Alterra Capital Holdings, a Bermuda-based provider of diversified specialty insurance and reinsurance product, has reported net income of $32.6m, or $0.30 per diluted share, for the second quarter of 2011, compared to net income of $103.4m, or $1.13 per diluted share, for the same quarter of 2010.
The company posted total revenue of $403.07m for the second quarter of 2011, compared to $331.73m for the same quarter in 2010.
Net operating income for the second quarter of 2011 was $39.6m, or $0.37 per diluted share, compared to net operating income of $58.8m, or $0.64 per diluted share, for the same quarter of 2010.
Annualized net operating return on average shareholders’ equity for the second quarter of 2011 was 5.7%.
Gross premiums written from property and casualty underwriting for the second quarter of 2011 were $563m.
Combined ratios for the second quarter of 2011 by segment were 70.8% for insurance, 98.0% for reinsurance, 101.1% for US specialty and 93.8% for Alterra at Lloyd’s.
Alterra president and CEO Marston Becker said it achieved a solid $39.6m of net operating income in the second quarter despite recognizing over $49m of property catastrophe net losses.