Alterra Capital Holdings, a provider of diversified specialty insurance and reinsurance products, has integrated its Bermuda operating subsidiaries Alterra Insurance and Harbor Point Re.

The newly consolidated company has been renamed Alterra Bermuda, will underwrite both insurance and reinsurance business from its offices in Hamilton, Bermuda.

Alterra president and CEO Marston Becker said that the amalgamation of Alterra Insurance and Harbor Point Re to form Alterra Bermuda has produced a Bermuda underwriting company with $2.3bn of shareholders’ equity, based on pro-forma numbers at June 30, 2010.

“This enhanced scale is expected to provide superior security and improved efficiencies for our business partners, who will continue to be served by our existing insurance and reinsurance underwriting teams,” Becker said.

We believe that the streamlining of our corporate structure is an important step towards maximizing the value of Alterra for the benefit of all stakeholders.