Alterra Capital was a global specialty insurance and reinsurance company with headquarters in Bermuda.
The company was formed on May 12, 2010 by the merger of Max Capital Group Ltd. (NASDAQ: MXGL) and Harbor Point Limited, which Trident III had formed in 2005 in partnership with Chubb Corporation. In December 2012, Alterra entered into a definitive agreement to merge with Markel Corp. (NYSE: MKL).
INDUSTRY KNOWLEDGE & NETWORK
Stone Point assisted Markel with the rating agency process and regulatory approval process (secured “A” rating from A.M. Best vs. “A-” for most start-ups).
INTRODUCTION TO CLIENTS & PARTNERS
Stone Point made an executive-level introduction of Markel to an important quota share partner, PARIS RE.
Stone Point led the diligence, negotiation and documentation for the merger of Harbor Point and Max Capital. Additionally, Stone Point structured a renewal rights transaction with Chubb as well as quota share and transition services agreements.
EXECUTIVE RECRUITING & ALIGNMENT
Stone Point recruited Markel’s CFO, CAO, Legal Counsel and Outside Directors.
CAPITAL RAISING & STRUCTURING
Stone Point secured over $1billion of capital from outside investors. Stone Point also assisted in structuring and raising capital for two “side-car” transactions.