Investor Presentation

Quarter Ended December 31, 2011

Exhibit 99.1

2

This presentation may include forward-looking statements that reflect Alterra’s current views with respect to future events

and

financial

performance.

Statements

that

include

the

words

“expect,”

“intend,”

“plan,”

“believe,”

“project,”

“anticipate,”

“will,”

“may”

and

similar

statements

of

a

future

or

forward-looking

nature

identify

forward-looking

statements.

All

forward-

looking statements address matters that involve risks and uncertainties. Accordingly, there are important factors that

could cause actual results to differ materially from those indicated in such statements and you should not place undue

reliance on any such statements.

These factors include, but are not limited to, the following: (1) the adequacy of loss and benefit reserves and the need to

adjust such reserves as claims develop over time; (2) the failure of any of the loss limitation methods employed; (3) the

effect of cyclical trends, including with respect to demand and pricing in the insurance and reinsurance markets; (4)

changes in general economic conditions, including changes in capital and credit markets; (5) any lowering or loss of

financial ratings; (6) the occurrence of natural or man-made catastrophic events with a frequency or severity exceeding

expectations; (7) actions by competitors, including consolidation; (8) the effects of emerging claims and coverage issues;

(9) the loss of business provided to Alterra by its major brokers; (10) the effect on Alterra’s investment portfolio of

changing financial market conditions, including inflation, interest rates, liquidity and other factors; (11) tax and regulatory

changes and conditions; (12) retention of key personnel; (13) the integration of new business ventures Alterra may enter

into; and (14) management’s response to any of the aforementioned factors.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with

the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in Alterra’s

most recent reports on Form 10-K and Form 10-Q and other documents on file with the Securities and Exchange

Commission. Any forward-looking statements made in this presentation are qualified by these cautionary statements,

and there can be no assurance that the actual results or developments anticipated by Alterra will be realized or, even if

substantially realized, that they will have the expected consequences to, or effects on, Alterra or its business or

operations. Alterra undertakes no obligation to update publicly or revise any forward-looking statement, whether as a

result of new information, future developments or otherwise.

Cautionary Note Regarding Forward-Looking Statements

3

Alterra’s Franchise is Well Positioned For Success

Global underwriter of specialty insurance and reinsurance

Multiple

operating

platforms

-

Bermuda,

Ireland,

United

States, Lloyd's and Latin America

Strong franchise positions across multiple specialty

classes of business

Opportunistic and disciplined underwriting strategy

Strong culture of risk management

Analytical and quantitative underwriting orientation

Business mix shift towards shorter-tail lines

5 year average combined ratio (including cats) of 91.2%

Liquid balance sheet with conservative reserving track record

Shareholders’

equity ~ $2.8 billion at 12/31/11

Low operating and financial leverage

S&P

rating

upgraded

to

“A”

from

“A-”;

AM

Best

rating

of

“A”

Proven track record of active capital management

2011

repurchases

of

$223.3

million

and

dividends

of

$54.5

million, or 9.5% of 1/1/11 shareholders’

equity

Returned $559 million or ~18% of pro forma 1/1/10

opening

shareholders'

equity

(1)

in

2010

through

dividends

and share repurchases 

Raised quarterly dividend by 17% in August 2011 to $0.14

per share

____________________

(1)

Shareholders' equity of Max Capital and Harbor Point  on a combined pro forma basis.

2011 GPW

4

Fourth Quarter 2011 Results

Fourth quarter 2011 net operating diluted

EPS of $0.30 per share

Decrease from 2010 due to higher

catastrophe losses and lower

investment yields

P&C gross premiums written grew 3.6% to

$324.8 million

Driven by new underwriting teams and

new reinsurance business

opportunities and new business in Latin

America

Net investment income of $57.1 million

compared to $61.1 million in 2010

Combined ratio of 97.4%

Catastrophe losses of $55.5 million, net of

reinstatement premium 

Diluted book value per share of $26.91 at

12/31/11.

P&C GPW

(3.6% increase)

84.8%

97.4%

Combined Ratio

$25.98

$27.18

$25.99

$26.94

Expansion into new lines and regions

5

Calendar 2011 Results

Calendar 2011 net operating diluted EPS of

$0.91 per share

Decrease from 2010 due to higher

catastrophe losses and lower

investment yields

P&C gross premiums written grew 35.2% to

$1,900.7 million

Driven by additional premium from the

merger with Harbor Point on May 12,

2010;

Also new underwriting teams, new

reinsurance business opportunities and

new business in Latin America

Net investment income of $234.8 million

compared to $222.5 million in 2010

Combined ratio of 98.2%

Catastrophe losses of $253.4 million, net of

reinstatement premium 

Diluted book value per share of $26.91 at

12/31/11 up from $25.99 at 12/31/10

P&C GPW

(35.2% increase)

Growth in Book Value

85.7%

98.2%

Combined Ratio

Diluted Book Value per Share

(3.5% increase)

Expansion into new lines and regions

6

2011 global industry cat losses estimated over $105 billion

Market stressed by historic low returns on invested assets

Cash flow levels deteriorating

Industry reserve redundancies diminishing

Property cat underwriting markets improving

Casualty lines showing flat to modest improvement

Pricing poised to positively move further with the next catalyst

Market on the Cusp of Change

Alterra is positioned to be a beneficiary of improving market conditions

2004

Insurance

Property

2003

Insurance

Excess Liability

Professional Liability

2005

Reinsurance

Property / Property Cat

Harbor Point formed

2006

Insurance

Aviation

2008

Lloyd's Insurance

Financial Institutions

Prof. Indemnity

Lloyd's Reinsurance

Accident / Health

Property

2007

U.S.

E&S

Insurance

Property

Inland Marine

U.S. Casualty

Reinsurance

Multi Peril Crop

Experienced &

highly quantitative

underwriting teams

Lead underwriters average over 20 years in the

business

High percentage of employees hold

professional designations

2009

Lloyd's

Casualty (non U.S.)

A&H Insurance

U.S. Specialty

Professional Liability

Latin

America

Reinsurance

2002

Traditional Re

Workers' Comp

Medical Malpractice

GL / PL

Aviation

Identifying & Recruiting "Franchise Players" Has Been

Instrumental In Our Success

2010

Alterra formed

by the merger of Max

Capital and Harbor Point

2011

Lloyd’s

Property Direct &

Facultative

U.S.

Specialty

Excess Casualty

7

8

Reinsurance

Insurance

Lloyd’s

US Specialty Insurance

Major Classes

–

Agriculture

–

Auto

–

Aviation

–

General Casualty 

–

Marine and Energy

–

Medical Malpractice

–

Professional Liability

–

Property

–

Surety, Credit and

Political Risk

–

Whole Account

–

Workers’ compensation

–

Aviation

–

Excess Liability

–

Professional Liability

–

Property 

–

Accident & Health

–

Agriculture

–

Aviation

–

Casualty

–

Financial Institutions

–

Marine 

–

Professional Lines

–

Property

–

Surety

–

Excess Casualty

–

General Liability

–

Marine

–

Professional Liability

–

Property

Operating

Regions

–

Worldwide

–

European Union

–

United States

–

Worldwide

–

United States

Offices

–

Bermuda

–

Bogotá

–

Buenos Aires

–

Dublin

–

London

–

Rio de Janeiro

–

Summit, NJ

–

Bermuda

–

Chicago

–

Dublin

–

Hamburg

–

London

–

New York

–

Sebastopol, CA

–

Zurich

–

Copenhagen

–

London

–

Rio de Janeiro

–

Tokyo

–

Zurich

–

Atlanta

–

Chicago

–

Dallas

–

New York

–

Richmond

–

San Francisco

Local Knowledge 

Global Reach

9

____________________

Note:

Pro forma gross premium written (“GPW”) represents the combined GPW of Max Capital and Harbor Point net of intercompany eliminations of GPW.

Insurance

(21.6% of 2011 P&C GPW)

Reinsurance

(45.7% of  2011 P&C GPW)

Professional

Liability

Property

Excess

Liability

Aviation

General Casualty

Property

Aviation

Workers Comp.

Professional Liability

Other

Med. Mal.

Marine & Energy

Agriculture

2011 GPW: $410.3 million

= pro forma

Auto

Alterra Has a Strong Market Position in Specialty Classes …

Credit/ Surety

Whole Account

2011 GPW: $869.7 million

2010 GPW: $399.6 million

2010 Pro forma GPW: $892.4 million

10

U.S. Specialty

(17.4% of 2011 P&C GPW)

Alterra at Lloyd’s

(15.3% of  2011 P&C GPW)

…With an Attractive Position in the U.S. Market and Lloyd’s

Professional

Liability

Property

Marine

General

Liability

Property

Aviation

Fin. Institutions

Prof. Liability

Accident & Health

2010 GPW: $294.5 million

2010 GPW: $202.6 million

2011 GPW: $330.2 million

2011 GPW: $290.5 million

Int’l Casualty

Surety

11

North America

Europe

Other

Reinsurance

Insurance

(2)

2010 GPW  = $1,410.7 million

____________________

(1) Pro forma as if Harbor Point merger occurred on January 1, 2010.

(2) Includes

Reinsurance

segment,

Life

&

Annuity

reinsurance

and

reinsurance

written

through

Lloyd’s

platform.

Diversified and Balanced Business Mix

Global Platform

2011

Line of Business

2011

2010

pro

forma

GPW

=

$1,794.1

million

(1)

2011 GPW  = $1,904.1 million

12

____________________

Source:

Company

filings,

SNL

Financial.

As

of

September

30,

2011.

Diversified reinsurers include RE, AXS, ACGL, TRH, PRE, AWH, ENH,

AHL,

PTP,

AGII,

ALTE

and

ORH

for

historical

years.

Property

focused

reinsurers

include

RNR,

VR,

MRH,

FSR

and

IPCR

for

historical

years.

Diversified Reinsurers

Property Focused Reinsurers

Diversified Platforms Generate More Consistent Margins

Alterra has performed well within its diversified peer group with less volatility than property focused reinsurers

Median

116%

84%

82%

95%

84%

91%

115%

95%

Alterra

106%

86%

88%

92%

88%

86%

98%

92%

Median

201%

55%

61%

89%

66%

84%

138%

99%

13

3 Year Return on Equity

Alterra’s ROEs Have Been Less Volatile Than Most Peers

____________________

Source:  JMP Research, SNL Financial. 2011 ROE is estimated.

Alterra ROE reflects Pro-Forma data for Max and Harbor Point prior to the merger in May 2010.

ACGL

AHL

AXS

AWH

MRH

PRE

PTP

RNR

VR

ALTE

ENH

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

Std. Dev.

14

Our strategy is to diversify our book of business so that property cat

is one of many components of our business

Results demonstrate that we adequately manage our risk exposure

Our reserving process has been tested by large, recent loss events

including: 

2011 Australian floods, New Zealand earthquake, Japanese

earthquake and tsunami, US spring storms, Hurricane Irene

2010 Chilean earthquake, New Zealand earthquake

2008 Hurricanes Ike/Gustav

Superior Risk Management

Alterra’s losses from catastrophe events as a % of equity are

below our peer group average

15

Peer PML’s as a Percent of Common Equity 

____________________

Source:  Dowling & Partners Research

Note: RNR, MRH and PRE do not disclose their PMLs for either 1-in-100 year events or 1-in-250 year events.  All data is based on RMS 11.  RE and TRH utilize AIR. 

(1)

1-in-100 Self-imposed limit of 25% of total capital.

(2)

1-in-100 PML and 1-in-250 for U.S. hurricane is $736 mm and $965 mm, respectively. 

(3)

Single Zone 1-in-250 Tolerance is 25% of common S/E.

(4)

1-in-250 Tolerance is 25% of common S/E. 

(5)

1-in-250 Tolerance is 20% of total capital. 

16

2011 –

“The Year of The Cat”

Alterra’s Losses are Below The  Peer Group  

__________________

Source:  Company reports and SNL Financial

*Includes estimated Q4 2011 catastrophe losses

**As of September 30, 2011

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Losses

Percentage of December 31, 2010 Capital and Surplus

FSR*

PRE

PTP

MRH

RE

TRH

AHL

ENH

RNR

AGII**

AWH*

ALTE

ACGL*

17

2010 –

Chilean Earthquake / Windstorm Xynthia/

September New Zealand Earthquake

Alterra’s 2010 Losses Are Below Peer Group

____________________

(2)

Q2 net losses reflect only losses from the Chilean earthquake.  Initial losses include the Chilean earthquake and Windstorm Xynthia.

(3)

Initial loss estimate reflects 50% to 90% of Reuters consensus net operating earnings prior to the earthquake, based on disclosure that net income would remain positive for the quarter.

(4)

Initial estimates based on Chile and Xynthia, ultimate losses include the Chilean, Haitian, and Baja earthquakes, Xynthia and the Australian hailstorms.  Based on international catastrophe losses being two-thirds of total catastrophe losses as disclosed in the

earnings conference call.

(5)

Initial estimate is as of the first quarter conference call.  Both initial and revised estimates reflect only the Chilean earthquake.

(6)

Pro forma; includes losses from Harbor Point and Max Capital prior to the merger.  Expressed as a percentage of combined 12/31/09 equity prior to the special dividend.

0

50

100

150

200

250

300

350

400

450

0%

2%

4%

6%

8%

10%

FSR

PTP (1)

VR (2)

RNR (3)

MRH

RE

PRE

AHL

AXS (2)

TRH (2)

AWH

(2)(4)

ENH

AGII

(1)(5)

ACGL(1)

ALTE (6)

Ultimate Net Losses Reported

Percentage of December 31, 2009 Capital and Surplus

Source: Company filings and press releases; losses are generally disclosed net of tax and net of reinstatement premiums.

(1)

 

Q2 net losses reflect Q1 estimates plus reported development, if any.

2008 –

Hurricanes Ike / Gustav

____________________

Source: Company filings, as of 12/31/08. Losses are generally disclosed net of reinstatement premiums.

(1)

Equity includes preferred, which subsequently converted to common.

(2)

Results reflect Ike only.

(3)

Equity includes preferred, which subsequently converted to common.

(4)

TRH does not disclose specific losses but did lose "$169.7 million principally relating to Hurricane Ike."

18

0%

2%

4%

6%

8%

10%

12%

14%

0

50

100

150

200

250

300

350

400

450

VR

FSR

RNR

MRH

IPCR(1)PTP(1)ACGL

AXS

PRE(2)

HP(3)

AHL

ENH

ORH

TRH(4)

AWH

RE

MXGL

Ultimate Net Losses Reported

Percentage of June 30, 2008 Capital and Surplus

19

PML goal of no more than 25% of starting capital in 1 in 250 year

event

Adjust position as market pricing makes risk/reward attractive

Use RMS with “all switches on”

and gross-up factors on standard model

Incorporate AIR, market share, industry and client historical loss data

Capture detailed location data and put a premium on data quality

Historically our losses for events have been close to expected

ranges

PML and aggregate usage is incorporated into our pricing models

Key In-force PMLs as of January 1, 2012

US wind

1 in 100 year event -

$496 million net loss

California earthquake

1 in 250 year event -

$364 million net loss

Europe wind

1 in 100 year event -

$137 million net loss

Cat Aggregate & PML Management

20

Reserves for Loss and Loss Expenses

($ in millions)

Insurance

Reinsurance

U.S. Specialty

Alterra at Lloyd's

$1,336

68%

32%

2011

2010

2011

2010

2011

2010

2011

2010

$1,335

74%

26%

$2,105

$2,041

63%

37%

68%

32%

$308

59%

41%

28%

$232

72%

65%

35%

62%

38%

$468

$297

$2,500

$2,000

$1,500

$1,000

$500

$0

Note:   As of 12/31/2011 and 12/31/2010; includes the results of Harbor Point from May 12, 2010, the closing date of the merger.

Case

IBNR

21

Favorable Reserve

Development

$5.9

$45.1

$90.8

$77.2

$105.5

$153.3

Development as a

% of Net Reserves

prior to

development

0.3%

2.5%

4.1%

3.4%

3.4%

4.6%

Reserve Development History

($ in millions)

____________________

Note:  Reserve development and net reserves prior to May 12, 2010 are for Max Capital only.   Reserve development excludes changes in reserves resulting from changes in

premium estimates on prior years’contracts.

-

500

1,000

1,500

2,000

2,500

3,000

3,500

2006

2007

2008

2009

2010

2011

Net Loss Reserves

22

High Quality, Liquid Investment Portfolio

As of December 31, 2011

Alterra maintains a high quality, liquid portfolio

96.3% of portfolio in fixed income/cash, which consists of highly

rated securities

Assets are generally matched to liabilities

Cycle

management

extends

to

investments

–

2011

posture

was defensive

Cash balance $922.8 million or 11.8% of portfolio

Average fixed income duration of approximately 4.1 years, including

cash 

58.3% of the cash and fixed maturities portfolio is held in cash, 

government / agency-backed securities and “AAA”

securities

67.1% of fixed income portfolio rated “AA”

or better

Hedge fund investments are marked-to-market

Minimal exposure to selected asset classes

CMBS of $361.1 million (4.6% of portfolio) –

average rating of

AA+/Aa1

ABS of $249.0 million (3.2% of portfolio)

RMBS of $1,296.3 million (16.6% of portfolio) –

86.2% agency-

backed

No CDO’s, CLO’s, SIV’s or other highly structured securities

Less than $9.0 million of OTTI losses over the last ten

quarters

Carrying Value $7.8 billion

December 31, 2011

Cash

12%

Other

Investments

4%

Fixed Income

84%

23

European Government Holdings

Total European government holdings

represent $727.1 million, or 9.3% of the

investment portfolio

No exposure to Greece, Portugal, Italy or

Spain

European financial institutions

Total European financial institution

holdings represent $471.0 million, or

6.0% of the $7.8 billion investment

portfolio

Two largest holdings, which total $115.7

million, are with government-backed

financial institutions.

European Exposure

As of December  31, 2011

France

36%

Germany

34%

Netherlands

20%

Ireland

3%

Belgium

3%

United

Kingdom

2%

Denmark

1%

Other

1%

KFW

10%

Credit Suisse

8%

Lloyds

7%

UBS

6%

BNP Paribas

6%

HSBC

5%

Barclays

5%

Other

39%

European

Investment

Bank

14%

24

____________________

Note:

Primary price / diluted book value multiple as of 2/9/12.

Well Positioned to Build Shareholder Value 

Franchise positions in attractive specialty markets

Established operating platforms provide global access to business

Diversified business portfolio across casualty and property lines

Opportunistic

approach

–

nimble

and

responsive

to

market

trends

High-quality, liquid investment portfolio

Invested asset leverage intended to drive more consistent returns

Balance sheet strength with low leverage / financial flexibility

Attractive entry point –

price / diluted book value of 0.90x

25

Appendices

26

December 31,

December 31,

2011

2010

Cash & Fixed Maturities

7,528

$                    

7,483

$                    

Other Investments

287

                          

378

                          

Premium Receivables

715

                          

589

                          

Losses Recoverable

1,068

                       

956

                          

Other Assets

588

                          

511

                          

     Total Assets

10,186

$                  

9,917

$                    

Property & Casualty Losses

4,217

$                    

3,906

$                    

Life & Annuity Benefits

1,191

                       

1,276

                       

Deposit Liabilities

151

                          

148

                          

Funds Withheld

112

                          

121

                          

Unearned Premium

1,021

                       

905

                          

Senior Notes

441

                          

440

                          

Other Liabilities

244

                          

203

                          

     Total Liabilites

7,377

$                    

6,999

$                    

Shareholders' Equity

2,809

                       

2,918

                       

10,186

$                  

9,917

$                    

Strong Balance Sheet

($ in millions)

(1)

Results for the year ended December 31, 2010 include results from Harbor Point following the close of the merger on May 12, 2010.

(1)

27

YTD Results Comparison

($ in millions)

Year ended

(1)

Year ended

(2)

Dec. 31,

Dec. 31,

Dec. 31,

2011

2010

2010

Gross Premiums Written

1,904

$        

1,411

$        

1,794

$        

Net Premiums Earned

1,425

1,172

1,391

Net Investment Income

235

222

247

Net Realized and Unrealized (Losses) Gains on Investments

(38)

17

25

Other Than Temporary Impairment Charges

(3)

(3)

(3)

Other Income

5

6

5

Total Revenues

1,624

1,414

1,665

Total Losses, Expenses & Taxes

1,559

1,112

1,373

Net Income

65

$             

302

$           

292

$           

Net Operating Income

97

$             

252

$           

Property & Casualty Underwriting

Loss Ratio

66.5%

56.1%

Expense Ratio

31.7%

29.6%

Combined Ratio

98.2%

85.7%

(1)

Results for the year ended December 31, 2010 do not include results from Harbor Point prior to the merger on May 12, 2010. 

(2)

Pro forma information is provided for informational purposes only to present a summary of the combined results of operations assuming the amalgamation with  Harbor 

Point had occurred on January 1, 2010. The pro forma information assumes the elimination of intercompany transactions and the amortization of certain acquisition

accounting fair value adjustments. The pro forma information does not necessarily represent results that would have occurred if the amalgamation had taken place on

January 1, 2010, nor is it necessarily indicative of the future results.

28

Year ended December 31, 2011

($ in millions)

Totals in table may not add due to rounding.

(1)

Property and Casualty only.

Diversified Operating Platform

Life &

Property & Casualty

Annuity

Corporate

Consolidated

Alterra at

Insurance

Reinsurance

U.S. Specialty

Lloyd's

Total

Reinsurance

Gross premiums written

$410.3

$869.7

$330.2

$290.5

$1,900.7

$3.4

-

$           

1,904.10

$  

Reinsurance premiums ceded

(200.2)

(83.1)

(123.9)

(64.5)

(471.7)

(0.4)

            

-

             

(472.1)

        

Net premiums written

$210.1

$786.6

$206.3

$226.0

$1,429.0

$3.0

-

$           

1,432.00

$  

Earned premiums

$398.5

$894.0

$302.6

$247.3

$1,842.5

$3.4

-

$           

1,845.90

$  

Earned premiums ceded

(187.7)

(70.0)

(101.3)

(61.4)

(420.5)

(0.4)

            

-

             

(420.9)

        

Net premiums earned

210.8

         

824.0

         

201.3

           

185.9

         

1,422.0

      

3.0

             

-

             

1,425.0

      

Net losses and loss expenses

(105.8)

        

(528.0)

        

(139.6)

         

(172.3)

        

(945.6)

        

-

             

-

             

(945.6)

        

Claims and policy benefits

-

             

-

             

-

              

-

             

-

             

(59.4)

-

             

(59.4)

          

Acquisition costs

(0.4)

            

(182.3)

        

(35.5)

           

(42.4)

          

(260.5)

        

(0.6)

            

-

             

(261.1)

        

General and administrative expenses

(37.7)

          

(79.3)

          

(35.8)

           

(37.0)

          

(189.9)

        

(0.6)

            

-

             

(190.5)

        

Other income

1.0

1.2

             

-

              

1.2

3.4

0.4

             

-

             

3.8

             

Underwriting income (loss)

67.9

           

35.7

           

(9.6)

             

(64.6)

          

29.4

           

n/a

-

             

n/a

Net investment income

48.5

186.3

234.8

Net realized and unrealized gains (losses) on investments

(10.4)

(27.9)

          

(38.3)

          

Net impairment losses recognized in earnings

(2.9)

            

(2.9)

            

Corporate other income

1.6

1.6

Interest expense

(43.7)

(43.7)

Net foreign exchange gains

(1.3)

(1.3)

Corporate general and administrative expenses

(66.6)

(66.6)

Income (loss) before taxes

($19.1)

$45.5

$55.8

Loss ratio

50.2%

64.1%

69.3%

92.7%

66.5%

Acquisition cost ratio

0.2%

22.1%

17.6%

22.8%

18.3%

General and administrative expense ratio

17.9%

9.6%

17.8%

19.9%

13.4%

Combined ratio

(1)

68.2%

95.8%

104.8%

135.4%

98.2%