Alterra Capital Announces Doug Worman Will Head Alterra Managers

June 1, 2010

HAMILTON, Bermuda, Jun 01, 2010 (BUSINESS WIRE) --Alterra Capital Holdings Limited (NASDAQ: ALTE; BSX: ALTE.BH) today announced that Douglas M. Worman has been appointed Executive Vice President of Alterra Capital Holdings Limited (Alterra) and Managing Director of Alterra Managers USA Limited (Alterra Managers).

W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, said "Doug is an important addition to our team. He will not only be responsible for leading and continuing to build Alterra Managers, but we will also utilize his depth of relationships and experience to assist in business development and strategy across our global insurance platforms. Doug has a wealth of experience with Fortune 3000 and sophisticated mid-market clients, and a track record of successfully building and managing profitable businesses. He had an impressive career within the AIG organization, excelling as both an underwriter and business leader, and most recently served as President and CEO of AIG Excess Casualty Group (previously American Home).

"Buddy Anckner, currently President of Alterra Managers, will be retiring later this year after many years of valuable service to Alterra. Buddy originally distinguished himself in our Bermuda casualty insurance operation, but more recently effectively launched and built Alterra Managers in the US. We have truly appreciated Buddy's skill and discipline in both hard and soft markets and wish him a long and happy retirement."

Doug Worman has almost twenty years of US insurance industry experience. Since 2008, he has been President & CEO of Sharebridge Underwriting Group, a boutique insurance product intermediary firm which principally serves private equity firms and their portfolio companies. Previously, for a period of approximately sixteen years, Doug held increasingly senior roles within AIG. In 2008, he was President and CEO of AIG Excess Casualty Group, and, from 2006 to 2008, he was Senior Vice President and Zonal Executive for AIG's Domestic Brokerage Group. From 1992 to 2006, Doug was with AIG National Union.

Doug graduated with a Bachelors of Arts degree from The Pennsylvania State University in 1989.

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, property and casualty insurers, and life and health 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 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q filed subsequent to the Annual Report 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.

SOURCE: Alterra Capital Holdings Limited

Alterra Capital Holdings Limited
Susan Spivak Bernstein, 1-212-898-6640
Senior Vice President
susan.spivak@alterra-bm.com
or
Kekst and Company
Roanne Kulakoff or Peter Hill, 1-212-521-4800
roanne-kulakoff@kekst.com / peter-hill@kekst.com