Seems to me the example regex is the (completely broken) output of the (completely broken) generator expression below.
Oh… that would explain a lot. It does have that "generated by a tool" useless verbosity feel to it.
Unless I'm being daft, it can't be reduced to that at all. Dropping matching brackets, removing redundant {1,1} blocks, and escaping the \. we get down to:
^[A-Za-z]([A-Za-z]+|\d+)@[A-Za-z]+\.[A-Za-z]+$
Your version isn't the same at all - \w allows letters digits and underscores anywhere, whereas the original is more subtle.... and ignoring case obviously gets us down here:
^[a-z]([a-z]+|\d+)@[a-z]+\.[a-z]+$
([A-Za-z]+|(?:\d+)) - What's going on here? You have a capturing group and within that capturing group, you have the or part marked as non capturing. What's the intent?
(@{1,1}) - @{1,1} is the same as @. Also, why are you capturing it? I think you are using parens for making the regex readable. You should use the IgnorePatternWhitespace instead http://msdn.microsoft.com/en-us/library/yd1hzczs.aspx