Exhibit 99.3
MAX RE CAPITAL LTD. REPORTS FOURTH
QUARTER NET INCOME OF $0.29 PER DILUTED SHARE:
Hamilton, Bermuda, February 3, 2003 – Max Re Capital Ltd. (NASDAQ: MXRE) today reported net income for the three months ended December 31, 2002 of $11.0 million, or income of $0.29 per diluted share, compared to net income of $10.1 million, or income of $0.26 per diluted share for the same period in 2001. Net operating income before minority interest, which represents net income before minority interest reduced by net realized gains on fixed maturities, for the three months ended December 31, 2002 was $10.8 million, or income of $0.24 per diluted share, compared with net operating income before minority interest of $10.9 million, or income of $0.23 per diluted share for the three months ended December 31, 2001. For the year ended December 31, 2002, the Company had a net loss of $5.7 million, or a loss of $0.15 per diluted share, compared to net income of $2.5 million, or income of $0.06 per diluted share, for the year ended December 31, 2001. For the year ended December 31, 2002, the Company had a net operating loss before minority interest of $12.4 million, or a loss of $0.27 per diluted share, compared to net operating income before minority interest of $0.1 million, or nil per diluted share, for the year ended December 31, 2001.
Robert J. Cooney, Chairman, President and Chief Executive Officer, commented, “Our favorable results this quarter are primarily attributable to a 4% return on the alternative investment portfolio and emerging profits from property and casualty risk underwriting. We continue to be pleased by the market acceptance of our traditional property and casualty reinsurance capability, which accounted for over $78 million in gross premiums written during the quarter.”
Gross premiums written for the three months ended December 31, 2002 was $124.9 million, comprised entirely from property and casualty underwriting, compared to $239.4 million, comprised of $139.3 million from property and casualty underwriting and $100.1 million from life and annuity underwriting, for the three months ended December 31, 2001. Included in gross premiums written for the three months ended December 31, 2002 is $32.3 million of premium stemming from contractual provisions contained in a contract written in a previous year which provided for additional premium in the event of additional reported losses. For the year ended December 31, 2002, gross premiums written was $656.0 million, comprised of $641.3 million from property and casualty underwriting and $14.7 million from life and annuity underwriting, compared to 2001 gross premiums written of $710.6 million, comprised of property and casualty underwriting of $496.5 million and life and annuity underwriting of $214.1 million. Net premiums written for the three months ended December 31, 2002 were $122.3 million, compared to $202.3 million for the same period of 2001. Net premiums written were $600.0 million for the year ended December 31, 2002 versus $594.1 million for the year ended December 31, 2001. Deposits received from underwriting activities that do not meet the criteria for being classified as premiums was $90.5 million in 2002 compared to $96.1 million in 2001.
Total revenue for the three months ended December 31, 2002 was $201.6 million, compared to $272.8 million of total revenue for the same period in 2001. For 2002, total revenue was $503.9 million compared to $581.0 million for 2001. The decrease in total revenue for both the fourth quarter and the year results principally from a drop in the Company’s life and annuity underwriting production during 2002 versus 2001, which was partially mitigated by increased net investment income from growth in fixed maturities securities and increased gains on alternative investments.
Net investment income, excluding realized and unrealized gains and losses, for the three months ended December 31, 2002 increased to $25.4 million, compared to $11.9 million for the same period in 2001. Net investment income, excluding realized and unrealized gains and losses, for the year ended December 31, 2002 increased $21.1 million, to $65.0 million, compared to $43.9 million for the same period in 2001. Included in net investment income for the three months and year ended December 31, 2002 is $9.8 million of interest income from the reinsurance contract discussed above, which also provided for the receipt of interest when additional premiums are received. Net gains on alternative investments for the three months ended December 31, 2002 was $26.0 million, or 4.02%, compared to net gains on alternative investments of $14.4 million, or 2.61%, for the same period of 2001. For the year ended December 31, 2002, the return on alternative investments was 5.18%, compared to a 6.69% return in 2001. Invested assets were $2.0 billion as of December 31, 2002, with an allocation of approximately 68% to cash and fixed maturities and an allocation of approximately 32% to alternative investments. The ratio of invested assets to minority interest and total shareholders’ equity was 2.87 at December 31, 2002, compared to 2.32 as of December 31, 2001.
General and administrative expenses for the three months ended December 31, 2002 were $7.7 million compared to $6.4 million for the three months ended December 31, 2001. General and administrative expenses for the year ended December 31, 2002 were $23.2 million compared to $21.0 million for the year ended December 31, 2001. Personnel costs are a substantial component of general and administrative expenses, and such costs continued to increase from the prior year consistent with the Company’s plan for increasing headcount to support its growing operations. General and administrative expenses for the year ended December 31, 2002 were 5.9% of net premiums earned, compared to 4.2% of net premiums earned for the year 2001.
Minority interest and shareholders’ equity was $709.8 million at December 31, 2002. Combined book value per share at December 31, 2002, including conversion of the non-voting Max Re Ltd. common shares held by the founding investors, was $15.73 per share compared to $14.92 at December 31, 2001.
Max Re Capital Ltd., through its principal operating subsidiary, Max Re Ltd., offers customized reinsurance solutions to property and casualty insurers, life and health insurers, and large corporations.
The above remarks about future expectations, plans and prospects for the Company are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such 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 future operating results, please refer to the Company’s most recent Annual Report on Form 10-K and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.
Contact Information: | ||
Keith S. Hynes | N. James Tees | |
Executive Vice President & CFO | Senior Vice President & Treasurer | |
441-296-8800 | 441-296-8800 | |
keithh@maxre.bm | jimt@maxre.bm |
MAX RE CAPITAL LTD.
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
(Expressed in thousands of United States Dollars, except share amounts) | ||||||||
December 31, 2002 | December 31, 2001 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 92,103 |
| $ | 98,322 |
| ||
Fixed maturities, available for sale at fair value |
| 1,279,564 |
|
| 884,069 |
| ||
Alternative investments, at fair value |
| 652,744 |
|
| 627,793 |
| ||
Accrued interest income |
| 12,304 |
|
| 10,896 |
| ||
Premiums receivable |
| 198,037 |
|
| 89,607 |
| ||
Losses recoverable from reinsurers |
| 217,172 |
|
| 173,663 |
| ||
Funds withheld |
| 55,276 |
|
| 55,480 |
| ||
Deferred acquisition costs |
| 79,551 |
|
| 39,835 |
| ||
Deferred charges |
| 32,086 |
|
| 44,437 |
| ||
Prepaid reinsurance premiums |
| 25,519 |
|
| 17,373 |
| ||
Other assets |
| 11,631 |
|
| 7,075 |
| ||
Total assets | $ | 2,655,987 |
| $ | 2,048,550 |
| ||
LIABILITIES | ||||||||
Property and casualty losses and experience refunds | $ | 787,737 |
| $ | 596,377 |
| ||
Life and annuity benefits and experience refunds |
| 405,008 |
|
| 423,767 |
| ||
Reinsurance balances payable |
| 195,642 |
|
| 129,655 |
| ||
Deposit liabilities |
| 115,513 |
|
| 79,389 |
| ||
Unearned property and casualty premiums |
| 324,387 |
|
| 110,963 |
| ||
Accounts payable and accrued expenses |
| 17,870 |
|
| 8,736 |
| ||
Bank loan |
| 100,000 |
|
| — |
| ||
Total liabilities |
| 1,946,157 |
|
| 1,348,887 |
| ||
Minority interest |
| 116,424 |
|
| 115,593 |
| ||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred shares | ||||||||
par value $1; 20,000,000 shares authorized | ||||||||
no shares issued or outstanding |
| — |
|
| — |
| ||
Common shares | ||||||||
par value $1; 200,000,000 shares authorized | ||||||||
37,998,779 shares issued and outstanding (2001 - 39,582,379) |
| 37,999 |
|
| 39,582 |
| ||
Additional paid-in capital |
| 526,582 |
|
| 543,438 |
| ||
Loans receivable from common share sales |
| (12,575 | ) |
| (12,575 | ) | ||
Unearned stock grant compensation |
| (2,656 | ) |
| (2,894 | ) | ||
Accumulated other comprehensive income |
| 48,318 |
|
| 13,475 |
| ||
Retained earnings (deficit) |
| (4,262 | ) |
| 3,044 |
| ||
Total shareholders’ equity |
| 593,406 |
|
| 584,070 |
| ||
Total liabilities, minority interest and shareholders’ equity | $ | 2,655,987 |
| $ | 2,048,550 |
| ||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)
(Expressed in thousands of United States Dollars, except shares and per share amounts)
Three Months Ended December 31 | Years Ended December 31 | |||||||||||||||
2002 | 2001 | 2002 | 2001 | |||||||||||||
REVENUES | ||||||||||||||||
Gross premiums written | $ | 124,874 |
| $ | 239,448 |
| $ | 655,970 |
| $ | 710,551 |
| ||||
Reinsurance premiums ceded |
| (2,585 | ) |
| (37,167 | ) |
| (56,000 | ) |
| (116,417 | ) | ||||
Net premiums written | $ | 122,289 |
| $ | 202,281 |
| $ | 599,970 |
| $ | 594,134 |
| ||||
Earned premiums | $ | 160,716 |
| $ | 289,807 |
| $ | 442,546 |
| $ | 599,991 |
| ||||
Earned premiums ceded |
| (13,669 | ) |
| (46,150 | ) |
| (47,854 | ) |
| (99,044 | ) | ||||
Net premiums earned |
| 147,047 |
|
| 243,657 |
|
| 394,692 |
|
| 500,947 |
| ||||
Net investment income |
| 25,387 |
|
| 11,872 |
|
| 64,962 |
|
| 43,870 |
| ||||
Net gains on alternative investments |
| 25,977 |
|
| 14,401 |
|
| 32,643 |
|
| 29,784 |
| ||||
Net realized gains on fixed maturities |
| 2,139 |
|
| 1,543 |
|
| 5,390 |
|
| 2,512 |
| ||||
Other income |
| 1,028 |
|
| 1,359 |
|
| 6,181 |
|
| 3,857 |
| ||||
Total revenues |
| 201,578 |
|
| 272,832 |
|
| 503,868 |
|
| 580,970 |
| ||||
LOSSES AND EXPENSES | ||||||||||||||||
Losses, benefits and experience refunds |
| 140,023 |
|
| 245,156 |
|
| 384,019 |
|
| 524,365 |
| ||||
Acquisition costs |
| 37,133 |
|
| 9,598 |
|
| 98,885 |
|
| 30,860 |
| ||||
Interest expense |
| 3,755 |
|
| (767 | ) |
| 4,833 |
|
| 2,079 |
| ||||
General and administrative expenses |
| 7,734 |
|
| 6,422 |
|
| 23,188 |
|
| 21,042 |
| ||||
Total losses and expenses |
| 188,645 |
|
| 260,409 |
|
| 510,925 |
|
| 578,346 |
| ||||
INCOME (LOSS) BEFORE MINORITY INTEREST |
| 12,933 |
|
| 12,423 |
|
| (7,057 | ) |
| 2,624 |
| ||||
Minority interest |
| (1,910 | ) |
| (2,274 | ) |
| 1,340 |
|
| (93 | ) | ||||
NET INCOME (LOSS) |
| 11,023 |
|
| 10,149 |
|
| (5,717 | ) |
| 2,531 |
| ||||
Change in net unrealized appreciation of fixed maturities |
| (3,889 | ) |
| (6,269 | ) |
| 34,860 |
|
| 6,674 |
| ||||
COMPREHENSIVE INCOME (LOSS) | $ | 7,134 |
| $ | 3,880 |
| $ | 29,143 |
| $ | 9,205 |
| ||||
Basic earnings (loss) per share | $ | 0.29 |
| $ | 0.26 |
| $ | (0.15 | ) | $ | 0.08 |
| ||||
Diluted earnings (loss) per share | $ | 0.29 |
| $ | 0.26 |
| $ | (0.15 | ) | $ | 0.06 |
| ||||
Diluted net operating earnings (loss) per share | $ | 0.24 |
| $ | 0.23 |
| $ | (0.27 | ) | $ | — |
| ||||
Weighted average shares outstanding—basic |
| 38,159,508 |
|
| 39,657,841 |
|
| 39,097,059 |
|
| 32,710,380 |
| ||||
Weighted average shares outstanding—diluted |
| 45,279,397 |
|
| 47,588,449 |
|
| 46,352,678 |
|
| 40,597,763 |
| ||||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(Expressed in thousands of United States Dollars)
Years ended December 31 | ||||||||
2002 | 2001 | |||||||
Preferred shares | ||||||||
Balance, beginning of period | $ | — |
| $ | — |
| ||
Balance, end of period |
| — |
|
| — |
| ||
Common shares | ||||||||
Balance, beginning of period |
| 39,582 |
|
| 27,683 |
| ||
Issuance shares |
| 262 |
|
| 13,102 |
| ||
Repurchase of shares |
| (1,845 | ) |
| (1,203 | ) | ||
Balance, end of period |
| 37,999 |
|
| 39,582 |
| ||
Additional paid-in capital | ||||||||
Balance, beginning of period |
| 543,438 |
|
| 376,905 |
| ||
Issuance shares |
| 3,736 |
|
| 198,210 |
| ||
Repurchase of shares |
| (19,058 | ) |
| (15,856 | ) | ||
Direct equity offering expenses |
| (15,821 | ) | |||||
Distribution of capital |
| (1,534 | ) | |||||
Balance, end of period |
| 526,582 |
|
| 543,438 |
| ||
Loans receivable from common share sales | ||||||||
Balance, beginning of period |
| (12,575 | ) |
| (11,650 | ) | ||
Loans granted |
| — |
|
| (1,025 | ) | ||
Loans repaid |
| — |
|
| 100 |
| ||
Balance, end of period |
| (12,575 | ) |
| (12,575 | ) | ||
Unearned stock grant compensation | ||||||||
Balance, beginning of period |
| (2,894 | ) |
| (630 | ) | ||
Stock grants awarded |
| (971 | ) |
| (3,288 | ) | ||
Amortization |
| 1,209 |
|
| 1,024 |
| ||
Balance, end of period |
| (2,656 | ) |
| (2,894 | ) | ||
Accumulated other comprehensive income | ||||||||
Balance, beginning of period |
| 13,475 |
|
| 6,801 |
| ||
Holding gains on fixed maturities |
| 46,004 |
|
| 10,652 |
| ||
Gains included in net income |
| (5,390 | ) |
| (2,512 | ) | ||
Allocation to minority interest |
| (5,771 | ) |
| (1,466 | ) | ||
Balance, end of period |
| 48,318 |
|
| 13,475 |
| ||
Retained earnings (deficit) | ||||||||
Balance, beginning of period |
| 3,044 |
|
| 1,306 |
| ||
Net income (loss) |
| (5,717 | ) |
| 2,531 |
| ||
Dividends paid |
| (1,589 | ) |
| (793 | ) | ||
Balance, end of period |
| (4,262 | ) |
| 3,044 |
| ||
Total shareholders’ equity | $ | 593,406 |
| $ | 584,070 |
| ||
MAX RE CAPITAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in thousands of United States Dollars)
Years ended December 31 | ||||||||
2002 | 2001 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | (5,717 | ) | $ | 2,531 |
| ||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||
Minority share of income (loss) |
| (1,340 | ) |
| 93 |
| ||
Amortization of unearned stock grant compensation |
| 1,210 |
|
| 1,024 |
| ||
Amortization of discount on fixed maturities |
| 1,378 |
|
| (1,015 | ) | ||
Realized gains on fixed maturities |
| (5,390 | ) |
| (2,512 | ) | ||
Net gains on alternative investments |
| (32,643 | ) |
| (29,784 | ) | ||
Accrued interest income |
| (1,408 | ) |
| (4,477 | ) | ||
Premiums receivable |
| (108,430 | ) |
| (86,899 | ) | ||
Losses recoverable from reinsurers |
| (43,509 | ) |
| (168,293 | ) | ||
Funds withheld |
| 204 |
|
| (13,489 | ) | ||
Deferred acquisition costs |
| (39,716 | ) |
| (39,835 | ) | ||
Deferred charges |
| 12,351 |
|
| (22,756 | ) | ||
Prepaid reinsurance premiums |
| (8,146 | ) |
| (17,373 | ) | ||
Other assets |
| (4,556 | ) |
| (4,108 | ) | ||
Property and casualty losses and experience refunds |
| 191,360 |
|
| 460,039 |
| ||
Life and annuity benefits and experience refunds |
| (18,759 | ) |
| 169,848 |
| ||
Reinsurance balances payable |
| 65,987 |
|
| 106,988 |
| ||
Unearned property and casualty premiums |
| 213,424 |
|
| 110,560 |
| ||
Accounts payable and accrued expenses |
| 9,134 |
|
| 1,158 |
| ||
Cash from operating activities |
| 225,434 |
|
| 461,700 |
| ||
INVESTING ACTIVITIES | ||||||||
Purchase of fixed maturities |
| (746,259 | ) |
| (588,120 | ) | ||
Sales (purchases) of alternative investments, net |
| 7,936 |
|
| (250,910 | ) | ||
Sales of fixed maturities |
| 306,241 |
|
| 178,571 |
| ||
Redemptions of fixed maturities |
| 88,905 |
|
| 16,780 |
| ||
Cash used in investing activities |
| (343,177 | ) |
| (643,679 | ) | ||
FINANCING ACTIVITIES | ||||||||
Net proceeds from issue of common shares |
| 3,027 |
|
| 191,179 |
| ||
Repurchases of common shares |
| (20,903 | ) |
| (17,059 | ) | ||
Proceeds from bank loan |
| 100,000 |
|
| — |
| ||
Dividends paid / distributions of capital |
| (3,123 | ) |
| (793 | ) | ||
Distributions to / conversion of minority shareholders |
| (3,600 | ) |
| (146 | ) | ||
Deposit liabilities, net |
| 36,124 |
|
| 79,389 |
| ||
Notes and loans repaid |
| — |
|
| 100 |
| ||
Cash from financing activities |
| 111,525 |
|
| 252,670 |
| ||
Changes in cash and cash equivalents |
| (6,218 | ) |
| 70,691 |
| ||
Cash and cash equivalents, beginning of period |
| 98,322 |
|
| 27,631 |
| ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 92,104 |
| $ | 98,322 |
| ||
MAX RE CAPITAL LTD.
SCHEDULE OF SUPPLEMENTAL DATA—DECEMBER 31, 2002
Computation of Combined Book Value per Common Share: | |||||||
$ | Shares | Per Share | |||||
Shareholders’ Equity | 593,406,668 | 37,998,779 | $ | 15.62 | |||
Minority Interest | 116,424,147 | 7,119,332 | |||||
Total Combined Equity | 709,830,815 | 45,118,111 | $ | 15.73 | |||
As of | |||||||
Selected Performance Measurements: | Year Ended 12/31/2002 | 12/31/2002 | 12/31/2001 | ||||
Return on Average Combined Equity | -1.00% | ||||||
Invested Assets to Combined Equity | 2.87 |
| 2.32 | ||||
General & Administrative Expense Ratio | 5.87% |
Year to Date Segment Information: (in 000’s US$) | Structured | Property & Casualty Alternative Risk | Traditional | Life & Annuity | Other | Consolidated | |||||||||||||||||
Gross premiums written | $ | 317,195 |
| $ | 186,200 |
| $ | 137,919 |
| $ | 14,656 |
| $ | — | $ | 655,970 |
| ||||||
Reinsurance premiums ceded |
| (44,914 | ) |
| (8,888 | ) |
| — |
|
| (2,198 | ) |
| — |
| (56,000 | ) | ||||||
Net premiums written | $ | 272,281 |
| $ | 177,312 |
| $ | 137,919 |
| $ | 12,458 |
| $ | — | $ | 599,970 |
| ||||||
Earned premiums | $ | 291,828 |
| $ | 97,152 |
| $ | 38,910 |
| $ | 14,656 |
| $ | — | $ | 442,546 |
| ||||||
Earned premiums ceded |
| (40,471 | ) |
| (5,185 | ) |
| — |
|
| (2,198 | ) |
| — |
| (47,854 | ) | ||||||
Net premiums earned |
| 251,357 |
|
| 91,967 |
|
| 38,910 |
|
| 12,458 |
|
| — |
| 394,692 |
| ||||||
Net investment income |
| — |
|
| — |
|
| — |
|
| — |
|
| 64,962 |
| 64,962 |
| ||||||
Net gains on alternative investments |
| — |
|
| — |
|
| — |
|
| — |
|
| 32,643 |
| 32,643 |
| ||||||
Net realized gains on fixed maturities |
| — |
|
| — |
|
| — |
|
| — |
|
| 5,390 |
| 5,390 |
| ||||||
Other income |
| 2,763 |
|
| 638 |
|
| — |
|
| — |
|
| 2,780 |
| 6,181 |
| ||||||
Total revenues |
| 254,120 |
|
| 92,605 |
|
| 38,910 |
|
| 12,458 |
|
| 105,775 |
| 503,868 |
| ||||||
Losses, benefits and experience refunds |
| 240,588 |
|
| 64,038 |
|
| 28,152 |
|
| 51,241 |
|
| — |
| 384,019 |
| ||||||
Acquisition costs |
| 68,663 |
|
| 21,210 |
|
| 9,218 |
|
| (206 | ) |
| — |
| 98,885 |
| ||||||
Interest expense |
| 910 |
|
| — |
|
| — |
|
| 1,610 |
|
| 2,313 |
| 4,833 |
| ||||||
General and administrative expenses |
| 3,626 |
|
| 2,129 |
|
| 1,577 |
|
| 6,616 |
|
| 9,240 |
| 23,188 |
| ||||||
Total losses and expenses |
| 313,787 |
|
| 87,377 |
|
| 38,947 |
|
| 59,261 |
|
| 11,553 |
| 510,925 |
| ||||||
Net income (loss) before minority interest | $ | (59,667 | ) | $ | 5,228 |
| $ | (37 | ) | $ | (46,803 | ) | $ | 94,222 | $ | (7,057 | ) | ||||||
Loss Ratio |
| 69.6 | % |
| 72.4 | % | |||||||||||||||||
Combined Ratio |
| 95.0 | % |
| 100.1 | % | |||||||||||||||||
Expected Cost of Funds | |||||||||||||||||||||||
Gross deposits | $ | 90,462 |
| $ | — |
| $ | — |
| $ | — |
| $ | — | $ | 90,462 |
| ||||||
Net deposits | $ | 68,115 |
| $ | — |
| $ | — |
| $ | — |
| $ | — | $ | 68,115 |
| ||||||
MAX RE CAPITAL LTD.
SCHEDULE OF SUPPLEMENTAL DATA—DECEMBER 31, 2002
Periodic Rate of Return | |||||||||||||||
Selected Investment Return Data: | Market Value* | Investment %’s | Quarter Ended | Year Ended | Inception to Date** | ||||||||||
Cash and Fixed Maturities | $ | 1,371,667 | 67.8 | % | 0.84 | % | 8.59 | % | 9.04 | % | |||||
Global Macro | $ | 93,240 | 4.6 | % | 4.16 | % | 7.35 | % | 8.49 | % | |||||
Long / Short Equity |
| 59,222 | 2.9 | % | 0.65 | % | -2.40 | % | 0.75 | % | |||||
Convertible Arbitrage |
| 36,290 | 1.8 | % | 7.88 | % | 10.00 | % | 13.83 | % | |||||
Merger Arbitrage |
| — | 0.0 | % | 0.00 | % | -0.43 | % | 3.95 | % | |||||
Diversified Arbitrage |
| 123,173 | 6.1 | % | 4.48 | % | 8.58 | % | 12.72 | % | |||||
Distressed Securities |
| 79,445 | 3.9 | % | 7.20 | % | 3.00 | % | 2.90 | % | |||||
Opportunistic |
| 33,617 | 1.7 | % | 4.11 | % | 1.74 | % | 6.80 | % | |||||
Emerging Markets |
| 24,971 | 1.2 | % | 0.97 | % | 0.33 | % | 0.33 | % | |||||
Fixed Income Arbitrage |
| 47,164 | 2.3 | % | 6.61 | % | 15.91 | % | 9.50 | % | |||||
Event-Driven Arbitrage |
| 48,286 | 2.4 | % | 2.27 | % | -0.53 | % | 7.88 | % | |||||
Commodity Trading Advisers |
| 33,440 | 1.7 | % | -6.50 | % | -2.37 | % | -2.37 | % | |||||
MDS |
| 578,848 | 28.6 | % | 4.02 | % | 4.15 | % | 5.01 | % | |||||
Insurance Underwriting |
| 73,896 | 3.6 | % | 4.06 | % | 14.19 | % | 7.04 | % | |||||
Alternative Investments | $ | 652,744 | 32.2 | % | 4.02 | % | 5.18 | % | 5.32 | % | |||||
Total Investments | $ | 2,024,411 | 100.0 | % | 1.88 | % | 7.35 | % | 7.62 | % | |||||
Comparative returns | |||||||||||||||
Lehman Aggregate Bond Index | 1.59 | % | 10.41 | % | 10.14 | % | |||||||||
Standard & Poors 500 Stock Index | 8.43 | % | -22.09 | % | -14.54 | % | |||||||||
80% Lehman Index and 20% S&P Index | 3.07 | % | 3.92 | % | 5.22 | % |
* | Expressed in thousands of United States Dollars |
** | Annualized |