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Credit Ratings

On May 13, 2010, A.M. Best Co. upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and issuer credit ratings (ICR) to “a” from “a-” of the operating subsidiaries of Alterra Capital Holdings Limited (Alterra) (formerly known as Max Capital Group Ltd.) [NASDAQ: ALTE], following its recent merger with Harbor Point Limited. These companies were former subsidiaries of Max Capital Group Ltd.

Click here to read AM Best press release

View A.M. Best’s Rating Guide

For the latest rating, access www.ambest.com

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Alterra’s operating companies rated A- by S&P

View Standard & Poor’s Research Update (May 13, 2010).

In affirming the A- ratings in May 2010, S&P stated:

  • Max Capital Group Ltd. and Harbor Point Ltd. have completed their anticipated merger.
  • Max Capital Group Ltd., which will serve as the ultimate holding company for the merged group, has changed its name to Alterra Capital Holdings Ltd.
  • We have affirmed the ratings on the renamed holding company and all other Max and Harbor Point entities, which this holding company now ultimately owns.
  • The stable outlook reflects our expectation that the group’s consolidated earnings will remain strong and supportive of the ratings.

Fitch, Inc – Financial Strength A (Strong)

View Fitch’s press release dated May 13, 2010

Alterra Capital (formerly Max Capital Group) companies have been rated A (Strong) by Fitch Ratings since November, 2000. In May 2010, following the merger of Max Capital and Harbor Point to form Alterra Capital, Fitch noted that “The combination of the two companies creates a larger organization with pro forma shareholders’ equity of approximately $3 billion (net of $300 million expected special cash dividend) and $1.5 billion of net premiums written, providing for a more sizable and stable underwriting platform. The merger also significantly decreases investment leverage, reducing the ratio of invested assets to shareholders’ equity for the combined company to 2.4 times (x) pro forma at March 31, 2010, compared to 3.3x for Max Capital and 1.4x for Harbor Point.”

Moody’s

Alterra Insurance Limited (formally Max Bermuda Ltd.) rated A3 by Moody’s

View Moody’s press release dated March 4, 2010

In March 2010, "Moody's affirmed Max's ratings and returned the outlook to stable for three reasons:

  1. the company has reduced its alternative investments, which contributed to a 19% drop in shareholders' equity in 2008 (from 14% of cash and investments at year end 2008 to 6% at year end 2009,
  2. it has fully integrated the Lloyd's operations it acquired in late 2008 and repaid all loans under its credit facility, and
  3. it would benefit from the proposed merger with Harbor Point.

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