|[November 19, 2012]
Alterra to Partner with Ullico Casualty Group for US Professional Liability Insurance Program
HAMILTON, Bermuda --(Business Wire)--
Alterra Capital Holdings Limited ("Alterra") (NASDAQ: ALTE; BSX:
ALTE.BH) today announced that its subsidiary, Alterra America Insurance
Company ("Alterra America"), has entered into a long-term partnership
with Ullico Casualty Group, Inc. ("UCG"), a subsidiary of Ullico Inc.
("Ullico"), that will allow Alterra to effectively participate in the US
multiemployer and governmental fiduciary liability and union liability
Doug Worman, Executive Vice President of Alterra and Chief Executive
Officer of Alterra US Insurance, said: "We are pleased to have reached
an agreement with Ullico Casualty Group. We believe our new partnership
will benefit from the particular strengths of both companies, and will
provide Alterra with a meaningful production source for profitable union
UCG will offer new and renewal professional fiduciary and union
liability insurance policies from Alterra Aerica beginning January 1,
2013. UCG claims professionals and underwriters will work with its
producers to ensure a seamless transition to Alterra America. In 2011,
UCG wrote gross premiums of approximately $50 million related to the
business that is the subject of this partnership.
For over 25 years, Ullico has provided a comprehensive portfolio of
property and casualty insurance products designed to protect and grow
the labor movement. Ullico Casualty Group, Inc. is a member of the
Ullico family of companies, which includes The Union Labor Life
Insurance Company; Ullico Casualty Company; Ullico Investment Company,
Inc.; and Ullico Investment Advisors, Inc.
About Alterra Capital Holdings Limited
Alterra Capital Holdings Limited is a global enterprise dedicated to
providing diversified specialty insurance and reinsurance products to
corporations, public entities, and property and casualty insurers.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements that reflect Alterra's
current views with respect to future events and financial performance.
In particular, statements regarding future rate movements are forward
looking statements. These 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
Alterra's future results, please refer to the most recent reports on
Form 10-K and Form 10-Q and other documents filed by Alterra with the
SEC (News - Alert). Alterra undertakes no obligation to update or revise publicly any
forward-looking statement whether as a result of new information, future
developments or otherwise.
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