Alterra Capital 8K Regulation FD Disclosure | SEC 22 Feb 10

B E R M U D A I R E L A N D U N I T E D S T A T E S L L O Y D' S L A T I N A M E R I C A

A World Class Specialty

Insurer and Reinsurer

BAML Insurance Conference 2010

Exhibit 99.1

INFORMATION CONCERNING

FORWARD LOOKING STATEMENTS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This presentation includes statements about future economic performance, finances, expectations, plans and prospects of the Company that constitute forward-looking

statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain

risks and uncertainties that could cause actual results to differ materially from those suggested by such statements.

For further information regarding cautionary statements and factors affecting future results, please refer to the Company's most recent Annual Report on Form 10-K ,

Quarterly Reports on Form 10-Q filed subsequent to the Annual Report and other documents filed by the Company with the SEC. The Company undertakes

no obligation to update or revise publicly any forward-looking statement whether as a result of new information, future developments or otherwise.

Max

Capital

–

Core

Operations

Global underwriter of specialty insurance and reinsurance

Multiple

operating

platforms

Bermuda,

Dublin,

United

States,

Lloyd's,

Latin

America

Diversified business profile across specialty classes of business

Highly experienced management with proven track record

Opportunistic and disciplined underwriting strategy

Analytical and quantitative underwriting orientation

5 year average combined ratio, with cats, of 92%

Generates more stable underwriting results and ROE

Strong, liquid balance sheet with conservative reserving track record

Shareholders

equity

$1.56

billion

12/31/09

Prudent

capital

management

–

$350

million

dividends/repurchases

over last 5 years

Significant expansion of underwriting platforms with minimal goodwill

Gross premiums written 2009 of $1.375 billion

High quality investment portfolio repositioned to reflect traditional underwriting base

Hedge funds are now a much smaller part of Max's invested asset base at 6%

Insurance

Reinsurance

43%

57%

Short-Tail

Long-Tail

51%

49%

2009 P&C GPW

2004

Insurance

Property

2003

Insurance

Excess Liability

Professional Liability

2005

Reinsurance

Property / Property Cat

2006

Insurance

Aviation

2008

Lloyd's Insurance

Financial Institutions

Prof. Indemnity

Lloyd's Reinsurance

Accident / Health

Property

2007

U.S. E&S Insurance

Property

Inland Marine

U.S. Casualty

Reinsurance

Multi Peril Crop

Experienced &

highly quantitative

underwriting teams

Lead underwriters average over 20 years

in the business

High percentage of employees hold

professional designations

2009

Lloyd's

Casualty (non U.S.)

A&H Insurance

U.S. Specialty

Professional Liability

Latin America

Reinsurance

2002

Traditional Re

Workers' Comp

Medical Malpractice

GL / PL

Aviation

Identifying & Recruiting "Franchise Players" Has Been

Instrumental In Our Success

Bermuda / Dublin

Reinsurance

Bermuda / Dublin

Insurance

Lloyd’s

U.S Specialty Insurance

Major

Classes

Agriculture

Aviation

Excess liability

Medical malpractice

Professional liability

Property

Marine and energy

Whole account

Workers’ comp

Life and annuity

Aviation

Excess liability

Professional liability

Property

Personal accident

Financial institutions

Professional liability

Property

International casualty

treaty reinsurance

General liability

Marine

Property

Miscellaneous

professional liability

Operating

Regions

United States

Latin America

Canada

European Union

Japan

Australia

New Zealand

United States

European Union

United Kingdom

Japan

Denmark

Latin America

United States

Offices

Bermuda

Dublin

Bogota

Bermuda

Dublin

Hamburg

London

Leeds

Tokyo

Copenhagen

Rio de Janeiro

New York

Philadelphia

Richmond

Atlanta

Dallas

San Francisco

Global Reach Through Established Platforms

Max Has a Strong Market Position in Specialty Classes …

Working layer excess business

Focus on Fortune 1000 customers

2009 combined ratio = 75.6%

2009

GPW

$427.8

million

2009

GPW

$489.0

million

Working layer excess / quota share business

Cross class capability

2009 combined ratio = 92.1%

Bermuda / Dublin Insurance

Bermuda / Dublin Reinsurance

Excess

Liability

Professional

Liability

Aviation

Property

15%

16%

42%

27%

Property

Agriculture

Med. Mal.

Workers

Comp

Prof.

Liabliity

Aviation

Whole

Account

Marine &

Energy

General

Casualty

Other

18%

17%

14%

16%

15%

…

With an Attractive Position in the U.S. Market and Lloyd's

Launched in 2007

Nationwide niche E&S underwriter

Growing into expense base –

target combined

ratio of 85% to 90%

2009 combined ratio = 99.5%

2009

GPW

$285.5

million

2009

GPW

$129.0

million

U.S. Specialty

Max at Lloyd's

Acquired in November 2008

Direct and reinsurance

2009 combined ratio = 86.3%

Accident &

Health

Fin.

Institutions

Prof. Liability

Aviation

Property

Treaty

47%

15%

18%

Prof. Liability

Property

General

Casualty

Marine

21%

31%

48%

<1%

140%

33%

50%

56%

48%

65%

252%

60%

73%

92%

74%

110%

25%

50%

75%

100%

125%

150%

300%

2005

2006

2007

2008

Q3'09

Average

96%

77%

75%

84%

76%

82%

124%

96%

101%

97%

103%

25%

50%

75%

100%

125%

150%

300%

Average

2005

2006

2007

2008

Q3'09

Median

201%

55%

61%

89%

69%

95%

____________________

Source: Company filings.

Diversified reinsurers include RE, AXS, ACGL, TRH, PRE, ORH, AWH, ENH, AHL, PTP, AGII and MXGL. Property focused reinsurers include RNR, VR, MRH, FSR and IPCR for

historical years.

Max has performed well within its diversified peer group with less volatility than property

focused reinsurers

Diversified Platforms Generate More Consistent Margins

Diversified Reinsurers

Property Focused Reinsurers

Median

115%

85%

84%

95%

87%

93%

Max

106%

86%

88%

92%

91%

93%

Ike/Gustav Ultimate Net Losses as a % of 6/30/08 Common Equity ($ in millions)

PMLs

(1)

(3)

(2)

Losses

$256

$140

$276

$140

$165

$287

$384

$305

$135

$111

$148

$155

$113

$257

$50

(4)

____________________

Source: Company filings, as of 12/31/08. Losses are generally disclosed net of reinstatement premiums.

(1)

Results reflect Ike only.

(2)

Equity includes preferred, which subsequently converted to common.

(3)

Equity includes preferred, which subsequently converted to common. Reflects net positive development experienced on reserves related to Ike of $5.9 million.

(3)

TRH does not disclose specific losses but did lose "$169.7 million principally relating to Hurricane Ike."

$170

$171

Revised Estimate

Initial Estimate

(2)

Max is less exposed to swings in the cat market than peers

8.0%

6.6%

10.1%

8.3%

5.3%

3.7%

7.8%

5.2%

6.4%

6.70%

6.7%

6.0%

5.2%

4.2%

3.0%

3.8%

3.4%

4.4%

4.3%

0.0%

0.6%

3.0%

4.3%

0.3%

2.6%

0.7%

2.2%

(0.3%)

0.3%

0.8%

1.8%

0.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

FSR

RNR

MRH

PTP

ACGL

AXS

PRE

AHL

IPCR

ENH

ORH

TRH

AWH

MXGL

12.4%

11.0%

10.1%

8.9%

8.4%

8.1%

7.8%

7.0%

6.7%

6.4%

6.3%

6.0%

5.0%

4.8%

4.6%

3.4%

(% of capital)

1:100

1:250

Target

8%-12%

15% -

20%

1/1/10

10%

18%

($2.54)

$3.62

2008

2009

$1,012.1

$1,331.2

2008

2009

Strong 2009 Results

Reflects continued build-out of our global platform

Max

Specialty

$285.5

million

GPW

Reflects first year of Max at Lloyd's –

$129.0 million GPW

Combined ratio reflects higher casualty mix

Market conditions vary by line

Short-tail lines remain attractive

Casualty rates are mixed

Strong 2009 results despite high cash balances

Once invested, ROE should increase by 1% to 2%

ROE points

Return on invested portfolio is ~ 6.7%

Hedge funds reduced to 6.0% of invested assets

as of 12/31/09

Down from 14.1% at 12/31/08

Diluted book value per share increased 21.8% in 2009

to $27.36

P&C GPW

(32% increase)

Operating

Diluted EPS

Operating ROE

(10.0%)

14.7%

Combined ratio

91.9%

88.1%

____________________

(1)

Excludes $0.55 per share in merger and acquisition expenses.

Profitable Growth in Gross Premiums Written…

…With Strong Operating EPS

$1,331.2

$1,123.4

2008

2009

($ in millions)

Over the last 3 years 83% of

growth is in short-tail lines

True growth of business is

18.5% vs. 31.5% reported

Lloyd's business experienced

7.3% growth over its expiring

book

Total growth is being driven by

property lines in Lloyd's and

U.S. Specialty

Long tail lines reflect growth in

professional liability

Reported GPW

31.5% increase

Source of 2009 GPW Growth

Long Tail

Short Tail

(1)

____________________

(1)

Adjusted to include the full year 2008 impact of Max at Lloyd's as if the acquisition occurred on 1/1/08.

Adjusted GPW

(1)

18.5% increase

44%

56%

$1,012.1

$1,331.2

2008

2009

Max's Premium Growth Has Been Intentional and Strategic

2009 GPW -

$129.0 million

2009 GPW -

$285.5 million

Long Tail

Short Tail

This represents real growth of 7.3% over

the expiring book of business, all driven

by short tail lines

Short tail increased 16.3% while long

tail decreased by 6.8%

Increase over 2008 is driven by property

and marine, which represented 69% of

the change in premiums

New Businesses for Max are Short Tail Focused

Max at Lloyd's

U.S. Specialty

Aviation

Professional

Liability (non-

U.S.)

Financial

Institutions

(non-U.S.)

Accident &

Health

Property

47%

18%

15%

Marine

General

Casualty

Prof. Liability

Property

48%

<1%

31%

21%

Max Specialty –

Leading E&S Writer

Max Specialty contributes to Max Capital’s diversified niche orientation by adding

profitable business

both

property

and

casualty

throughout

the

market

cycle

Nationwide

excess

and

surplus

lines

writer

property,

casualty

and

marine

Three distinct divisions: Brokerage, Marine and Contract Binding

Six strategically placed offices in the US

Significant product diversification, strong distribution relationships and technical expertise

Licensed in 49 states on a non-admitted basis and 50 on an admitted basis

From start-up to profits in three years

$285.5 million of GWP in 2009 with a 99.5% combined ratio

70% short-tail, 30% long-tail

Profitability

improving

the

business

matures

into

its

expense

base

Continue to

utilize

third

party

reinsurance

minimize

exposure

early

years

Have grown carefully in soft conditions, well positioned for a harder market

Will remain selective and continue to book conservatively

Strong distribution relationships generate good flow to be selective

Market conditions increasingly competitive

Core property business remains highly profitable

Cautiously building our casualty platforms

Market

dislocations

provide

the

opportunity

add

new

teams

and

products

Lloyd's

U.S. Specialty

274.7%

46.5%

Reinsurance

(6.1%)

(30.7%)

11.6%

27.1%

27.4%

2.6%

Insurance

141.7%

13.4%

13.5%

25.7%

Total

(5.0%)

(12.8%)

39.6%

38.1%

52.7%

38.2%

Lloyd's

U.S. Specialty

386.2%

47.8%

Reinsurance

21.8%

72.2%

(8.3%)

(28.7%)

6.1%

34.2%

Insurance

50.7%

30.5%

(2.3%)

(7.9%)

(2.2%)

3.9%

Total

38.1%

46.6%

(5.0%)

(14.7%)

12.4%

26.1%

____________________

(1)

Excludes non-traditional, which is composed of structured contracts that Max stopped writing in 2003.

Short tail lines contributed to 83% of total

growth over the last 3 years

Strong Cycle Management Discipline

Long Tail (GPW)

Short Tail (GPW)

($ in millions)

Non-Traditional

(1)

Year over year growth:

(1)

$2.2

$34.3

$82.9

$94.0

$106.7

$134.1

$192.3

$180.5

$125.1

$139.6

$177.4

$226.0

$231.9

$35.9

$134.5

$197.1

$1.9

$85.3

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

$800.0

$900.0

2003

2004

2005

2006

2007

2008

2009

$192.3

$182.7

$159.4

$222.5

$307.3

$469.1

$648.4

$163.2

$245.9

$321.0

$313.7

$289.0

$282.6

$293.7

$126.4

$154.0

$265.2

$243.2

$173.5

$184.1

$247.1

$12.3

$59.8

$88.4

$7.0

$43.7

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

$800.0

$900.0

2003

2004

2005

2006

2007

2008

2009

$289.6

$399.9

$586.2

$556.9

$474.8

$533.6

$672.8

Calendar Year

Accident Year

____________________

Note: Five year average is the mean combined ratio of each of the five years from 2004 to 2008.

(1)

Since 2006.

Peer Comparison –

5 Year Average Combined Ratios

86%

91%

92%

93%

94%

101%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

AXS

ACGL

AHL

ENH

AWH

MXGL

PTP

TRH

ORH

96%

97%

98%

101%

104%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

TRH

ACGL

ORH

AXS

MXGL

PTP

ENH

AHL

AWH

($ in millions)

Total favorable

(adverse)

development

$0.0

$20.9

$8.8

$22.6

$41.3

Calendar Year

Accident Year

64.3%

78.1%

77.1%

62.8%

101.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2005

2006

2007

2008

2009

Bermuda/Dublin Insurance Loss Ratios

Note: Favorable (adverse) development excludes changes in reserves resulting from

changes

premium

estimates

prior

years’

contracts.

84.3%

90.6%

81.5%

73.3%

101.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2005

2006

2007

2008

2009

($ in millions)

Total favorable

(adverse)

development

($10.1)

($15.0)

$36.3

$68.1

$32.0

Calendar Year

Accident Year

65.6%

64.0%

55.4%

70.0%

91.1%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2005

2006

2007

2008

2009

Bermuda/Dublin Reinsurance Loss Ratios

73.9%

83.9%

67.0%

66.5%

82.3%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2005

2006

2007

2008

2009

Note: Favorable (adverse) development excludes changes in reserves resulting from

changes in premium estimates in prior years’ contracts.

Total

favorable

(adverse)

development

($1.1)

$6.1

($ in millions)

U.S. Specialty and Lloyd's Loss Ratios

U.S. Specialty 2009

Max at Lloyd's 2009

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Calendar Year

Accident Year

46.2%

52.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Calendar Year

Accident Year

61.5%

60.4%

Max Investment Portfolio Philosophy

Max maintains a high quality, liquid portfolio

94% of portfolio in fixed income/cash, which are comprised of highly rated securities

Assets are generally matched to liabilities

Cycle

management

extends

investments

–

current

posture

defensive

Cash balance of $702 million or 13.4% of portfolio

Larger than normal cash position provides incremental

investment income as cash is redeployed

Current average fixed income duration of approximately

5.4 years excluding the impact of cash

68% of the cash and fixed maturities portfolio is held in cash,

government / agency-backed securities, or AAA securities

73% of fixed income portfolio rated AA or better

No CDO's, CLO's, SIV's or other highly structured securities

Hedge fund investments are marked-to-market

Fixed income portfolio has outperformed peer group in both returns and quality with

meaningfully lower OTTI losses than peers

As of December 31, 2009

$5.3 billion

Hedge funds

Cash

Fixed income

80.6%

13.4%

6.0%

Max is Well Positioned To Navigate The Softer Cycle

Max Bermuda and Dublin (Insurance/Reinsurance)

Rates remain favorable in short-tail property cat

Long-tail professional lines still attractive

Max at Lloyd's

Provides access to global specialty business, high credit ratings, worldwide licenses

Experienced team underwriting a seasoned book of business

Building out the platform recruiting new teams with recent additions

International casualty reinsurance

Marine and personal accident insurance

Max Specialty

Strong distribution relationships continue to generate a high flow of business

Profitability

improving

the

business

matures

into

its

expense

base

Max Latin America

Emerging market with significant growth potential

Bringing on a seasoned underwriting team with strong market relationships and profitable track record

Anticipate GPW of $50 million in 2010

2009 GPW

Max

Specialty

Max

at Lloyd's

Bermuda /

Dublin

Insurance /

Reinsurance

67%

21%

Life Reinsurance

Well established operating platforms provide full access to business

Diversified

portfolio

business

across

casualty

and

property

lines

Specialty orientation with a balance of insurance vs. reinsurance

Opportunistic

approach

–

nimble

and

responsive

market

trends

Defensive, high quality investment portfolio

Invested asset leverage will drive more consistent returns

Balance sheet strength with low leverage / financial flexibility

Max Offers a Compelling Story

We believe we can generate an average ROE of 13% to 16% across the cycle

Attractive

entry

point

–

current

price

book

value

0.89x

____________________

Note:

Price / book multiple as of 2/19/10.

Appendix

($ in millions)

December 31,

2009

2008

Cash & Fixed Maturities

$4,944

$4,603

Other Investments

315

754

Premium Receivables

567

555

Losses Recoverable

1,001

847

Other Assets

513

493

Total Assets

$7,340

$7,252

Property & Casualty Losses

$3,178

$2,938

Life & Annuity Benefits

1,373

1,367

Deposit Liabilities

153

219

Funds Withheld

140

164

Unearned Premium

628

574

Bank Loan

375

Senior Notes

Other Liabilities

213

��

244

Total Liabilites

$5,775

$5,972

Shareholders' Equity

1,565

1,280

$7,340

$7,252

Strong Balance Sheet

($ in millions)

December 31,

2009

2008

Gross Premiums Written

$1,375

$1,254

Net Premiums Earned

834

814

Net Investment Income

170

182

Net Realized and Unrealized Gains (Losses) on Investments

(235)

Other Than Temporary Impairment Charges

(3)

(17)

Realized Gain on Retirement of Senior Notes

Other Income

Total Revenues

1,086

747

Total Losses, Expenses & Taxes

830

921

Net Income

$256

($174)

Net Operating Income

$209

($144)

Property & Casualty Underwriting

Loss Ratio

62%

69%

Expense Ratio

26%

23%

Combined Ratio

88%

92%

Yearly Results Comparison

Life &

Property & Casualty

Annuity

Corporate

Bermuda / Dublin

Max at

Insurance

Reinsurance

U.S. Specialty

Lloyd's

Total

Reinsurance

Gross premiums written

$427.8

$489.0

$285.5

$129.0

$1,331.2

$43.8

$0.0

Reinsurance premiums ceded

(212.1)

(80.0)

(155.1)

(32.9)

(480.1)

(0.4)

0.0

Net premiums written

$215.7

$409.0

$130.4

$96.1

$851.2

$43.3

$0.0

Earned premiums

417.1

476.4

256.7

125.0

1,275.2

43.8

0.0

Earned premiums ceded

(211.1)

(88.6)

(154.6)

(29.9)

(484.2)

(0.4)

0.0

Net premiums earned

$206.0

$387.9

$102.1

$95.1

$791.0

$43.3

$0.0

Net investment income

$22.9

$40.2

$6.0

$4.4

$73.5

$51.0

$45.3

Net realized and unrealized gains (losses) on investments

4.4

10.5

0.2

2.6

17.8

37.3

26.6

Net impairment losses recognized in earnings

0.0

(3.1)

Net realized gain on retirement of senior notes

0.0

0.1

Other income

1.2

0.0

0.3

0.7

2.2

(0.1)

0.8

Total revenues

$234.5

$438.6

$108.6

$102.7

$884.5

$131.6

$69.7

Net losses and loss expenses

$132.4

$254.5

$62.8

$44.0

$493.6

$0.0

Claims and policy benefits

0.0

101.1

0.0

Acquisition costs

(1.2)

71.1

7.5

18.1

95.5

1.4

0.0

Interest expense

0.8

6.6

0.0

7.4

3.3

10.6

Net foreign exchange losses

0.0

(5.1)

0.0

(0.7)

Merger and acquisition expenses

0.0

(31.6)

General and administrative expenses

24.6

31.8

31.2

20.0

107.6

2.8

43.6

Total losses and expenses

156.5

363.9

101.5

77.0

699.0

108.6

22.0

Income before taxes

$78.0

$74.7

$7.1

$25.7

$185.5

$23.0

$47.8

Loss ratio

64.3%

65.6%

61.5%

46.2%

62.4%

Acquisition cost ratio

-0.6%

18.3%

7.3%

19.1%

12.1%

General and administrative expense ratio

11.9%

8.2%

30.7%

21.0%

13.6%

Combined ratio

75.6%

92.1%

99.5%

86.3%

88.1%

Year ended December 31, 2009

($ in millions)

____________________

(1)

Property and Casualty only.

Diversified Operating Platform

(1)

14.7%

(10.0%)

20.7%

17.3%

1.0%

15.8%

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

2004

2005

2006

2007

2008

2009

88%

92%

88%

86%

106%

94%

20%

40%

60%

80%

100%

120%

2004

2005

2006

2007

2008

2009

$3.62

($2.54)

$4.81

$3.52

$0.19

$2.70

($4.00)

($2.00)

$0.00

$2.00

$4.00

$6.00

2004

2005

2006

2007

2008

2009

Gross Premiums Written ($ in millions)

P&C Combined Ratio

Operating Diluted EPS

(1)(2)

Operating ROE

(2)

____________________

(1)

Excludes merger and acquisition related revenue and expenses.

(2)

2008

underwriting

results

were

strong

with

92%

Combined

Ratio.

Negative

Operating

Diluted

EPS

and

Operating

ROE

resulted

from

significant

investment

volatility

year

with a higher allocation to hedge funds.

Profitable Underwriting Trends

$44

$242

$302

$45

$275

$212

$300

$600

$900

$1,200

$1,500

Life

P&C

$1,044

$1,246

$865

$1,078

$1,254

$1,375

2004

2005

2006

2007

2008

2009

$1,565

$1,280

$1,584

$1,390

$1,186

$903

$28.01

$22.94

$27.54

$23.06

$20.16

$19.70

$300

$600

$900

$1,200

$1,500

$1,800

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

Shareholders' Equity

Book Value per Share

2004

2005

2006

2007

2008

2009

$0.38

$0.36

$0.32

$0.24

$0.18

$0.12

$0.00

$0.10

$0.20

$0.30

$0.40

2004

2005

2006

2007

2008

2009

Investment

Leverage

Shareholders' Equity

Book Value per Share

Invested Assets ($ in millions)

Shareholders Equity and BVPS ($ in millions)

Operating Cash Flow ($ in millions)

Dividends

A Growing, Global Insurance / Reinsurance Company

$5,259

$3,515

$4,228

$4,536

$5,123

$5,357

3.4x

3.9x

3.6x

3.3x

3.2x

4.2x

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

Invested Assets

Leverage

2004

2005

2006

2007

2008

2009

$193

$482

$228

$405

$442

$799

$200

$400

$600

$800

$1,000

2004

2005

2006

2007

2008

2009

(As of September 30, 2009)

($ in millions)

____________________

Source: Company filings.

(1)

Includes short term investments.

(2)

OTTI not applicable. All realized and unrealized gains run through the income statement.

Investment Portfolio is Currently In-Line With its Peers

2008 and

% of Total Cash & Investments

Equity / Other

YTD Q3 '09

Cash & Cash

Fixed Income

Equity / Other

Total Cash &

Investment

YTD Q3 '09

as a % of

OTTI as %

Equivalents

(1)

Securities

Investments

Leverage

Investment Yield

Equity

of Equity

PartnerRe

(2)

6.3%

86.2%

7.5%

$13,058.1

2.4x

4.5%

18.1%

Everest Re

10.6%

84.0%

5.4%

15,113.0

2.5x

3.7%

13.4%

3.1%

Arch Capital

8.8%

84.2%

7.1%

12,461.0

2.8x

5.1%

19.8%

7.3%

AXIS

12.8%

81.5%

5.7%

11,884.1

2.2x

4.1%

12.6%

7.7%

Validus

(2)

17.3%

80.4%

2.3%

5,707.5

1.4x

2.5%

3.3%

RenaissanceRe

18.5%

67.8%

13.7%

6,640.8

1.8x

5.4%

24.4%

7.7%

Transatlantic

7.3%

86.3%

6.4%

12,130.1

3.0x

4.1%

19.2%

10.0%

Allied World

4.6%

93.3%

2.1%

7,554.2

2.5x

4.2%

5.3%

9.1%

Aspen

20.9%

78.7%

0.4%

6,590.6

2.1x

4.1%

0.8%

2.5%

Endurance

21.5%

72.8%

5.7%

6,172.5

2.3x

5.2%

13.0%

4.9%

Platinum Re

10.4%

89.5%

0.1%

4,413.8

2.0x

4.0%

0.2%

2.8%

Montpelier Re

(2)

9.2%

81.9%

8.9%

2,720.3

1.6x

3.1%

14.0%

FlagstoneRe

(2)

29.2%

68.1%

2.7%

1,838.1

1.6x

1.5%

4.4%

Argo Group

14.4%

77.5%

8.1%

4,334.2

2.8x

3.6%

22.3%

5.6%

Mean

13.7%

80.9%

5.4%

2.2x

3.9%

12.2%

6.1%

Max Capital

19.5%

73.3%

7.2%

$5,418.3

3.5x

4.6%

25.2%

1.4%

Alterra Capital Inactive 8-KRegulation FD Disclosure