[September 06, 2011]

Alterra Announces Promotions in US Insurance Operations

Alterra Capital Holdings Limited ("Alterra") (NASDAQ: ALTE; BSX: ALTE.BH) today announced several key promotions affecting its US operations. Stephen (Steve) J. Vaccaro Jr., formerly Chief Executive Officer of Alterra Specialty, has been promoted to Chairman of Alterra's US Insurance operations; Douglas (Doug) M. Worman, Chief Executive Officer of Alterra USA, takes on the additional role of Chief Executive Officer of Alterra's US Insurance operations; and Bryan W. Sanders, formerly Chief Operating Officer of Alterra Specialty, has been promoted to Chief Executive Officer of Alterra Specialty. Alterra's US Insurance operations include Alterra Specialty and Alterra USA, which are primarily wholesale and retail focused, respectively.

W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, commented: "As we continue to grow our complementary US wholesale and retail insurance divisions, it is important that we develop a senior management structure to optimize the value of those operations to our group. We are fortunate to have a deep bench of talent that we can draw upon. Over the last five years, Steve Vaccaro has done an outstanding job founding and building Alterra Specialty into a highly regarded, profitable and major US wholesale operation. We are pleased that Steve will now take on a broader advisory role as Chairman of our entire US Insurance operation. Steve will work closely with Doug Worman, who assumes the role f Chief Executive Officer of US Insurance operations.

"Doug Worman and Bryan Sanders are both proven leaders in the US insurance markets. In addition to serving as Chief Executive Officer of our entire US Insurance operations, Doug will continue as Chief Executive Officer of Alterra USA, while Bryan will serve as Chief Executive Officer of Alterra Specialty.

"I would like to thank Steve, Doug and Bryan for their tremendous service to our group, and congratulate them on their important new roles."

Steve Vaccaro has over forty years of experience in the commercial insurance marketplace, with more than twenty years in the excess and surplus lines segment of the business. Prior to joining Alterra in 2006 to build Alterra Specialty, Steve was the President of American Wholesale Insurance Group's Specialty Underwriting Division. He was with Markel Corporation from 1993 to 2004, serving as President and COO of the Essex Insurance Company from 1995 to 2004, and previously held positions with Chubb and Son, AIG, Home Insurance Company and Industrial Indemnity Insurance.

Doug Worman has nearly twenty years of US insurance industry experience, and has served as Chief Executive Officer of Alterra USA since joining Alterra in 2010. From 2008 to 2010, Doug was President & CEO of Sharebridge Underwriting Group, a boutique insurance product intermediary firm. Previously, for a period of approximately sixteen years, Doug held increasingly senior roles within AIG. In 2008, he was President and CEO of AIG Excess Casualty Group and, from 2006 to 2008, he was Senior Vice President and Zonal Executive for AIG's Domestic Brokerage Group. From 1992 to 2006, Doug was with AIG National Union. Doug graduated with a Bachelors of Arts degree from Penn State in 1989.

Bryan Sanders has over thirty years of insurance industry experience. Bryan joined Alterra Specialty in 2006 as head of Contract Binding Authority, and was later promoted to Alterra Specialty's Chief Operating Officer. Previously, he served as the Director of the Excess and Surplus Lines Division for Hilb Rogal and Hobbs Company and was President of HRH's Dominion Specialty Group. Prior to that, he was President of MacDuff Underwriters, Inc., a managing general agency and a subsidiary of Brown and Brown. Bryan has also held various management, underwriting and production positions with Champion Underwriters, Yanoff South, Aetna Casualty and Surety, and several independent insurance agencies. Bryan holds a Bachelor of Arts degree in Business from Kent State.

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.

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