Alterra Capital 8-K Regulation FD Disclosure

Alterra

Capital Holdings Limited

May 2010

Exhibit 99.1

2

This

presentation

may

include

forward-looking

statements

that

reflect

Alterra’s

current

views

with

respect

to

future

events

and

financial

performance.

Statements

that

include

the

words

“expect,”

“intend,”

“plan,”

“believe,”

“project,”

“anticipate,”

“will,”

“may”

and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-

looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important

factors that could cause actual results to differ materially from those indicated in such statements and you should not

place undue reliance on any such statements.

Alterra

believes that these factors include, but are not limited to, the following: (1) the adequacy of loss reserves and the

need to adjust such reserves as claims develop over time; (2) the failure of any of the loss limitation methods employed;

(3) the effects of emerging claims and coverage issues; (4) changes in general economic conditions, including changes

in

capital

and

credit

markets;

(5)

the

effect

of

competition

and

cyclical

trends,

including

with

respect

to

demand

and

pricing in the insurance and reinsurance markets; (6) any lowering or loss of financial ratings; (7) the occurrence of

natural or man-made catastrophic events with a frequency or severity exceeding expectations; (8) the loss of business

provided

to

Alterra

by

their

major

brokers;

(9)

the

effect

on

Alterra’s

investment

portfolio

of

changing

financial

market

conditions including inflation, interest rates, liquidity and other factors; (10) tax and regulatory changes and conditions;

(11)

the

integration

of

Max

and

Harbor

Point

or

new

business

ventures

Alterra

may

enter

into;

and

(12)

retention

of

key

personnel,

as well as management’s response to any of the aforementioned factors.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with

the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in Alterra’s

most recent report on Form 10-K and Form 10-Qs filed subsequent to, and other documents on file with the Securities

and Exchange Commission. Any forward-looking statements made in this presentation are qualified by these cautionary

statements,

and

there

can

be

no

assurance

that

the

actual

results

or

developments

anticipated

by

Alterra

will

be

realized

or,

even

if

substantially

realized,

that

they

will

have

the

expected

consequences

to,

or

effects

on,

Alterra

or

its

business

or operations. Alterra

undertakes no obligation to update publicly or revise any forward-looking statement, whether as a

result of new information, future developments or otherwise.

Max Capital Group Ltd.

and Harbor Point Limited

have merged to form

Alterra Capital Holdings Limited.

3

Alterra means “high ground”

We have chosen Alterra as our new brand

name, as we believe the company will be a

provider of superior security for our clients

a market leader at the pinnacle of our industry.

4

––—

5

Key Investment Highlights

–

Enhanced market position from merger of equals between Max and Harbor Point

–

Diversified specialty insurance and reinsurance company

–

Established platforms

in

major

global

markets

–

flexibility

to

optimize

portfolio

composition

–

Strong and deep management teams with disciplined underwriting track record

–

Strong balance sheet with total assets of $10 billion and equity

of $3 billion

–

Strong capital and liquidity position with conservative financial and operating leverage

–

Conservative investment posture with a high quality fixed income

portfolio

6

Name

Position

Marty Becker

President, Chief Executive Officer, Director

John Berger

Chief Executive Officer of Reinsurance, Vice Chairman of Board

Peter Minton

Chief Operating Officer 

Joe Roberts

Chief Financial Officer

Andrew Cook

Chief Integration Officer and EVP, Global Development 

Carol Rivers

General Counsel and Secretary 

Angelo Guagliano

Chief Executive Officer, Insurance 

David Kalainoff

Chief Underwriting Officer, U.S. Reinsurance

Adam Mullan

Chief Executive Officer, Max at Lloyd’s 

Wayne Paglieri

Chief Operating Officer, Reinsurance

Greg Richardson

Chief Underwriting Officer, Bermuda Reinsurance

Steve Vaccaro

Chief Executive Officer, Max Specialty

Tom Wafer

President, U.S. Reinsurance

Strong Management With Deep Experience

7

–

Combination provides greater size and scale

•

Enhances valuation and ratings profile

•

Provides greater financial flexibility

–

Enhanced position with clients and brokers

–

Platform / underwriters are in place

–

Ability to more efficiently manage capital

•

Excess capital to support underwriting

opportunities or return to shareholders

____________________

(1)

Pro forma for amalgamation of Max and Harbor Point, including estimated purchase accounting adjustments and the impact of expected special dividend of

~$304 million ($2.50 per share).

(2)

Shareholders’

equity at 12/31/09.

Shareholders’

Equity (3/31/10)

($ in billions)

(1)

$2.1

$1.9

$1.6

$1.6

$1.6

$1.5

(2)

$1.4

$7.4

$6.0

$5.4

$4.4

$4.0

$3.8

$3.8

$3.3

$3.1

$3.0

$2.8

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

PRE

RE

AXS

ACGL

TRH

RNR

VR

AWH

AHL

ENH

PTP

Harbor Point

MRH

AGII

MXGL

Ariel

FSR

Combination Enhances Market Profile

8

Local

Knowledge

Global

Reach

Established Platforms Worldwide

Reinsurance

Insurance

Lloyd’s

U.S. Specialty Insurance

Major

Classes

–

Agriculture

–

Aviation

–

General casualty

–

Life and annuity

–

Marine and energy

–

Medical malpractice

–

Professional liability

–

Property

–

Surety,

credit

& political risk

–

Whole accoun

t

–

Workers’

comp

–

Aviation

–

Excess liability

–

Professional liability

–

Property

–

Financial institutions

–

International casualty

treaty reinsurance

–

Personal accident

–

Professional liability

–

Property

–

General

liability

–

Marine

–

Miscellaneous

professional liability

–

Property

Operating

Regions

–

Australia

–

Canada

–

European Union

–

Japan

–

Latin America

–

New Zealand

–

United States

–

European Union

–

United States

–

Denmark

–

Japan

–

Latin America

–

United Kingdom

–

United States

Offices

–

Bermud

a

–

Bogotá

–

Dublin

–

London

–

New Jersey

–

Bermuda

–

Dublin

–

Hamburg

–

Copenhagen

–

Leeds

–

London

–

Rio de Janeiro

–

Tokyo

–

Atlanta

–

Dallas

–

Los Angeles

–

New York

–

Philadelphia

–

Richmond

–

San Francisco

9

Strong Financial Profile

____________________

Note:

Pro forma for the amalgamation of Max and Harbor Point, including estimated purchase accounting adjustments.

(1) Reflects the impact of expected special dividend of ~$304 million ($2.50 per share) and transaction-related amalgamation costs.

2009

Q1 2010

Q1 2010       

Post Dividend

(1)

Gross Premiums Written

$1,946.4

$676.8

$676.8

Net Premiums Written

$1,496.4

$517.4

$517.4

Operating Income

$393.0

$67.5

$64.5

Net Income

$429.4

$61.2

$58.2

Shareholders’ Equity

$3,202.6

$3,287.5

$2,958.4

Operating ROE

13.3%

8.3%

8.9%

Combined Ratio

85.0%

92.1%

92.1%

Diluted Book Value Per Share

$26.86

$27.28

$24.32

($ in millions)

10

Max Capital –

Global Specialty Underwriter

–

Global underwriter of specialty insurance

and reinsurance

•

Multiple operating platforms

•

Diversified business profile across

specialty classes of business

–

Opportunistic and disciplined underwriting

strategy

•

Analytical and quantitative

underwriting orientation

•

5 year average combined ratio of 92%

•

Generates more stable underwriting

results and ROE

–

Strong balance sheet with conservative

reserving track record

–

High quality investment portfolio reflects

traditional underwriting base

2009 GPW: $1,375 million

U.S. Specialty

Lloyd’s

Life & Annuity

3%

9%

21%

31%

36%

Reinsurance

Insurance

2009

Q1 2010

Net Premiums Written

$894.5

$217.9

Combined Ratio

88.1%

90.5%

Cash and Investments 

$5,259.1

$5,344.6

Shareholders' Equity 

$1,564.6

$1,613.1

Tangible Equity 

$1,515.9

$1,564.4

Net Operating Income

$208.9

$40.7

Annualized ROE (operating)

14.7%

10.2%

11

2009

Q1 2010

Net Premiums Written

$601.9

$299.5

Combined Ratio

80.6%

94.3%

Cash and Investments 

$2,585.0

$2,685.2

Shareholders' Equity 

$1,889.7

$1,926.1

Tangible Equity 

$1,631.8

$1,668.1

Net Operating Income

$184.1

$26.9

Annualized ROE (operating)

10.3%

5.6%

Harbor Point –

"Best in Class" Reinsurance

Franchise

–

Formed in 2005 with "A" A.M. Best rating

•

No legacy exposures

–

Longstanding franchise led by John Berger

•

Chubb Re management team and

book of business

–

Diversified reinsurer with an excellent

track record

–

Strong and experienced Board

•

Michael O’Reilly, formerly Vice

Chairman & CFO of The Chubb

Corporation, is Chairman of Alterra

–

Sophisticated, knowledgeable shareholder

group

•

Stone Point Capital and The Chubb

Corporation are largest investors

Casualty

Property

Specialty

2009 GPW: $608 million

49%

36%

15%

12

30%

4%

2%

15%

3%

21%

3%

6%

5%

5%

1%

5%

Diversified Portfolio of Business

Global Platform…

…Across Lines of Business

____________________

Note:

Before intercompany eliminations of gross premiums written of approximately $36 million. 

78%

6%

16%

55%

22%

14%

2%

7%

2009 GPW  = $1,983 million

North America

Europe

Other

Insurance

Reinsurance

U.S. Specialty

Lloyd’s

Life & Annuity

Other Short-Tail

Agriculture

Marine & Energy

Property

Aviation

Auto

Professional Liability

Medical Malpractice

General Casualty

Workers ’

Comp / Clash

Life

Other Long-Tail

Short-Tail

Long-Tail

13

Strong Q1 2010 Results

Max Capital

Harbor Point

–

Q1 2010 catastrophe losses of $9.6 million

•

< 1% of shareholders’

equity

•

5 points on combined ratio

–

Q1 2010 catastrophe losses of $35 million

•

< 2% of shareholders’

equity

•

24 points on combined ratio

($ in millions)

First Quarter

2009

2010

Gross Premiums Written

$434.3

$371.1

Net Premiums Written

$269.9

$217.9

Net Investment Income

$40.5

$48.4

Operating Income

$46.9

$40.7

Annualized

Operating ROE

14.8%

10.2%

Combined Ratio

89.7%

90.5%

First Quarter

($ in millions)

2009

2010

Gross Premiums Written

$228.5

$306.6

Net Premiums Written

$224.4

$299.5

Net Investment Income

$18.7

$16.5

Operating Income

$40.8

$26.9

Annualized

Operating ROE

9.5%

5.6%

Combined Ratio

82.0%

94.3%

14

Conservative Operating Leverage

–

Strong operational flexibility, well positioned to support opportunistic

growth over time

($ in millions)

vs. 0.62x average for peer group

____________________

Note:

Pro forma for the amalgamation of Max and Harbor Point, including estimated purchase accounting adjustments.

(1) Reflects the impact of expected special dividend of ~$304 million ($2.50 per share) and transaction-related amalgamation costs.

2009

Q1 2010

Q1 2010            

Post Dividend

(1)

Gross Premiums Written

$1,946.4

$676.8

$676.8

Net Premiums Written

$1,496.4

$517.4

$517.4

Retention

76.9%

76.4%

76.4%

Shareholders' Equity

$3,202.6

$3,287.5

$2,958.4

Net Operating Income

$393.0

$67.5

$64.5

Combined Ratio

85.0%

92.1%

92.1%

2009 NPW / Equity

0.47x

0.46x

0.51x

15

Strong Financial Position

–

Well-positioned balance sheet with conservative financial leverage

($ in millions)

vs. 17.4% average for peer group

____________________

Note:

Pro forma for the amalgamation of Max and Harbor Point, including estimated purchase accounting adjustments.

(1) Reflects the impact of expected special dividend of ~$304 million ($2.50 per share) and transaction-related amalgamation costs.

2009

Q1 2010

Q1 2010           

Post Dividend

(1)

Cash and Investments

$7,844.1

$8,029.7

$7,725.6

Loss & LAE Reserves

$5,222.1

$5,248.5

$5,248.5

Debt

$290.5

$290.5

$290.5

Shareholders' Equity

$3,202.6

$3,287.5

$2,958.4

Total Debt / Capitalization

8.3%

8.1%

8.9%

16

Strong Liquidity and Credit Ratings

–

Credit facility with $200 million of additional borrowing capacity

•

$200 million currently drawn under credit facility due June 2012

–

Only other debt maturity is $90.5 million of senior notes due April 2017

–

Strong credit ratings:

Moody's

S&P

Fitch

AM Best

Senior Unsecured Rating

Baa2

BBB

BBB+

bbb

Financial Strength Rating

A3

A-

A-

A

Outlook

Stable

Stable

Stable

Stable

17

Capitalization Profile

As of March 31, 2010

($ in millions)

Actual

Dividend /

Transaction

Costs

(1)

Post Dividend

(1)

Senior notes due April 2017 

$90.5

$90.5

Bank debt

200.0

200.0

Total debt 

$290.5 

$290.5

Shareholders' equity 

$3,287.5

($329.1)

$2,958.4

Total capitalization 

$3,578.0 

$3,248.9     

Debt / total capitalization 

8.1%

8.9%

____________________

Note:

Pro forma for the amalgamation of Max and Harbor Point, including estimated purchase accounting adjustments.

(1) Reflects the impact of expected special dividend of ~$304 million ($2.50 per share) and transaction-related amalgamation costs.

18

Investment Portfolio Highlights

–

High quality, liquid portfolio with 94.1% allocated to cash and fixed maturities

•

Cash balance of $1,294.1 million (16.1% of portfolio) as of March 31, 2010

–

High quality fixed income portfolio with an average rating of “AA”

•

68% in cash and short-term investments, U.S. government and agencies, and

AAA securities

•

Average duration of 3.8 years

–

Minimal exposure to selected asset classes

•

CMBS of $354.0 million (4.4% of portfolio) –

average rating of Aa2/AA

•

ABS of $99.7 million (1.2% of portfolio)

•

RMBS of $1,163.0 million (14.5% of portfolio) –

89% agency-backed

•

No CDO’s, CLO’s, SIV’s

or other highly structured securities

____________________

Note:

Does not reflect the impact of expected special dividend of ~$304 million ($2.50 per share) and transaction-related amalgamation costs.

19

6%

16%

12%

8%

37%

14%

4%

1%

2%

Conservative Investment Posture

____________________

Note:

Does not reflect the impact of expected special dividend of ~$304 million ($2.50 per share) and transaction-related amalgamation costs.

As of March 31, 2010

Portfolio

Composition

Cash and Fixed Income Portfolio by

Rating

$7.6 billion

$8.0 billion

17%

18%

33%

8%

18%

3%

3%

U.S. Gov’t

and

Agencies

Cash and Short-

Term Investments

AAA

AA

A

BBB

BB or Lower

Cash / Short Term

U.S. Gov’t

and

Agencies

Other

Investments

Non-U.S. Gov’t

Corporate

Securities

Municipal

Securities

ABS

RMBS

CMBS

Cash / Short Term

Fixed Income

Other Investments

20

Key Investment Highlights

–

Enhanced market position from merger of equals between Max and Harbor Point

–

Diversified specialty insurance and reinsurance company

–

Established

platforms

in

major

global

markets

–

flexibility

to

optimize

portfolio

composition

–

Strong and deep management teams with disciplined underwriting track record

–

Strong balance sheet with total assets of $10 billion and equity

of $3 billion

–

Strong capital and liquidity position with conservative financial and operating leverage

–

Conservative investment posture with a high quality fixed income

portfolio

21

Appendix

22

$299.5

$642.6

$672.5

$511.7

$607.5

$306.6

$601.9

$506.8

$567.9

$590.4

$0

$100

$200

$300

$400

$500

$600

$700

2006

2007

2008

2009

Q1 2010

36%

49%

15%

63.7%

49.1%

38.7%

33.3%

36.3%

30.6%

44.3%

69.9%

47.3%

43.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2006

2007

2008

2009

Q1 2010

86.0%

92.8%

103.2%

94.3%

80.6%

$1,926.1

$1,889.7

$1,691.5

$1,579.0

$1,461.9

$0

$400

$800

$1,200

$1,600

$2,000

2006

2007

2008

2009

Q1 2010

Harbor Point –

Financial Highlights

2009 Gross Premiums Written

Premiums Written ($ in millions)

Combined Ratio

Shareholders’

Equity

($ in millions)

Casualty

Property

Specialty

NPW

GPW

Loss & LAE Ratio

Expense Ratio

Total = $608 million

23

Harbor Point Has A Well-Diversified

Portfolio of Business

Property

2009 GPW: $221 million

Casualty

Specialty

Total

2009 GPW: $296 million

2009 GPW: $91 million

2009 GPW: $608 million

15%

36%

49%

75%

20%

5%

86%

14%

23%

31%

4%

16%

26%

Quota

Share

Per Risk

Catastrophe

Excess of Loss

Crop

Quota Share

Marine/Energy

Credit

Multi-line

Aviation

Property

Casualty

Specialty

$102.1

$295.9

$246.6

$282.3

$296.3

$0

$100

$200

$300

$400

2006

2007

2008

2009

Q1

2010

$110.2

$90.8

$39.8

$76.8

$126.0

$0

$100

$200

$300

$400

2006

2007

2008

2009

Q1

2010

$306.6

$607.5

$511.7

$672.5

$642.6

$0

$200

$400

$600

$800

2006

2007

2008

2009

Q1

2010

$220.4

$313.4

$225.3

$220.9

$94.3

$0

$100

$200

$300

$400

2006

2007

2008

2009

Q1

2010

24

Max –

Financial Highlights

2009 Gross Premiums Written

Premiums Written ($ in millions)

Combined Ratio

Shareholders’

Equity ($ in millions)

Total = $1,375 million

U.S. Specialty

Max at Lloyd’s

Life & Annuity

Reinsurance

Insurance

Reinsurance

$1,613.1

$1,564.6

$1,280.3

$1,583.9

$1,390.1

$0

$400

$800

$1,200

$1,600

$2,000

2006

2007

2008

2009

Q1 2010

$217.9

$865.2

$1,078.3

$1,254.3

$1,375.0

$371.1

$634.7

$796.6

$840.2

$894.5

$0

$300

$600

$900

$1,200

$1,500

2006

2007

2008

2009

Q1 2010

NPW

GPW

64.6%

18.7%

24.2%

23.0%

25.7%

25.9%

62.4%

68.9%

64.0%

67.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2006

2007

2008

2009

Q1 2010

88.2%

86.4%

91.9%

88.1%

90.5%

21%

9%

3%

31%

36%

Loss & LAE Ratio

Expense Ratio

25

Max Has a Strong Market Position in

Specialty Classes …

Insurance

(31% of 2009 GPW)

Reinsurance

(36% of 2009 GPW)

2009 GPW: $428 million

2009 GPW: $489 million

16%

27%

42%

15%

Professional

Liability

Property

Excess

Liability

Aviation

General Casualty

Property

Aviation

Workers Comp.

Professional Liability

Other

Med. Mal.

Marine &

Energy

Agriculture

17%

7%

6%

4%

14%

15%

18%

16%

3%

$66.4

$427.8

$389.4

$382.9

$396.6

$0

$100

$200

$300

$400

$500

2006

2007

2008

2009

Q1 2010

$154.9

$489.0

$419.5

$345.2

$423.6

$0

$100

$200

$300

$400

$500

2006

2007

2008

2009

Q1 2010

26

…With an Attractive Position in the U.S.

Market and Lloyd’s

–

Launched in 2007

–

Nationwide niche E&S writer

•

91% non-admitted

–

2009 combined ratio = 99.5%

–

Acquired in November 2008

–

Insurance and reinsurance

–

3 syndicates under management

–

2009 combined ratio = 86.3%

U.S. Specialty

(21% of 2009 GPW)

Max at Lloyd’s

(9% of 2009 GPW)

2009 GPW: $285 million

2009 GPW: $129 million

18%

2%

18%

15%

47%

31%

21%

1%

47%

Professional Liability

Property

Marine

General

Liability

Property

Aviation

Fin. Institutions

Prof. Liability

Accident

& Health