Alterra Announces an Increase in the Capitalization of New Point V

Alterra Announces an Increase in the Capitalization of New Point V

HAMILTON, Bermuda--(BUSINESS WIRE)-- Alterra Capital Holdings Limited ("Alterra") (NASDAQ: ALTE; BSX: ALTE.BH) today announced an increase in the total capital committed to New Point V Limited to $247 million. New Point V is a sidecar vehicle that was established to create additional capacity for the property catastrophe collateralized reinsurance marketplace.

New Point V is sponsored by Alterra in partnership with Stone Point Capital LLC through its private equity fund, Trident V, L.P. and its affiliates. All of the additional capital commitments have come from third party investors.


Marty Becker, President and Chief Executive Officer of Alterra stated: "We are pleased to report an increase in the capital commitments to New Point V. This increase will allow us to expand our support of the collateralized retrocessional market. We continue to believe that we are well positioned to serve our clients' needs as they seek property catastrophe reinsurance."

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.

About Stone Point Capital LLC

Stone Point Capital LLC ("Stone Point") is a global private equity company with more than twenty years of private equity experience. Stone Point serves as the manager of the Trident Funds, which have raised more than $9 billion in committed capital to make investments in the financial services sector, and has a long and successful history of sponsoring the formation of insurance and reinsurance businesses.

anImage


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

KEYWORDS:   United Kingdom  Bermuda  Europe  Caribbean  Ireland

INDUSTRY KEYWORDS:

The article Alterra Announces an Increase in the Capitalization of New Point V originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Learn about investing from the comfort of your own home.

Portfolio Basics

Take the first steps to building your portfolio.

View Course »

Investment Strategies

Learn the strategies you need to build a winning portfolio

View Course »

Add a Comment

*0 / 3000 Character Maximum