Capital Group Ltd. and Harbor Point Limited.

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
susan.spivak@alterra-bm.com
or
Kekst and CompanyRoanne Kulakoff or Peter Hill, 1-212-521-4800
roanne-kulakoff@kekst.com / peter-hill@kekst.com

Source: Alterra Capital Holdings Limited