(wire)
Max Capital, Harbor Point agree to merge
Max Capital Group and Harbor Point Ltd. have agreed to merge, creating a global insurance and reinsurance enterprise with total capital of $3 billion.
The two Bermuda-based companies agreed to a deal that is worth $3.5 billion, and will lead to an exchange of stock and the payment of a $300 million special dividend to all shareholders of the combined company once the deal closes.
The combined company will be known as Alterra Capital Holdings, and will be headed by W. Marston Becker, chair and chief ex3ecutive officer of Max. He will become president and CEO.
According to Becker, having a $3 billion capital base "in a market that values strength and size as a sign of franchise safety and sustainability [means] Alterra will be well-positioned to take full advantage of profitable growth opportunities in the property and casualty insurance and reinsurance markets."
The two Bermuda-based companies agreed to a deal that is worth $3.5 billion, and will lead to an exchange of stock and the payment of a $300 million special dividend to all shareholders of the combined company once the deal closes.
The combined company will be known as Alterra Capital Holdings, and will be headed by W. Marston Becker, chair and chief ex3ecutive officer of Max. He will become president and CEO.
According to Becker, having a $3 billion capital base "in a market that values strength and size as a sign of franchise safety and sustainability [means] Alterra will be well-positioned to take full advantage of profitable growth opportunities in the property and casualty insurance and reinsurance markets."
