Alterra income boosted by merger
Newly formed Alterra Capital - the merged Max Capital/Harbor Point - posted net income of $103.4mn for the second quarter of 2010. This was more than double the $43.8mn earned by Max for the same quarter in 2009 and comfortably ahead of analysts' expectations.
The bulked-up Bermudian's results were boosted by a $95.8mn negative goodwill gain, although this was partly offset by merger costs of $41.2mn. Net operating income was up 23 percent to $58.8mn for the quarter.
Investment income...
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