Alterra Capital Holdings has posted a whooping rise of 142% in its net income to $78.9m, or $0.77 per diluted share, for the second quarter of 2012, against $32.6m, or $0.30, for the same period earlier year.
Bermuda based insurance conglomerate net operating income for the current quarter stood at $69m, or $0.68 per diluted share, up 74% versus $39.6m, or $0.37, during the comparable period previous fiscal.
Annualized net operating return on average shareholders’ equity for the second quarter of 2012 was 9.7%.
For the current quarter period, its property and casualty gross premiums written was $565.8m, up 0.5%, while net premiums written slashed by 11.8% to $376.1m, compared to the same quarter of 2011.
The decline in net premiums written reflects increased property reinsurance premiums ceded in order to manage aggregate property exposures across all segments.
Alterra president and chief executive officer Marston (Marty) Becker said the firm achieved an annualized net operating return on equity close to 10% for the quarter, while continuing to maintain a conservative philosophy on our newer product lines and teams.
"Over the last twelve months, we have supplemented our 7.7% operating return on equity with significant share repurchases at a discount to diluted book value, contributing to a 12.5% increase in diluted book value per share, including dividends, since June 30, 2011," Becker added.