S&P affirms Alterra Capital

Standard & Poor's said it affirmed its BBB counterparty credit rating on Alterra Capital Holdings Ltd., which was formerly known as Max Capital Group Ltd.

The agency also said it affirmed the BBB counterparty credit ratings on Alterra Capital's intermediary holding-company subsidiaries, Alterra USA Holdings Ltd., Max Europe Holdings Ltd. and Max UK Holdings Ltd. S&P also said it affirmed the A- counterparty credit and financial strength ratings on Alterra Capital's operating subsidiaries: Alterra Insurance Ltd., Max America Insurance Co., Max Specialty Insurance Co., Max Re Europe Ltd., Max Insurance Europe Ltd., Harbor Point Re Ltd. and Harbor Point Reinsurance US Inc.

The outlook remains stable.

These affirmations follow the completion of the previously announced merger of equals between Max Capital and Harbor Point Ltd., S&P said.

The transaction has created a significantly larger insurance and reinsurance group with about $3 billion in shareholders' equity and $2 billion in gross premium writings, the agency said.

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