Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ALTERRA CAPITAL HOLDINGS Ltd | d337327d8k.htm |
Exhibit 99.1
ALTERRA CAPITAL HOLDINGS LIMITED
Segment Re-presentation
(Unaudited)
This supplement is for information purposes only. It should be read in conjunction with documents filed by Alterra Capital
Holdings Limited with the U.S. Securities and Exchange Commission pursuant to the Securities Exchange Act 1934.
Alterra Capital Holdings Limited
Investors:
Susan Spivak Bernstein, +1-212-898-6640
or
Media:
Kekst and Company
Peter Hill or Melissa Sheer, +1-212-521-4800
ALTERRA CAPITAL HOLDINGS LIMITED
Effective January 1, 2012, Alterra Capital Holdings Limited (“the Company”) redefined its operating and reporting segments. Reinsurance business written within Latin America, which was previously reported within the reinsurance and Alterra at Lloyd’s segments, has been reclassified to a new Latin America segment. In addition, business written by the Company’s recently incorporated Brazilian reinsurance company, Alterra Resseguradora do Brasil Limitada (“Alterra Brazil”), will be included in the Latin America segment. Insurance business written by Alterra Insurance USA Inc., which was previously reported within the global insurance segment (formerly the insurance segment), has been reclassified to the U.S. insurance segment (formerly the U.S. specialty segment). Alterra Insurance USA Inc. is a managing general underwriter for Alterra Excess & Surplus Insurance Company and Alterra America Insurance Company, as well as various third party insurance companies, and is the Company’s principal insurance underwriting platform for retail distribution in the United States.
Segment disclosures for comparative periods have been re-presented to reflect these reclassifications between segments.
The Company monitors the performance of its underwriting operations in six segments: global insurance, U.S. insurance, reinsurance, Alterra at Lloyd’s, Latin America and life and annuity reinsurance.
Global Insurance Segment - The Company’s global insurance segment (formerly the insurance segment) offers property and casualty excess of loss insurance from its offices in Bermuda, Dublin and London primarily to Fortune 1000 companies. Principal lines of business include aviation, excess liability, professional liability and property.
U.S. Insurance Segment - The Company’s U.S. insurance segment (formerly the U.S. specialty segment) offers property and casualty insurance coverage from offices in the United States primarily to Fortune 3000 companies. Principal lines of business include general liability, marine, professional liability and property.
Reinsurance Segment - The Company’s reinsurance segment offers property and casualty quota share and excess of loss reinsurance from its offices in Bermuda, Dublin, London and the United States to insurance and reinsurance companies worldwide. Principal lines of business include agriculture, auto, aviation, credit/surety, general casualty, marine & energy, medical malpractice, professional liability, property, whole account and workers’ compensation.
Alterra at Lloyd’s Segment - The Company’s Alterra at Lloyd’s segment offers property and casualty quota share and excess of loss insurance and reinsurance from its offices in London, Dublin and Zurich primarily to medium to large sized international clients. This segment comprises the Company’s proportionate share of the underwriting results of Lloyd’s Syndicates 1400, 2525, and 2526 (collectively, the “Syndicates”), and the results of Alterra at Lloyd’s, the managing agent for Syndicate 1400. The Syndicates underwrite a diverse portfolio of specialty risks, including accident & health, aviation, financial institutions, international casualty, marine, professional liability and property.
Latin America Segment - The Company’s Latin America segment offers property and casualty quota share and excess of loss reinsurance from its offices in Rio de Janeiro, Bogota and Buenos Aires. Principal lines of business include aviation, general liability, marine, property and surety.
Life and Annuity Reinsurance Segment - The Company’s life and annuity reinsurance segment operates out of Bermuda and offers reinsurance products focusing on blocks of life and annuity business, which take the form of co-insurance transactions whereby the risks are reinsured on the same basis as the original policies. The Company has determined not to write any new life and annuity contracts in the foreseeable future.
ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–YEAR ENDED DECEMBER 31, 2011 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 365,761 | $ | 374,696 | $ | 815,352 | $ | 253,067 | $ | 91,834 | $ | 1,900,710 | $ | 3,356 | $ | — | $1,904,066 | |||||||||||||||||||
| Reinsurance premiums ceded |
(181,454 | ) | (142,566 | ) | (75,652 | ) | (63,708 | ) | (8,332 | ) | (471,712 | ) | (365 | ) | — | (472,077) | ||||||||||||||||||||
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| Net premiums written |
$ | 184,307 | $ | 232,130 | $ | 739,700 | $ | 189,359 | $ | 83,502 | $ | 1,428,998 | $ | 2,991 | $ | — | $ | 1,431,989 | ||||||||||||||||||
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| Earned premiums |
$ | 364,087 | $ | 337,041 | $ | 861,637 | $ | 224,665 | $ | 55,051 | $ | 1,842,481 | $ | 3,356 | $ | — | $ | 1,845,837 | ||||||||||||||||||
| Earned premiums ceded |
(175,348 | ) | (113,718 | ) | (66,580 | ) | (60,922 | ) | (3,930 | ) | (420,498 | ) | (365 | ) | — | (420,863 | ) | |||||||||||||||||||
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| Net premiums earned |
188,739 | 223,323 | 795,057 | 163,743 | 51,121 | 1,421,983 | 2,991 | — | 1,424,974 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(91,753 | ) | (153,558 | ) | (511,947 | ) | (158,323 | ) | (30,012 | ) | (945,593 | ) | — | — | (945,593 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (59,382 | ) | — | (59,382 | ) | |||||||||||||||||||||||||
| Acquisition costs |
517 | (36,404 | ) | (174,514 | ) | (36,805 | ) | (13,339 | ) | (260,545 | ) | (557 | ) | — | (261,102 | ) | ||||||||||||||||||||
| General and administrative expenses |
(28,377 | ) | (45,171 | ) | (74,974 | ) | (31,304 | ) | (10,045 | ) | (189,871 | ) | (648 | ) | — | (190,519 | ) | |||||||||||||||||||
| Other income (loss) |
686 | 279 | 1,225 | 1,204 | — | 3,394 | 382 | — | 3,776 | |||||||||||||||||||||||||||
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| Underwriting income (loss) |
69,812 | (11,531 | ) | 34,847 | (61,485 | ) | (2,275 | ) | 29,368 | n/a | — | n/a | ||||||||||||||||||||||||
| Net investment income |
48,534 | 186,312 | 234,846 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized losses on investments |
(10,408 | ) | (27,931 | ) | (38,339 | ) | ||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(2,945 | ) | (2,945 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
1,620 | 1,620 | ||||||||||||||||||||||||||||||||||
| Interest expense |
(43,688 | ) | (43,688 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange losses |
(1,312 | ) | (1,312 | ) | ||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(66,555 | ) | (66,555 | ) | ||||||||||||||||||||||||||||||||
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| (Loss) income before taxes |
$ | (19,088 | ) | $ | 45,501 | $ | 55,781 | |||||||||||||||||||||||||||||
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| Loss ratio [a] |
48.6% | 68.8% | 64.4% | 96.7% | 58.7% | 66.5% | ||||||||||||||||||||||||||||||
| Acquisition cost ratio [b] |
(0.3%) | 16.3% | 21.9% | 22.5% | 26.1% | 18.3% | ||||||||||||||||||||||||||||||
| General and administrative expense ratio [c] |
15.0% | 20.2% | 9.4% | 19.1% | 19.6% | 13.4% | ||||||||||||||||||||||||||||||
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| Combined ratio [d] |
63.4% | 105.3% | 95.8% | 138.3% | 104.5% | 98.2% | ||||||||||||||||||||||||||||||
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| [a] | The loss ratio is calculated by dividing net losses and loss expenses by net premiums earned for the property & casualty business. |
| [b] | The acquisition cost ratio is calculated by dividing acquisition costs by net premiums earned for the property & casualty business. |
| [c] | The general and administrative expense ratio is calculated by dividing general and administrative expenses by net premiums earned for the property & casualty business. |
| [d] | The combined ratio is calculated by dividing the sum of net losses and loss expenses, acquisition costs and general and administrative expenses by net premiums earned for the property & casualty business. |
Percentage totals may not add due to rounding.
n/a—Not applicable.
n/m—Not meaningful.
ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–QUARTER ENDED MARCH 31, 2011 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 63,895 | $ | 77,765 | $ | 360,727 | $ | 107,890 | $ | 17,136 | $ | 627,413 | $ | 435 | $ | — | $ | 627,848 | ||||||||||||||||||
| Reinsurance premiums ceded |
(38,524 | ) | (38,317 | ) | (35,252 | ) | (23,179 | ) | (2,065 | ) | (137,337 | ) | (20 | ) | — | (137,357 | ) | |||||||||||||||||||
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| Net premiums written |
$ | 25,371 | $ | 39,448 | $ | 325,475 | $ | 84,711 | $ | 15,071 | $ | 490,076 | $ | 415 | $ | — | $ | 490,491 | ||||||||||||||||||
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| Earned premiums |
$ | 90,651 | $ | 81,470 | $ | 244,340 | $ | 63,164 | $ | 9,202 | $ | 488,827 | $ | 435 | $ | — | $ | 489,262 | ||||||||||||||||||
| Earned premiums ceded |
(40,779 | ) | (27,801 | ) | (19,901 | ) | (20,580 | ) | (294 | ) | (109,355 | ) | (20 | ) | — | (109,375 | ) | |||||||||||||||||||
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| Net premiums earned |
49,872 | 53,669 | 224,439 | 42,584 | 8,908 | 379,472 | 415 | — | 379,887 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(31,624 | ) | (34,415 | ) | (183,908 | ) | (48,443 | ) | (6,016 | ) | (304,406 | ) | — | — | (304,406 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (14,710 | ) | — | (14,710 | ) | |||||||||||||||||||||||||
| Acquisition costs |
(264 | ) | (7,986 | ) | (47,760 | ) | (12,652 | ) | (1,787 | ) | (70,449 | ) | (159 | ) | — | (70,608 | ) | |||||||||||||||||||
| General and administrative expenses |
(7,952 | ) | (11,270 | ) | (22,272 | ) | (8,253 | ) | (2,456 | ) | (52,203 | ) | (177 | ) | — | (52,380 | ) | |||||||||||||||||||
| Other income (loss) |
729 | 83 | — | 215 | — | 1,027 | — | — | 1,027 | |||||||||||||||||||||||||||
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| Underwriting income (loss) |
10,761 | 81 | (29,501 | ) | (26,549 | ) | (1,351 | ) | (46,559 | ) | n/a | — | n/a | |||||||||||||||||||||||
| Net investment income |
12,343 | 45,423 | 57,766 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) on investments |
2,807 | (21,625 | ) | (18,818 | ) | |||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(1,029 | ) | (1,029 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
288 | 288 | ||||||||||||||||||||||||||||||||||
| Interest expense |
(8,459 | ) | (8,459 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange gains |
878 | 878 | ||||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(18,823 | ) | (18,823 | ) | ||||||||||||||||||||||||||||||||
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| Income (loss) before taxes |
$ | 519 | $ | (3,347 | ) | $ | (49,387 | ) | ||||||||||||||||||||||||||||
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| Loss ratio |
63.4 | % | 64.1 | % | 81.9 | % | 113.8 | % | 67.5 | % | 80.2 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
0.5 | % | 14.9 | % | 21.3 | % | 29.7 | % | 20.1 | % | 18.6 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
15.9 | % | 21.0 | % | 9.9 | % | 19.4 | % | 27.6 | % | 13.8 | % | ||||||||||||||||||||||||
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| Combined ratio |
79.9 | % | 100.0 | % | 113.1 | % | 162.8 | % | 115.2 | % | 112.5 | % | ||||||||||||||||||||||||
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ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–QUARTER ENDED JUNE 30, 2011 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 130,909 | $ | 109,794 | $ | 244,899 | $ | 72,428 | $ | 4,947 | $ | 562,977 | $ | 930 | $ | — | $ | 563,907 | ||||||||||||||||||
| Reinsurance premiums ceded |
(55,133 | ) | (28,227 | ) | (27,675 | ) | (24,918 | ) | (572 | ) | (136,525 | ) | (101 | ) | — | (136,626 | ) | |||||||||||||||||||
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| Net premiums written |
$ | 75,776 | $ | 81,567 | $ | 217,224 | $ | 47,510 | $ | 4,375 | $ | 426,452 | $ | 829 | $ | — | $ | 427,281 | ||||||||||||||||||
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| Earned premiums |
$ | 88,892 | $ | 82,244 | $ | 203,470 | $ | 58,117 | $ | 9,355 | $ | 442,078 | $ | 930 | $ | — | $ | 443,008 | ||||||||||||||||||
| Earned premiums ceded |
(43,286 | ) | (23,835 | ) | (11,815 | ) | (14,540 | ) | (490 | ) | (93,966 | ) | (101 | ) | — | (94,067 | ) | |||||||||||||||||||
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| Net premiums earned |
45,606 | 58,409 | 191,655 | 43,577 | 8,865 | 348,112 | 829 | — | 348,941 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(23,689 | ) | (38,012 | ) | (122,576 | ) | (21,072 | ) | (5,784 | ) | (211,133 | ) | — | — | (211,133 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (15,570 | ) | — | (15,570 | ) | |||||||||||||||||||||||||
| Acquisition costs |
1,117 | (10,400 | ) | (42,947 | ) | (9,946 | ) | (2,382 | ) | (64,558 | ) | (122 | ) | — | (64,680 | ) | ||||||||||||||||||||
| General and administrative expenses |
(6,774 | ) | (11,374 | ) | (21,647 | ) | (7,773 | ) | (3,053 | ) | (50,621 | ) | (259 | ) | — | (50,880 | ) | |||||||||||||||||||
| Other income (loss) |
85 | 54 | 548 | 165 | — | 852 | (23 | ) | — | 829 | ||||||||||||||||||||||||||
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| Underwriting income (loss) |
16,345 | (1,323 | ) | 5,033 | 4,951 | (2,354 | ) | 22,652 | n/a | — | n/a | |||||||||||||||||||||||||
| Net investment income |
12,545 | 47,120 | 59,665 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized losses on investments |
(1,299 | ) | (4,475 | ) | (5,774 | ) | ||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(353 | ) | (353 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
(238 | ) | (238 | ) | ||||||||||||||||||||||||||||||||
| Interest expense |
(10,630 | ) | (10,630 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange losses |
(3,090 | ) | (3,090 | ) | ||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(18,779 | ) | (18,779 | ) | ||||||||||||||||||||||||||||||||
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| (Loss) income before taxes |
$ | (3,899 | ) | $ | 9,555 | $ | 28,308 | |||||||||||||||||||||||||||||
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| Loss ratio |
51.9 | % | 65.1 | % | 64.0 | % | 48.4 | % | 65.2 | % | 60.7 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
(2.4 | %) | 17.8 | % | 22.4 | % | 22.8 | % | 26.9 | % | 18.5 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
14.9 | % | 19.5 | % | 11.3 | % | 17.8 | % | 34.4 | % | 14.5 | % | ||||||||||||||||||||||||
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| Combined ratio |
64.3 | % | 102.4 | % | 97.7 | % | 89.0 | % | 126.6 | % | 93.7 | % | ||||||||||||||||||||||||
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ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–QUARTER ENDED SEPTEMBER 30, 2011 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 73,297 | $ | 84,858 | $ | 121,329 | $ | 44,816 | $ | 61,206 | $ | 385,506 | $ | 822 | $ | — | $ | 386,328 | ||||||||||||||||||
| Reinsurance premiums ceded |
(37,625 | ) | (30,579 | ) | (11,055 | ) | (6,723 | ) | (4,819 | ) | (90,801 | ) | (90 | ) | — | (90,891 | ) | |||||||||||||||||||
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| Net premiums written |
$ | 35,672 | $ | 54,279 | $ | 110,274 | $ | 38,093 | $ | 56,387 | $ | 294,705 | $ | 732 | $ | — | $ | 295,437 | ||||||||||||||||||
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| Earned premiums |
$ | 93,467 | $ | 83,279 | $ | 206,698 | $ | 50,534 | $ | 18,131 | $ | 452,109 | $ | 822 | $ | — | $ | 452,931 | ||||||||||||||||||
| Earned premiums ceded |
(48,456 | ) | (28,004 | ) | (17,146 | ) | (10,850 | ) | (1,343 | ) | (105,799 | ) | (90 | ) | — | (105,889 | ) | |||||||||||||||||||
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| Net premiums earned |
45,011 | 55,275 | 189,552 | 39,684 | 16,788 | 346,310 | 732 | — | 347,042 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(21,288 | ) | (36,002 | ) | (108,135 | ) | (24,462 | ) | (8,634 | ) | (198,521 | ) | — | — | (198,521 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (14,538 | ) | — | (14,538 | ) | |||||||||||||||||||||||||
| Acquisition costs |
748 | (9,669 | ) | (41,781 | ) | (6,230 | ) | (4,357 | ) | (61,289 | ) | (145 | ) | — | (61,434 | ) | ||||||||||||||||||||
| General and administrative expenses |
(6,699 | ) | (10,228 | ) | (16,470 | ) | (8,007 | ) | (2,431 | ) | (43,835 | ) | (145 | ) | — | (43,980 | ) | |||||||||||||||||||
| Other income (loss) |
— | 58 | 777 | (27 | ) | — | 808 | (8 | ) | — | 800 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Underwriting income (loss) |
17,772 | (566 | ) | 23,943 | 958 | 1,366 | 43,473 | n/a | — | n/a | ||||||||||||||||||||||||||
| Net investment income |
12,131 | 48,204 | 60,335 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized losses on investments |
(6,407 | ) | (1,565 | ) | (7,972 | ) | ||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(861 | ) | (861 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
673 | 673 | ||||||||||||||||||||||||||||||||||
| Interest expense |
(11,303 | ) | (11,303 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange gains |
147 | 147 | ||||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(17,575 | ) | (17,575 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (Loss) income before taxes |
$ | (8,380 | ) | $ | 17,720 | $ | 52,813 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Loss ratio |
47.3 | % | 65.1 | % | 57.0 | % | 61.6 | % | 51.4 | % | 57.3 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
(1.7 | %) | 17.5 | % | 22.0 | % | 15.7 | % | 26.0 | % | 17.7 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
14.9 | % | 18.5 | % | 8.7 | % | 20.2 | % | 14.5 | % | 12.7 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Combined ratio |
60.5 | % | 101.1 | % | 87.8 | % | 97.5 | % | 91.9 | % | 87.7 | % | ||||||||||||||||||||||||
|
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|
|
|
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|
|
|
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|
|
|
|||||||||||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–QUARTER ENDED DECEMBER 31, 2011 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 97,660 | $ | 102,279 | $ | 88,397 | $ | 27,933 | $ | 8,545 | $ | 324,814 | $ | 1,169 | $ | — | $ | 325,983 | ||||||||||||||||||
| Reinsurance premiums ceded |
(50,172 | ) | (45,443 | ) | (1,670 | ) | (8,888 | ) | (876 | ) | (107,049 | ) | (154 | ) | — | (107,203 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums written |
$ | 47,488 | $ | 56,836 | $ | 86,727 | $ | 19,045 | $ | 7,669 | $ | 217,765 | $ | 1,015 | $ | — | $ | 218,780 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Earned premiums |
$ | 91,077 | $ | 90,048 | $ | 207,129 | $ | 52,850 | $ | 18,363 | $ | 459,467 | $ | 1,169 | $ | — | $ | 460,636 | ||||||||||||||||||
| Earned premiums ceded |
(42,827 | ) | (34,078 | ) | (17,718 | ) | (14,952 | ) | (1,803 | ) | (111,378 | ) | (154 | ) | — | (111,532 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums earned |
48,250 | 55,970 | 189,411 | 37,898 | 16,560 | 348,089 | 1,015 | — | 349,104 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(15,152 | ) | (45,129 | ) | (97,328 | ) | (64,346 | ) | (9,578 | ) | (231,533 | ) | — | — | (231,533 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (14,564 | ) | — | (14,564 | ) | |||||||||||||||||||||||||
| Acquisition costs |
(1,084 | ) | (8,349 | ) | (42,026 | ) | (7,977 | ) | (4,813 | ) | (64,249 | ) | (131 | ) | — | (64,380 | ) | |||||||||||||||||||
| General and administrative expenses |
(6,952 | ) | (12,299 | ) | (14,585 | ) | (7,271 | ) | (2,105 | ) | (43,212 | ) | (67 | ) | — | (43,279 | ) | |||||||||||||||||||
| Other income (loss) |
(128 | ) | 84 | (100 | ) | 851 | — | 707 | 413 | — | 1,120 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Underwriting income (loss) |
24,934 | (9,723 | ) | 35,372 | (40,845 | ) | 64 | 9,802 | n/a | — | n/a | |||||||||||||||||||||||||
| Net investment income |
11,515 | 45,565 | 57,080 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized losses on investments |
(5,509 | ) | (266 | ) | (5,775 | ) | ||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(702 | ) | (702 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
897 | 897 | ||||||||||||||||||||||||||||||||||
| Interest expense |
(13,296 | ) | (13,296 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange gains |
753 | 753 | ||||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(11,378 | ) | (11,378 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (Loss) income before taxes |
$ | (7,328 | ) | $ | 21,573 | $ | 24,047 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Loss ratio |
31.4 | % | 80.6 | % | 51.4 | % | 169.8 | % | 57.8 | % | 66.5 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
2.2 | % | 14.9 | % | 22.2 | % | 21.0 | % | 29.1 | % | 18.5 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
14.4 | % | 22.0 | % | 7.7 | % | 19.2 | % | 12.7 | % | 12.4 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Combined ratio |
48.1 | % | 117.5 | % | 81.3 | % | 210.0 | % | 99.6 | % | 97.4 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–YEAR ENDED DECEMBER 31, 2010 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra
at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 370,120 | $ | 323,990 | $ | 487,100 | $ | 179,774 | $ | 44,812 | $ | 1,405,796 | $ | 4,935 | $ | — | $ | 1,410,731 | ||||||||||||||||||
| Reinsurance premiums ceded |
(170,608 | ) | (98,576 | ) | (63,991 | ) | (37,448 | ) | (140 | ) | (370,763 | ) | (400 | ) | — | (371,163 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums written |
$ | 199,512 | $ | 225,414 | $ | 423,109 | $ | 142,326 | $ | 44,672 | $ | 1,035,033 | $ | 4,535 | $ | — | $ | 1,039,568 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Earned premiums |
$ | 391,716 | $ | 311,950 | $ | 692,303 | $ | 164,648 | $ | 13,095 | $ | 1,573,712 | $ | 4,935 | $ | — | $ | 1,578,647 | ||||||||||||||||||
| Earned premiums ceded |
(173,123 | ) | (125,218 | ) | (71,596 | ) | (35,793 | ) | (31 | ) | (405,761 | ) | (400 | ) | — | (406,161 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums earned |
218,593 | 186,732 | 620,707 | 128,855 | 13,064 | 1,167,951 | 4,535 | — | 1,172,486 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(128,823 | ) | (118,337 | ) | (344,063 | ) | (55,190 | ) | (8,428 | ) | (654,841 | ) | — | — | (654,841 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | (65,213 | ) | — | (65,213 | ) | ||||||||||||||||||||||||||
| Acquisition costs |
(3,381 | ) | (28,444 | ) | (129,242 | ) | (22,447 | ) | (3,589 | ) | (187,103 | ) | (361 | ) | — | (187,464 | ) | |||||||||||||||||||
| General and administrative expenses |
(28,615 | ) | (36,015 | ) | (62,730 | ) | (23,965 | ) | (7,909 | ) | (159,234 | ) | (2,964 | ) | — | (162,198 | ) | |||||||||||||||||||
| Other income (loss) |
760 | 507 | — | 2,534 | — | 3,801 | 286 | — | 4,087 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Underwriting income (loss) |
58,534 | 4,443 | 84,672 | 29,787 | (6,862 | ) | 170,574 | n/a | — | n/a | ||||||||||||||||||||||||||
| Net investment income |
49,785 | 172,673 | 222,458 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized gains on investments |
11,358 | 5,514 | 16,872 | |||||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(2,645 | ) | (2,645 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
721 | 721 | ||||||||||||||||||||||||||||||||||
| Interest expense |
(28,275 | ) | (28,275 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange gains |
115 | 115 | ||||||||||||||||||||||||||||||||||
| Merger and acquisition expenses |
48,776 | 48,776 | ||||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(58,388 | ) | (58,388 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (Loss) income before taxes |
$ | (2,574 | ) | $ | 138,491 | $ | 306,491 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Loss ratio |
58.9 | % | 63.4 | % | 55.4 | % | 42.8 | % | 64.5 | % | 56.1 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
1.5 | % | 15.2 | % | 20.8 | % | 17.4 | % | 27.5 | % | 16.0 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
13.1 | % | 19.3 | % | 10.1 | % | 18.6 | % | 60.5 | % | 13.6 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Combined ratio |
73.6 | % | 97.9 | % | 86.4 | % | 78.8 | % | 152.5 | % | 85.7 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–QUARTER ENDED MARCH 31, 2010 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 66,421 | $ | 76,887 | $ | 154,829 | $ | 72,117 | $ | 22 | $ | 370,276 | $ | 863 | $ | — | $ | 371,139 | ||||||||||||||||||
| Reinsurance premiums ceded |
(38,576 | ) | (49,227 | ) | (45,351 | ) | (19,959 | ) | — | (153,113 | ) | (107 | ) | — | (153,220 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums written |
$ | 27,845 | $ | 27,660 | $ | 109,478 | $ | 52,158 | $ | 22 | $ | 217,163 | $ | 756 | $ | — | $ | 217,919 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Earned premiums |
$ | 97,041 | $ | 73,890 | $ | 95,737 | $ | 37,460 | $ | 6 | $ | 304,134 | $ | 863 | $ | — | $ | 304,997 | ||||||||||||||||||
| Earned premiums ceded |
(47,246 | ) | (39,977 | ) | (15,958 | ) | (7,469 | ) | — | (110,650 | ) | (107 | ) | — | (110,757 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums earned |
49,795 | 33,913 | 79,779 | 29,991 | 6 | 193,484 | 756 | — | 194,240 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(37,279 | ) | (21,363 | ) | (50,061 | ) | (16,258 | ) | (4 | ) | (124,965 | ) | — | — | (124,965 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (17,659 | ) | — | (17,659 | ) | |||||||||||||||||||||||||
| Acquisition costs |
309 | (3,674 | ) | (14,965 | ) | (5,767 | ) | (1 | ) | (24,098 | ) | (146 | ) | — | (24,244 | ) | ||||||||||||||||||||
| General and administrative expenses |
(5,897 | ) | (8,472 | ) | (7,832 | ) | (2,713 | ) | (1,127 | ) | (26,041 | ) | (657 | ) | — | (26,698 | ) | |||||||||||||||||||
| Other income (loss) |
(11 | ) | 5 | — | 178 | — | 172 | (28 | ) | — | 144 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Underwriting income (loss) |
6,917 | 409 | 6,921 | 5,431 | (1,126 | ) | 18,552 | n/a | — | n/a | ||||||||||||||||||||||||||
| Net investment income |
13,099 | 35,291 | 48,390 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized gains on investments |
5,916 | 506 | 6,422 | |||||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(420 | ) | (420 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
200 | 200 | ||||||||||||||||||||||||||||||||||
| Interest expense |
(4,942 | ) | (4,942 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange gains |
2,452 | 2,452 | ||||||||||||||||||||||||||||||||||
| Merger and acquisition expenses |
(4,744 | ) | (4,744 | ) | ||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(9,830 | ) | (9,830 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Income before taxes |
$ | 1,281 | $ | 18,513 | $ | 38,346 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Loss ratio |
74.9 | % | 63.0 | % | 62.7 | % | 54.2 | % | 66.7 | % | 64.6 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
(0.6 | %) | 10.8 | % | 18.8 | % | 19.2 | % | 16.7 | % | 12.5 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
11.8 | % | 25.0 | % | 9.8 | % | 9.0 | % | n/m | 13.5 | % | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Combined ratio |
86.1 | % | 98.8 | % | 91.3 | % | 82.5 | % | n/m | 90.5 | % | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–QUARTER ENDED JUNE 30, 2010 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 132,312 | $ | 97,487 | $ | 117,614 | $ | 41,308 | $ | 9,458 | $ | 398,179 | $ | 802 | $ | — | $ | 398,981 | ||||||||||||||||||
| Reinsurance premiums ceded |
(46,257 | ) | (6,852 | ) | (13,348 | ) | (13,233 | ) | — | (79,690 | ) | (25 | ) | — | (79,715 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums written |
$ | 86,055 | $ | 90,635 | $ | 104,266 | $ | 28,075 | $ | 9,458 | $ | 318,489 | $ | 777 | $ | — | $ | 319,266 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Earned premiums |
$ | 99,874 | $ | 76,032 | $ | 174,442 | $ | 40,195 | $ | 378 | $ | 390,921 | $ | 802 | $ | — | $ | 391,723 | ||||||||||||||||||
| Earned premiums ceded |
(43,676 | ) | (28,588 | ) | (19,054 | ) | (7,120 | ) | — | (98,438 | ) | (25 | ) | — | (98,463 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums earned |
56,198 | 47,444 | 155,388 | 33,075 | 378 | 292,483 | 777 | — | 293,260 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(35,927 | ) | (29,052 | ) | (82,278 | ) | (12,322 | ) | (238 | ) | (159,817 | ) | — | — | (159,817 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (13,943 | ) | — | (13,943 | ) | |||||||||||||||||||||||||
| Acquisition costs |
(797 | ) | (9,135 | ) | (32,604 | ) | (6,059 | ) | (80 | ) | (48,675 | ) | (123 | ) | — | (48,798 | ) | |||||||||||||||||||
| General and administrative expenses |
(6,501 | ) | (7,986 | ) | (13,975 | ) | (4,717 | ) | (1,954 | ) | (35,133 | ) | (642 | ) | — | (35,775 | ) | |||||||||||||||||||
| Other income (loss) |
— | 97 | 155 | 173 | — | 425 | — | — | 425 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Underwriting income (loss) |
12,973 | 1,368 | 26,686 | 10,150 | (1,894 | ) | 49,283 | n/a | — | n/a | ||||||||||||||||||||||||||
| Net investment income |
12,420 | 40,857 | 53,277 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized losses on investments |
(1,860 | ) | (12,926 | ) | (14,786 | ) | ||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(300 | ) | (300 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
(150 | ) | (150 | ) | ||||||||||||||||||||||||||||||||
| Interest expense |
(7,916 | ) | (7,916 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange gains |
634 | 634 | ||||||||||||||||||||||||||||||||||
| Merger and acquisition expenses |
54,570 | 54,570 | ||||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(14,874 | ) | (14,874 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (Loss) income before taxes |
$ | (3,371 | ) | $ | 59,895 | $ | 105,807 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Loss ratio |
63.9 | % | 61.2 | % | 53.0 | % | 37.3 | % | 62.9 | % | 54.6 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
1.4 | % | 19.3 | % | 21.0 | % | 18.3 | % | 21.2 | % | 16.6 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
11.6 | % | 16.8 | % | 9.0 | % | 14.3 | % | n/m | 12.0 | % | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Combined ratio |
76.9 | % | 97.3 | % | 82.9 | % | 69.8 | % | n/m | 83.3 | % | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–QUARTER ENDED SEPTEMBER 30, 2010 (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 70,271 | $ | 71,871 | $ | 105,292 | $ | 45,922 | $ | 30,524 | $ | 323,880 | $ | 1,333 | $ | — | $ | 325,213 | ||||||||||||||||||
| Reinsurance premiums ceded |
(34,075 | ) | (21,513 | ) | (2,395 | ) | (2,397 | ) | (129 | ) | (60,509 | ) | (102 | ) | — | (60,611 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums written |
$ | 36,196 | $ | 50,358 | $ | 102,897 | $ | 43,525 | $ | 30,395 | $ | 263,371 | $ | 1,231 | $ | — | $ | 264,602 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Earned premiums |
$ | 96,777 | $ | 79,200 | $ | 210,320 | $ | 42,612 | $ | 6,002 | $ | 434,911 | $ | 1,333 | $ | — | $ | 436,244 | ||||||||||||||||||
| Earned premiums ceded |
(41,097 | ) | (27,770 | ) | (15,522 | ) | (9,310 | ) | (11 | ) | (93,710 | ) | (102 | ) | — | (93,812 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums earned |
55,680 | 51,430 | 194,798 | 33,302 | 5,991 | 341,201 | 1,231 | — | 342,432 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(23,775 | ) | (32,199 | ) | (115,992 | ) | (15,254 | ) | (3,792 | ) | (191,012 | ) | — | — | (191,012 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (15,060 | ) | — | (15,060 | ) | |||||||||||||||||||||||||
| Acquisition costs |
(1,265 | ) | (6,880 | ) | (44,186 | ) | (6,658 | ) | (1,699 | ) | (60,688 | ) | (171 | ) | — | (60,859 | ) | |||||||||||||||||||
| General and administrative expenses |
(6,435 | ) | (9,975 | ) | (16,866 | ) | (6,275 | ) | (2,245 | ) | (41,796 | ) | (577 | ) | — | (42,373 | ) | |||||||||||||||||||
| Other income (loss) |
771 | 337 | 61 | 177 | — | 1,346 | (43 | ) | — | 1,303 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Underwriting income (loss) |
24,976 | 2,713 | 17,815 | 5,292 | (1,745 | ) | 49,051 | n/a | — | n/a | ||||||||||||||||||||||||||
| Net investment income |
12,182 | 47,529 | 59,711 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized gains on investments |
3,321 | 12,090 | 15,411 | |||||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(151 | ) | (151 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
24 | 24 | ||||||||||||||||||||||||||||||||||
| Interest expense |
(7,551 | ) | (7,551 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange losses |
(3,353 | ) | (3,353 | ) | ||||||||||||||||||||||||||||||||
| Merger and acquisition expenses |
(550 | ) | (550 | ) | ||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(14,277 | ) | (14,277 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Income before taxes |
$ | 883 | $ | 33,761 | $ | 83,695 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Loss ratio |
42.7 | % | 62.6 | % | 59.5 | % | 45.8 | % | 63.3 | % | 56.0 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
2.3 | % | 13.4 | % | 22.7 | % | 20.0 | % | 28.4 | % | 17.8 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
11.6 | % | 19.4 | % | 8.7 | % | 18.8 | % | 37.5 | % | 12.2 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Combined ratio |
56.5 | % | 95.4 | % | 90.9 | % | 84.6 | % | 129.1 | % | 86.0 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–QUARTER ENDED DECEMBER 31, 2010 (Unaudited) – RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| Property and Casualty | Life & Annuity |
Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| Global Insurance |
U.S. Insurance |
Reinsurance | Alterra at Lloyd’s |
Latin America |
Total | Reinsurance | ||||||||||||||||||||||||||||||
| Gross premiums written |
$ | 101,116 | $ | 77,745 | $ | 109,365 | $ | 20,427 | $ | 4,808 | $ | 313,461 | $ | 1,937 | $ | — | $ | 315,398 | ||||||||||||||||||
| Reinsurance premiums ceded |
(51,700 | ) | (20,984 | ) | (2,897 | ) | (1,859 | ) | (11 | ) | (77,451 | ) | (166 | ) | — | (77,617 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums written |
$ | 49,416 | $ | 56,761 | $ | 106,468 | $ | 18,568 | $ | 4,797 | $ | 236,010 | $ | 1,771 | $ | — | $ | 237,781 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Earned premiums |
$ | 98,024 | $ | 82,828 | $ | 211,804 | $ | 44,381 | $ | 6,709 | $ | 443,746 | $ | 1,937 | $ | — | $ | 445,683 | ||||||||||||||||||
| Earned premiums ceded |
(41,104 | ) | (28,883 | ) | (21,062 | ) | (11,894 | ) | (20 | ) | (102,963 | ) | (166 | ) | — | (103,129 | ) | |||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net premiums earned |
56,920 | 53,945 | 190,742 | 32,487 | 6,689 | 340,783 | 1,771 | — | 342,554 | |||||||||||||||||||||||||||
| Net losses and loss expenses |
(31,842 | ) | (35,723 | ) | (95,732 | ) | (11,356 | ) | (4,394 | ) | (179,047 | ) | — | — | (179,047 | ) | ||||||||||||||||||||
| Claims and policy benefits |
— | — | — | — | — | — | (18,551 | ) | — | (18,551 | ) | |||||||||||||||||||||||||
| Acquisition costs |
(1,628 | ) | (8,755 | ) | (37,487 | ) | (3,963 | ) | (1,809 | ) | (53,642 | ) | 79 | — | (53,563 | ) | ||||||||||||||||||||
| General and administrative expenses |
(9,782 | ) | (9,582 | ) | (24,057 | ) | (10,260 | ) | (2,583 | ) | (56,264 | ) | (1,088 | ) | — | (57,352 | ) | |||||||||||||||||||
| Other income (loss) |
— | 68 | (216 | ) | 2,006 | — | 1,858 | 357 | — | 2,215 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Underwriting income (loss) |
13,668 | (47 | ) | 33,250 | 8,914 | (2,097 | ) | 53,688 | n/a | — | n/a | |||||||||||||||||||||||||
| Net investment income |
12,084 | 48,996 | 61,080 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized gains on investments |
3,981 | 5,844 | 9,825 | |||||||||||||||||||||||||||||||||
| Net impairment losses recognized in earnings |
(1,774 | ) | (1,774 | ) | ||||||||||||||||||||||||||||||||
| Corporate other income |
647 | 647 | ||||||||||||||||||||||||||||||||||
| Interest expense |
(7,866 | ) | (7,866 | ) | ||||||||||||||||||||||||||||||||
| Net foreign exchange gains |
382 | 382 | ||||||||||||||||||||||||||||||||||
| Merger and acquisition expenses |
(500 | ) | (500 | ) | ||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses |
(19,407 | ) | (19,407 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (Loss) income before taxes |
$ | (1,367 | ) | $ | 26,322 | $ | 78,643 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Loss ratio |
55.9 | % | 66.2 | % | 50.2 | % | 35.0 | % | 65.7 | % | 52.5 | % | ||||||||||||||||||||||||
| Acquisition cost ratio |
2.9 | % | 16.2 | % | 19.7 | % | 12.2 | % | 27.0 | % | 15.7 | % | ||||||||||||||||||||||||
| General and administrative expense ratio |
17.2 | % | 17.8 | % | 12.6 | % | 31.6 | % | 38.6 | % | 16.5 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Combined ratio |
76.0 | % | 100.2 | % | 82.5 | % | 78.7 | % | 131.3 | % | 84.8 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
GLOBAL INSURANCE SEGMENT DATA (Unaudited) – RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| FOR THE QUARTERS ENDED | ||||||||||||||||||||||||||||||||
| Dec. 31, 2011 |
Sept. 30, 2011 |
June 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
Mar. 31, 2010 |
|||||||||||||||||||||||||
| Gross premiums written |
$ | 97,660 | $ | 73,297 | $ | 130,909 | $ | 63,895 | $ | 101,116 | $ | 70,271 | $ | 132,312 | $ | 66,421 | ||||||||||||||||
| Reinsurance premiums ceded |
(50,172 | ) | (37,625 | ) | (55,133 | ) | (38,524 | ) | (51,700 | ) | (34,075 | ) | (46,257 | ) | (38,576 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net premiums written |
$ | 47,488 | $ | 35,672 | $ | 75,776 | $ | 25,371 | $ | 49,416 | $ | 36,196 | $ | 86,055 | $ | 27,845 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Earned premiums |
$ | 91,077 | $ | 93,467 | $ | 88,892 | $ | 90,651 | $ | 98,024 | $ | 96,777 | $ | 99,874 | $ | 97,041 | ||||||||||||||||
| Earned premiums ceded |
(42,827 | ) | (48,456 | ) | (43,286 | ) | (40,779 | ) | (41,104 | ) | (41,097 | ) | (43,676 | ) | (47,246 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net premiums earned |
48,250 | 45,011 | 45,606 | 49,872 | 56,920 | 55,680 | 56,198 | 49,795 | ||||||||||||||||||||||||
| Net losses and loss expenses |
(15,152 | ) | (21,288 | ) | (23,689 | ) | (31,624 | ) | (31,842 | ) | (23,775 | ) | (35,927 | ) | (37,279 | ) | ||||||||||||||||
| Acquisition costs |
(1,084 | ) | 748 | 1,117 | (264 | ) | (1,628 | ) | (1,265 | ) | (797 | ) | 309 | |||||||||||||||||||
| General and administrative expenses |
(6,952 | ) | (6,699 | ) | (6,774 | ) | (7,952 | ) | (9,782 | ) | (6,435 | ) | (6,501 | ) | (5,897 | ) | ||||||||||||||||
| Other income (loss) |
(128 | ) | — | 85 | 729 | — | 771 | — | (11 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Underwriting income |
$ | 24,934 | $ | 17,772 | $ | 16,345 | $ | 10,761 | $ | 13,668 | $ | 24,976 | $ | 12,973 | $ | 6,917 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Loss ratio |
31.4 | % | 47.3 | % | 51.9 | % | 63.4 | % | 55.9 | % | 42.7 | % | 63.9 | % | 74.9 | % | ||||||||||||||||
| Acquisition cost ratio |
2.2 | % | (1.7 | %) | (2.4 | %) | 0.5 | % | 2.9 | % | 2.3 | % | 1.4 | % | (0.6 | %) | ||||||||||||||||
| General and administrative expense ratio |
14.4 | % | 14.9 | % | 14.9 | % | 15.9 | % | 17.2 | % | 11.6 | % | 11.6 | % | 11.8 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Combined ratio |
48.1 | % | 60.5 | % | 64.3 | % | 79.9 | % | 76.0 | % | 56.5 | % | 76.9 | % | 86.1 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
U.S. INSURANCE SEGMENT DATA (Unaudited) – RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| FOR THE QUARTERS ENDED | ||||||||||||||||||||||||||||||||
| Dec. 31, 2011 |
Sept. 30, 2011 |
June 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
Mar. 31, 2010 |
|||||||||||||||||||||||||
| Gross premiums written |
$ | 102,279 | $ | 84,858 | $ | 109,794 | $ | 77,765 | $ | 77,745 | $ | 71,871 | $ | 97,487 | $ | 76,887 | ||||||||||||||||
| Reinsurance premiums ceded |
(45,443 | ) | (30,579 | ) | (28,227 | ) | (38,317 | ) | (20,984 | ) | (21,513 | ) | (6,852 | ) | (49,227 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net premiums written |
$ | 56,836 | $ | 54,279 | $ | 81,567 | $ | 39,448 | $ | 56,761 | $ | 50,358 | $ | 90,635 | $ | 27,660 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Earned premiums |
$ | 90,048 | $ | 83,279 | $ | 82,244 | $ | 81,470 | $ | 82,828 | $ | 79,200 | $ | 76,032 | $ | 73,890 | ||||||||||||||||
| Earned premiums ceded |
(34,078 | ) | (28,004 | ) | (23,835 | ) | (27,801 | ) | (28,883 | ) | (27,770 | ) | (28,588 | ) | (39,977 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net premiums earned |
55,970 | 55,275 | 58,409 | 53,669 | 53,945 | 51,430 | 47,444 | 33,913 | ||||||||||||||||||||||||
| Net losses and loss expenses |
(45,129 | ) | (36,002 | ) | (38,012 | ) | (34,415 | ) | (35,723 | ) | (32,199 | ) | (29,052 | ) | (21,363 | ) | ||||||||||||||||
| Acquisition costs |
(8,349 | ) | (9,669 | ) | (10,400 | ) | (7,986 | ) | (8,755 | ) | (6,880 | ) | (9,135 | ) | (3,674 | ) | ||||||||||||||||
| General and administrative expenses |
(12,299 | ) | (10,228 | ) | (11,374 | ) | (11,270 | ) | (9,582 | ) | (9,975 | ) | (7,986 | ) | (8,472 | ) | ||||||||||||||||
| Other income (loss) |
84 | 58 | 54 | 83 | 68 | 337 | 97 | 5 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Underwriting (loss) income |
$ | (9,723 | ) | $ | (566 | ) | $ | (1,323 | ) | $ | 81 | $ | (47 | ) | $ | 2,713 | $ | 1,368 | $ | 409 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Loss ratio |
80.6 | % | 65.1 | % | 65.1 | % | 64.1 | % | 66.2 | % | 62.6 | % | 61.2 | % | 63.0 | % | ||||||||||||||||
| Acquisition cost ratio |
14.9 | % | 17.5 | % | 17.8 | % | 14.9 | % | 16.2 | % | 13.4 | % | 19.3 | % | 10.8 | % | ||||||||||||||||
| General and administrative expense ratio |
22.0 | % | 18.5 | % | 19.5 | % | 21.0 | % | 17.8 | % | 19.4 | % | 16.8 | % | 25.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Combined ratio |
117.5 | % | 101.1 | % | 102.4 | % | 100.0 | % | 100.2 | % | 95.4 | % | 97.3 | % | 98.8 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
REINSURANCE SEGMENT DATA (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| FOR THE QUARTERS ENDED | ||||||||||||||||||||||||||||||||
| Dec. 31, 2011 |
Sept. 30, 2011 |
June 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
Mar. 31, 2010 |
|||||||||||||||||||||||||
| Gross premiums written |
$ | 88,397 | $ | 121,329 | $ | 244,899 | $ | 360,727 | $ | 109,365 | $ | 105,292 | $ | 117,614 | $ | 154,829 | ||||||||||||||||
| Reinsurance premiums ceded |
(1,670 | ) | (11,055 | ) | (27,675 | ) | (35,252 | ) | (2,897 | ) | (2,395 | ) | (13,348 | ) | (45,351 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net premiums written |
$ | 86,727 | $ | 110,274 | $ | 217,224 | $ | 325,475 | $ | 106,468 | $ | 102,897 | $ | 104,266 | $ | 109,478 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Earned premiums |
$ | 207,129 | $ | 206,698 | $ | 203,470 | $ | 244,340 | $ | 211,804 | $ | 210,320 | $ | 174,442 | $ | 95,737 | ||||||||||||||||
| Earned premiums ceded |
(17,718 | ) | (17,146 | ) | (11,815 | ) | (19,901 | ) | (21,062 | ) | (15,522 | ) | (19,054 | ) | (15,958 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net premiums earned |
189,411 | 189,552 | 191,655 | 224,439 | 190,742 | 194,798 | 155,388 | 79,779 | ||||||||||||||||||||||||
| Net losses and loss expenses |
(97,328 | ) | (108,135 | ) | (122,576 | ) | (183,908 | ) | (95,732 | ) | (115,992 | ) | (82,278 | ) | (50,061 | ) | ||||||||||||||||
| Acquisition costs |
(42,026 | ) | (41,781 | ) | (42,947 | ) | (47,760 | ) | (37,487 | ) | (44,186 | ) | (32,604 | ) | (14,965 | ) | ||||||||||||||||
| General and administrative expenses |
(14,585 | ) | (16,470 | ) | (21,647 | ) | (22,272 | ) | (24,057 | ) | (16,866 | ) | (13,975 | ) | (7,832 | ) | ||||||||||||||||
| Other income (loss) |
(100 | ) | 777 | 548 | — | (216 | ) | 61 | 155 | — | ||||||||||||||||||||||
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|
|||||||||||||||||
| Underwriting income (loss) |
$ | 35,372 | $ | 23,943 | $ | 5,033 | $ | (29,501 | ) | $ | 33,250 | $ | 17,815 | $ | 26,686 | $ | 6,921 | |||||||||||||||
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|
|
|
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|
|
|||||||||||||||||
| Loss ratio |
51.4 | % | 57.0 | % | 64.0 | % | 81.9 | % | 50.2 | % | 59.5 | % | 53.0 | % | 62.7 | % | ||||||||||||||||
| Acquisition cost ratio |
22.2 | % | 22.0 | % | 22.4 | % | 21.3 | % | 19.7 | % | 22.7 | % | 21.0 | % | 18.8 | % | ||||||||||||||||
| General and administrative expense ratio |
7.7 | % | 8.7 | % | 11.3 | % | 9.9 | % | 12.6 | % | 8.7 | % | 9.0 | % | 9.8 | % | ||||||||||||||||
|
|
|
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|
|
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|
|||||||||||||||||
| Combined ratio |
81.3 | % | 87.8 | % | 97.7 | % | 113.1 | % | 82.5 | % | 90.9 | % | 82.9 | % | 91.3 | % | ||||||||||||||||
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|||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
ALTERRA AT LLOYD’S SEGMENT DATA (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| FOR THE QUARTERS ENDED | ||||||||||||||||||||||||||||||||
| Dec. 31, 2011 |
Sept. 30, 2011 |
June 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
Mar. 31, 2010 |
|||||||||||||||||||||||||
| Gross premiums written |
$ | 27,933 | $ | 44,816 | $ | 72,428 | $ | 107,890 | $ | 20,427 | $ | 45,922 | $ | 41,308 | $ | 72,117 | ||||||||||||||||
| Reinsurance premiums ceded |
(8,888 | ) | (6,723 | ) | (24,918 | ) | (23,179 | ) | (1,859 | ) | (2,397 | ) | (13,233 | ) | (19,959 | ) | ||||||||||||||||
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|
|
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|
|
|
|
|
|
|||||||||||||||||
| Net premiums written |
$ | 19,045 | $ | 38,093 | $ | 47,510 | $ | 84,711 | $ | 18,568 | $ | 43,525 | $ | 28,075 | $ | 52,158 | ||||||||||||||||
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|
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|
|
|
|||||||||||||||||
| Earned premiums |
$ | 52,850 | $ | 50,534 | $ | 58,117 | $ | 63,164 | $ | 44,381 | $ | 42,612 | $ | 40,195 | $ | 37,460 | ||||||||||||||||
| Earned premiums ceded |
(14,952 | ) | (10,850 | ) | (14,540 | ) | (20,580 | ) | (11,894 | ) | (9,310 | ) | (7,120 | ) | (7,469 | ) | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net premiums earned |
37,898 | 39,684 | 43,577 | 42,584 | 32,487 | 33,302 | 33,075 | 29,991 | ||||||||||||||||||||||||
| Net losses and loss expenses |
(64,346 | ) | (24,462 | ) | (21,072 | ) | (48,443 | ) | (11,356 | ) | (15,254 | ) | (12,322 | ) | (16,258 | ) | ||||||||||||||||
| Acquisition costs |
(7,977 | ) | (6,230 | ) | (9,946 | ) | (12,652 | ) | (3,963 | ) | (6,658 | ) | (6,059 | ) | (5,767 | ) | ||||||||||||||||
| General and administrative expenses |
(7,271 | ) | (8,007 | ) | (7,773 | ) | (8,253 | ) | (10,260 | ) | (6,275 | ) | (4,717 | ) | (2,713 | ) | ||||||||||||||||
| Other income (loss) |
851 | (27 | ) | 165 | 215 | 2,006 | 177 | 173 | 178 | |||||||||||||||||||||||
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|
|||||||||||||||||
| Underwriting (loss) income |
$ | (40,845 | ) | $ | 958 | $ | 4,951 | $ | (26,549 | ) | $ | 8,914 | $ | 5,292 | $ | 10,150 | $ | 5,431 | ||||||||||||||
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|||||||||||||||||
| Loss ratio |
169.8 | % | 61.6 | % | 48.4 | % | 113.8 | % | 35.0 | % | 45.8 | % | 37.3 | % | 54.2 | % | ||||||||||||||||
| Acquisition cost ratio |
21.0 | % | 15.7 | % | 22.8 | % | 29.7 | % | 12.2 | % | 20.0 | % | 18.3 | % | 19.2 | % | ||||||||||||||||
| General and administrative expense ratio |
19.2 | % | 20.2 | % | 17.8 | % | 19.4 | % | 31.6 | % | 18.8 | % | 14.3 | % | 9.0 | % | ||||||||||||||||
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|
|||||||||||||||||
| Combined ratio |
210.0 | % | 97.5 | % | 89.0 | % | 162.8 | % | 78.7 | % | 84.6 | % | 69.8 | % | 82.5 | % | ||||||||||||||||
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|||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
LATIN AMERICA SEGMENT DATA (Unaudited)
(Expressed in thousands of U.S. Dollars)
| FOR THE QUARTERS ENDED | ||||||||||||||||||||||||||||||||
| Dec. 31, 2011 |
Sept. 30, 2011 |
June 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
Mar. 31, 2010 |
|||||||||||||||||||||||||
| Gross premiums written |
$ | 8,545 | $ | 61,206 | $ | 4,947 | $ | 17,136 | $ | 4,808 | $ | 30,524 | $ | 9,458 | $ | 22 | ||||||||||||||||
| Reinsurance premiums ceded |
(876 | ) | (4,819 | ) | (572 | ) | (2,065 | ) | (11 | ) | (129 | ) | — | — | ||||||||||||||||||
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|
|||||||||||||||||
| Net premiums written |
$ | 7,669 | $ | 56,387 | $ | 4,375 | $ | 15,071 | $ | 4,797 | $ | 30,395 | $ | 9,458 | $ | 22 | ||||||||||||||||
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|||||||||||||||||
| Earned premiums |
$ | 18,363 | $ | 18,131 | $ | 9,355 | $ | 9,202 | $ | 6,709 | $ | 6,002 | $ | 378 | $ | 6 | ||||||||||||||||
| Earned premiums ceded |
(1,803 | ) | (1,343 | ) | (490 | ) | (294 | ) | (20 | ) | (11 | ) | — | — | ||||||||||||||||||
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|
|||||||||||||||||
| Net premiums earned |
16,560 | 16,788 | 8,865 | 8,908 | 6,689 | 5,991 | 378 | 6 | ||||||||||||||||||||||||
| Net losses and loss expenses |
(9,578 | ) | (8,634 | ) | (5,784 | ) | (6,016 | ) | (4,394 | ) | (3,792 | ) | (238 | ) | (4 | ) | ||||||||||||||||
| Acquisition costs |
(4,813 | ) | (4,357 | ) | (2,382 | ) | (1,787 | ) | (1,809 | ) | (1,699 | ) | (80 | ) | (1 | ) | ||||||||||||||||
| General and administrative expenses |
(2,105 | ) | (2,431 | ) | (3,053 | ) | (2,456 | ) | (2,583 | ) | (2,245 | ) | (1,954 | ) | (1,127 | ) | ||||||||||||||||
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|||||||||||||||||
| Underwriting income (loss) |
$ | 64 | $ | 1,366 | $ | (2,354 | ) | $ | (1,351 | ) | $ | (2,097 | ) | $ | (1,745 | ) | $ | (1,894 | ) | $ | (1,126 | ) | ||||||||||
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|||||||||||||||||
| Loss ratio |
57.8 | % | 51.4 | % | 65.2 | % | 67.5 | % | 65.7 | % | 63.3 | % | 62.9 | % | 66.7 | % | ||||||||||||||||
| Acquisition cost ratio |
29.1 | % | 26.0 | % | 26.9 | % | 20.1 | % | 27.0 | % | 28.4 | % | 21.2 | % | 16.7 | % | ||||||||||||||||
| General and administrative expense ratio |
12.7 | % | 14.5 | % | 34.4 | % | 27.6 | % | 38.6 | % | 37.5 | % | n/m | n/m | ||||||||||||||||||
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|||||||||||||||||
| Combined ratio |
99.6 | % | 91.9 | % | 126.6 | % | 115.2 | % | 131.3 | % | 129.1 | % | n/m | n/m | ||||||||||||||||||
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|||||||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
SEGMENT GROSS PREMIUMS WRITTEN BY LINE OF BUSINESS (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| FOR THE QUARTERS ENDED | YEAR ENDED | |||||||||||||||||||||
| Dec. 31, 2011 |
Sept. 30, 2011 |
June 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2011 |
||||||||||||||||||
| Property & Casualty: |
||||||||||||||||||||||
| Global Insurance: |
||||||||||||||||||||||
| Aviation |
S | $ | 20,410 | $ | 6,736 | $ | 3,814 | $ | 1,416 | $ | 32,376 | |||||||||||
| Excess Liability |
L | 21,281 | 20,365 | 34,659 | 22,277 | 98,582 | ||||||||||||||||
| Professional Liability |
L | 40,360 | 30,590 | 62,402 | 24,529 | 157,881 | ||||||||||||||||
| Property |
S | 15,609 | 15,606 | 30,034 | 15,673 | 76,922 | ||||||||||||||||
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|
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|
|||||||||||||
| 97,660 | 73,297 | 130,909 | 63,895 | 365,761 | ||||||||||||||||||
| U.S. Insurance: |
||||||||||||||||||||||
| General Liability |
L | 31,618 | 24,925 | 25,118 | 22,993 | 104,654 | ||||||||||||||||
| Marine |
S | 23,806 | 22,189 | 25,389 | 17,109 | 88,493 | ||||||||||||||||
| Professional Liability |
L | 15,720 | 13,318 | 8,509 | 6,622 | 44,169 | ||||||||||||||||
| Property |
S | 31,135 | 24,426 | 50,778 | 31,041 | 137,380 | ||||||||||||||||
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|
|
|
|||||||||||||
| 102,279 | 84,858 | 109,794 | 77,765 | 374,696 | ||||||||||||||||||
| Reinsurance: |
||||||||||||||||||||||
| Agriculture |
S | 186 | 998 | 8,713 | 20,785 | 30,682 | ||||||||||||||||
| Auto |
S | 20,548 | 7,716 | 55,072 | 15,024 | 98,360 | ||||||||||||||||
| Aviation |
S | 337 | 14,440 | 80 | 904 | 15,761 | ||||||||||||||||
| Credit/ Surety |
S | 1,801 | 98 | 571 | 22,707 | 25,177 | ||||||||||||||||
| General Casualty |
L | 12,951 | 20,923 | 22,045 | 15,427 | 71,346 | ||||||||||||||||
| Marine & Energy |
S | 2,918 | 1,647 | (678 | ) | 16,549 | 20,436 | |||||||||||||||
| Medical Malpractice |
L | 1,673 | 6,867 | 11,223 | 17,582 | 37,345 | ||||||||||||||||
| Other |
S | (181 | ) | 1,112 | 447 | 1,693 | 3,071 | |||||||||||||||
| Professional Liability |
L | 20,270 | 39,877 | 39,462 | 59,684 | 159,293 | ||||||||||||||||
| Property |
S | 18,731 | 22,115 | 103,390 | 138,866 | 283,102 | ||||||||||||||||
| Whole Account |
S/L | 2,408 | (1,946 | ) | 268 | 35,070 | 35,800 | |||||||||||||||
| Workers’ Compensation |
L | 6,755 | 7,482 | 4,306 | 16,436 | 34,979 | ||||||||||||||||
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|||||||||||||
| 88,397 | 121,329 | 244,899 | 360,727 | 815,352 | ||||||||||||||||||
| Alterra at Lloyd’s: |
||||||||||||||||||||||
| Accident & Health |
S | 5,646 | 9,523 | 8,380 | 13,544 | 37,093 | ||||||||||||||||
| Aviation |
S | 5,562 | 4,130 | 1,810 | 1,767 | 13,269 | ||||||||||||||||
| Financial Institutions |
L | 8,137 | 3,591 | 6,441 | 9,036 | 27,205 | ||||||||||||||||
| International Casualty |
L | 1,947 | 7,903 | 8,263 | 33,789 | 51,902 | ||||||||||||||||
| Marine |
S | 1,493 | — | — | — | 1,493 | ||||||||||||||||
| Professional Liability |
L | 1,868 | 440 | 10,466 | 7,922 | 20,696 | ||||||||||||||||
| Property |
S | 3,280 | 19,229 | 37,068 | 41,832 | 101,409 | ||||||||||||||||
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|
|||||||||||||
| 27,933 | 44,816 | 72,428 | 107,890 | 253,067 | ||||||||||||||||||
| Latin America: |
||||||||||||||||||||||
| Aviation |
S | — | 230 | — | — | 230 | ||||||||||||||||
| General Liability |
L | 179 | 1,947 | 223 | 957 | 3,306 | ||||||||||||||||
| Marine |
S | 489 | 2,484 | 59 | 544 | 3,576 | ||||||||||||||||
| Property |
S | 2,914 | 48,159 | 3,681 | 13,935 | 68,689 | ||||||||||||||||
| Surety |
S | 4,963 | 8,386 | 984 | 1,700 | 16,033 | ||||||||||||||||
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|||||||||||||
| 8,545 | 61,206 | 4,947 | 17,136 | 91,834 | ||||||||||||||||||
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|
|
|||||||||||||
| Aggregate Property & Casualty |
$ | 324,814 | $ | 385,506 | $ | 562,977 | $ | 627,413 | $ | 1,900,710 | ||||||||||||
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|
|||||||||||||
| Life & Annuity |
||||||||||||||||||||||
| Annuity |
$ | 770 | $ | 449 | $ | 271 | $ | 336 | $ | 1,826 | ||||||||||||
| Life |
399 | 373 | 659 | 99 | 1,530 | |||||||||||||||||
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|
|
|||||||||||||
| Aggregate Life & Annuity |
$ | 1,169 | $ | 822 | $ | 930 | $ | 435 | $ | 3,356 | ||||||||||||
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|
|||||||||||||
| $ | 325,983 | $ | 386,328 | $ | 563,907 | $ | 627,848 | $ | 1,904,066 | |||||||||||||
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|
|||||||||||||
| S = Short tail lines |
$ | 160,851 | $ | 208,251 | $ | 329,726 | $ | 372,624 | $ | 1,071,452 | ||||||||||||
| L = Long tail lines |
163,963 | 177,255 | 233,251 | 254,789 | 829,258 | |||||||||||||||||
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|
|
|||||||||||||
| Aggregate Property & Casualty |
$ | 324,814 | $ | 385,506 | $ | 562,977 | $ | 627,413 | $ | 1,900,710 | ||||||||||||
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|
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|
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|
|
|||||||||||||
ALTERRA CAPITAL HOLDINGS LIMITED
SEGMENT GROSS PREMIUMS WRITTEN BY LINE OF BUSINESS (Unaudited) - RE-PRESENTED
(Expressed in thousands of U.S. Dollars)
| FOR THE QUARTERS ENDED | YEAR ENDED | |||||||||||||||||||||||
| Dec. 31, 2010 |
Sept. 30, 2010 |
June 30, 2010 |
Mar. 31, 2010 |
Dec. 31, 2010 |
||||||||||||||||||||
| Property & Casualty: |
||||||||||||||||||||||||
| Global Insurance |
||||||||||||||||||||||||
| Aviation |
S | $ | 22,677 | $ | 8,247 | $ | 6,615 | $ | 2,349 | $ | 39,888 | |||||||||||||
| Excess Liability |
L | 18,703 | 14,384 | 33,198 | 23,648 | 89,933 | ||||||||||||||||||
| Professional Liability |
L | 47,737 | 36,673 | 65,216 | 27,573 | 177,199 | ||||||||||||||||||
| Property |
S | 11,999 | 10,967 | 27,283 | 12,851 | 63,100 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
| 101,116 | 70,271 | 132,312 | 66,421 | 370,120 | ||||||||||||||||||||
| U.S. Insurance: |
||||||||||||||||||||||||
| General Liability |
L | 28,572 | 25,566 | 27,625 | 23,014 | 104,777 | ||||||||||||||||||
| Marine |
S | 17,758 | 15,637 | 17,996 | 16,063 | 67,454 | ||||||||||||||||||
| Professional Liability |
L | 2,928 | 3,613 | 3,667 | 2,246 | 12,454 | ||||||||||||||||||
| Property |
S | 28,487 | 27,055 | 48,199 | 35,564 | 139,305 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
| 77,745 | 71,871 | 97,487 | 76,887 | 323,990 | ||||||||||||||||||||
| Reinsurance: |
||||||||||||||||||||||||
| Agriculture |
S | (1,406 | ) | (2,665 | ) | (2,513 | ) | 35,806 | 29,222 | |||||||||||||||
| Auto |
S | 22,578 | 9,702 | 5 | — | 32,285 | ||||||||||||||||||
| Aviation |
S | 2,596 | 15,232 | 8,561 | 4,822 | 31,211 | ||||||||||||||||||
| Credit/ Surety |
S | 671 | 195 | (1,891 | ) | — | (1,025 | ) | ||||||||||||||||
| General Casualty |
L | 17,463 | 18,330 | (857 | ) | 13,051 | 47,987 | |||||||||||||||||
| Marine & Energy |
S | (1,549 | ) | 7,101 | 4,894 | 4,100 | 14,546 | |||||||||||||||||
| Medical Malpractice |
L | 19,554 | (3,131 | ) | 7,813 | 27,155 | 51,391 | |||||||||||||||||
| Other |
S | 520 | 1,128 | 92 | 989 | 2,729 | ||||||||||||||||||
| Professional Liability |
L | 28,538 | 37,926 | 32,005 | 11,919 | 110,388 | ||||||||||||||||||
| Property |
S | 5,827 | 22,266 | 59,665 | 45,911 | 133,669 | ||||||||||||||||||
| Whole Account |
S/L | 289 | (1,353 | ) | 2,362 | 2,573 | 3,871 | |||||||||||||||||
| Workers’ Compensation |
L | 14,284 | 561 | 7,478 | 8,503 | 30,826 | ||||||||||||||||||
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| 109,365 | 105,292 | 117,614 | 154,829 | 487,100 | ||||||||||||||||||||
| Alterra at Lloyd’s: |
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| Accident & Health |
S | 5,570 | 5,919 | 6,022 | 13,410 | 30,921 | ||||||||||||||||||
| Aviation |
S | 5,224 | 3,946 | 2,565 | 4,403 | 16,138 | ||||||||||||||||||
| Financial Institutions |
L | 384 | 8,130 | 4,846 | 6,088 | 19,448 | ||||||||||||||||||
| International Casualty |
L | 1,930 | 3,702 | 6,173 | 13,684 | 25,489 | ||||||||||||||||||
| Professional Liability |
L | 4,204 | 4,330 | 4,161 | 6,896 | 19,591 | ||||||||||||||||||
| Property |
S | 3,115 | 19,895 | 17,541 | 27,636 | 68,187 | ||||||||||||||||||
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| 20,427 | 45,922 | 41,308 | 72,117 | 179,774 | ||||||||||||||||||||
| Latin America: |
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| Aviation |
S | — | 81 | — | — | 81 | ||||||||||||||||||
| General Liability |
L | 615 | 1,783 | 9 | — | 2,407 | ||||||||||||||||||
| Marine |
S | — | 1,725 | 110 | — | 1,835 | ||||||||||||||||||
| Property |
S | 3,307 | 20,192 | 8,939 | 22 | 32,460 | ||||||||||||||||||
| Surety |
S | 886 | 6,743 | 400 | — | 8,029 | ||||||||||||||||||
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| 4,808 | 30,524 | 9,458 | 22 | 44,812 | ||||||||||||||||||||
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| Aggregate Property & Casualty |
$ | 313,461 | $ | 323,880 | $ | 398,179 | $ | 370,276 | $ | 1,405,796 | ||||||||||||||
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| Life & Annuity: |
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| Annuity |
$ | 1,129 | $ | — | $ | 6 | $ | — | $ | 1,135 | ||||||||||||||
| Life |
808 | 1,333 | 796 | 863 | 3,800 | |||||||||||||||||||
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| Aggregate Life & Annuity |
$ | 1,937 | $ | 1,333 | $ | 802 | $ | 863 | $ | 4,935 | ||||||||||||||
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| $ | 315,398 | $ | 325,213 | $ | 398,981 | $ | 371,139 | $ | 1,410,731 | |||||||||||||||
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| S = Short tail lines |
$ | 128,404 | $ | 172,689 | $ | 205,664 | $ | 205,212 | $ | 711,970 | ||||||||||||||
| L = Long tail lines |
185,057 | 151,191 | 192,515 | 165,064 | 693,826 | |||||||||||||||||||
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| Aggregate Property & Casualty |
$ | 313,461 | $ | 323,880 | $ | 398,179 | $ | 370,276 | $ | 1,405,796 | ||||||||||||||
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