S&P upgrades Alterra

Standard & Poor's said it raised the financial strength ratings and counterparty credit ratings on all core companies of Alterra Capital to A from A- and the counterparty credit ratings on Alterra Capital Holdings Ltd. and intermediate holding companies to BBB+ from BBB.

The outlook is stable.

Alterra has benefited from a larger and enhanced operating platform and improved diversification by platform, product and account type following its creation in May 2010 through the merger of Max Capital and Harbor Point, S&P said.

Given the more diverse earnings streams, Alterra delivered a combined ratio of about 103.5% for the first nine months of 2011, including all corporate expenses despite significant catastrophe losses the global industry incurred during that time, the agency said.

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