Alterra posts net income of $65.3 million for 2011

Alterra Capital has reported a net income of $65.3 million for 2011, in comparison with a net income of $302.3 million in 2010.

Net income for the fourth quarter of 2011 was $30.9 million, in comparison with the prior year quarter result of $79.7 million.

Commenting on the results, Marty Becker, president and chief executive officer of Alterra, said that he was pleased with Alterra’s performance in 2011. “We have reported positive operating income and a positive return on equity,” he said.

“Importantly, we have grown our book value per share over the year. Considering the record level of industry property catastrophe losses in 2011, we believe our results highlight the benefits of our diversified underwriting strategy, measured cat risk appetite and sophisticated risk management discipline.

“We have worked hard these past few years to build a global organization with a geographic and product footprint that can meet the needs of our clients and enable us to capture opportunity. As a result, with the industry apparently on the cusp of change, we believe Alterra is particularly well positioned to take advantage of the expected improvement in prices.”