Exhibit 99.1
MAX CAPITAL GROUP LTD. REPORTS FIRST-QUARTER FINANCIAL RESULTS
HAMILTON, BERMUDA, May 7, 2007—Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL BH) today reported net income for the three months ended March 31, 2007, of $80.0 million, or $1.24 per diluted share, compared to net income of $75.3 million, or $1.19 per diluted share, for the three months ended March 31, 2006. Net operating income, which represents net income adjusted for net realized gains and losses on sales of fixed maturities, for the three months ended March 31, 2007, was $81.0 million, or $1.26 per diluted share, compared with net operating income of $76.9 million, or $1.21 per diluted share, for the three months ended March 31, 2006.
W. Marston Becker, Chairman and Chief Executive Officer of Max Capital, said: “Our solid underwriting results, coupled with strong investment returns, have provided a great start to 2007. We continue to emphasize balance and diversification in our underwriting, which we believe will result in consistent positive returns over time. While our first quarter 2007 gross premium written is lower than the same period in 2006, it is in line with our 2007 budgeted production. I am also pleased to note that subsequent to March 31, 2007, as previously announced, we completed the establishment of our U.S.-based excess and surplus lines platform, Max Specialty Insurance Company, and have commenced underwriting excess and surplus lines business in niche markets.”
Gross premiums written for the three months ended March 31, 2007 were $213.6 million, of which $213.0 million came from property and casualty underwriting and $0.6 million from life and annuity underwriting, compared to $255.9 million, of which $255.1 million came from property and casualty underwriting and $0.8 million from life and annuity underwriting, for the three months ended March 31, 2006. Gross premiums written include neither any new life and annuity reinsurance premiums nor any premiums for our recently established excess and surplus lines business. Reinsurance and insurance products accounted for 63.4% and 36.6%, respectively, of property and casualty gross premiums written in the three months ended March 31, 2007, compared to 72.5% and 27.5%, respectively, of property and casualty gross premiums written for the three months ended March 31, 2006. Net premiums earned for the three months ended March 31, 2007 were $139.4 million compared to $159.8 million for the same period of 2006. The decline in net premiums earned for the three months ended March 31, 2007, principally reflects the increase in our use of reinsurance in order to manage our net exposure retained.
Net investment income for the three months ended March 31, 2007, increased to $42.8 million from $34.0 million for the same period in 2006. The increase is principally attributable to a year-over-year increase in cash and fixed maturities balances and higher yields on fixed-maturity investments. Net gains on alternative investments for the three months ended March 31, 2007, were $54.1 million, or a 4.8% rate of return, compared to net gains on alternative investments of $54.9 million, or a 4.4% rate of return, for the same period of 2006. Invested assets were $4.8 billion as of March 31, 2007, with an allocation of 76.7% to cash and fixed maturities and 23.3% to alternative investments.
Total revenue for the three months ended March 31, 2007, decreased 4.8% to $235.6 million, compared to $247.5 million for the same period in 2006. The decline in revenue in the three months to March 31, 2007, is principally attributable to the 12.7% decrease in net premiums earned over the same period in 2006, partially offset by the increase in net investment income.
Losses and benefits were $107.0 million for the three months ended March 31, 2007, compared to $125.6 million for the same period in 2006. The decrease in losses and benefits for the three months ended March 31, 2007, is principally attributable to the decrease in premiums earned. There were no significant changes in prior-period reserves during the three months ended March 31, 2007.
Acquisition costs for the three months ended March 31, 2007, were $14.9 million compared to $21.5 million for the same period in 2006. The decrease reflects the lower net premiums earned in 2007 compared to 2006.
Interest expense for the three months ended March 31, 2007, was $8.1 million compared to $3.3 million for the same period in 2006, principally attributable to interest crediting rates on funds withheld balances, which are based on the total return of two fixed income indices. The total return was positive in the three months ended March 31, 2007, compared to a negative return for the three months ended March 31, 2006.
General and administrative expenses for the three months ended March 31, 2007, were $25.4 million compared to $21.8 million for the same period in 2006. The increase in general and administrative expenses for the three months ended March 31, 2007, principally reflects start-up costs associated with our newly launched U.S.-based excess and surplus lines operations.
Shareholders’ equity was $1,448.1 million at March 31, 2007. Book value per share at March 31, 2007 was $24.01 per share, compared to $23.06 at December 31, 2006. Annualized return on average shareholders’ equity for the three months ended March 31, 2007, was 22.5%.
During the three months ended March 31, 2007, Max Capital repurchased 795,100 common shares at an average price per share of $24.69 under the board-approved share repurchase plan. On May 4, 2007, Max Capital’s Board of Directors approved an increase in the share repurchase plan, increasing the dollar value of shares that may be repurchased to $50.0 million from the $16.4 million remaining under the previous share repurchase authorization.
Certain non-GAAP financial measures that are included in this press release are defined in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006.
Max Capital Group Ltd., through its operating subsidiaries, provides specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers.
This release includes statements about future expectations, plans and prospects of the Company that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements, including the risk that the SEC’s view of the conclusions reached by the Audit and Risk Management Committee of the Company’s Board of Directors in connection with the internal review of three finite risk retrocessional contracts written in 2001 and 2003, which caused the Company to restate its audited financial statements for the years ended December 31, 2005, 2004, 2003, 2002 and 2001 and unaudited financial statements for the periods ended March 31, 2006, and June 30, 2006, may differ, perhaps materially, and result in material changes to information contained in the Company’s past SEC filings, including financial statements and financial information. For further information regarding cautionary statements and factors affecting future results, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, and other documents filed by the Company with the SEC. 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.
Contacts | ||||
N. James Tees | Roy Winnick | |||
Executive Vice President | Kekst and Company | |||
jim.tees@maxcapgroup.com | roy-winnick@kekst.com | |||
1-441-296-8800 | 1-212-521-4842 |
(tables follow)
2
MAX CAPITAL GROUP LTD.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States Dollars, except per share and share amounts)
March 31, 2007 | December 31, 2006 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 358,037 | $ | 441,895 | ||||
Fixed maturities, available for sale at fair value | 3,285,414 | 3,028,108 | ||||||
Alternative investments, at fair value | 1,107,890 | 1,065,874 | ||||||
Accrued interest income | 38,142 | 38,922 | ||||||
Premiums receivable | 417,295 | 390,889 | ||||||
Losses and benefits recoverable from reinsurers | 569,682 | 538,009 | ||||||
Funds withheld | 14,498 | 15,385 | ||||||
Deferred acquisition costs | 51,742 | 49,064 | ||||||
Prepaid reinsurance premiums | 118,533 | 104,443 | ||||||
Receivable for securities redeemed | 17,798 | 136,563 | ||||||
Other assets | 42,938 | 39,832 | ||||||
Total assets | $ | 6,021,969 | $ | 5,848,984 | ||||
LIABILITIES | ||||||||
Property and casualty losses | $ | 2,421,616 | $ | 2,335,109 | ||||
Life and annuity benefits | 882,830 | 895,560 | ||||||
Deposit liabilities | 204,618 | 204,389 | ||||||
Funds withheld from reinsurers | 254,880 | 254,723 | ||||||
Unearned property and casualty premiums | 448,293 | 436,476 | ||||||
Reinsurance balances payable | 86,230 | 79,506 | ||||||
Accounts payable and accrued expenses | 40,389 | 103,160 | ||||||
Bank loan | 235,000 | 150,000 | ||||||
Total liabilities | 4,573,856 | 4,458,923 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred shares (par value $1.00) 20,000,000 shares authorized; no shares issued or outstanding | — | — | ||||||
Common shares (par value $1.00) 200,000,000 shares authorized; 60,305,517 (2006—60,276,560) shares issued and outstanding | 60,306 | 60,277 | ||||||
Additional paid-in capital | 949,257 | 950,862 | ||||||
Unearned stock grant compensation | (29,303 | ) | (17,570 | ) | ||||
Accumulated other comprehensive loss | (26,044 | ) | (21,688 | ) | ||||
Retained earnings | 493,897 | 418,180 | ||||||
Total shareholders’ equity | 1,448,113 | 1,390,061 | ||||||
Total liabilities and shareholders’ equity | $ | 6,021,969 | $ | 5,848,984 | ||||
Book Value Per Share | $ | 24.01 | $ | 23.06 | ||||
3
MAX CAPITAL GROUP 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 March 31 | ||||||||
2007 | 2006 | |||||||
REVENUES | ||||||||
Gross premiums written | $ | 213,598 | $ | 255,924 | ||||
Reinsurance premiums ceded | (76,208 | ) | (57,762 | ) | ||||
Net premiums written | $ | 137,390 | $ | 198,162 | ||||
Earned premiums | $ | 201,492 | $ | 206,126 | ||||
Earned premiums ceded | (62,070 | ) | (46,369 | ) | ||||
Net premiums earned | 139,422 | 159,757 | ||||||
Net investment income | 42,817 | 34,029 | ||||||
Net gains on alternative investments | 54,112 | 54,859 | ||||||
Net realized losses on sale of fixed maturities | (1,043 | ) | (1,676 | ) | ||||
Other income | 174 | 500 | ||||||
Total revenues | 235,482 | 247,469 | ||||||
LOSSES AND EXPENSES | ||||||||
Losses and benefits | 107,015 | 125,599 | ||||||
Acquisition costs | 14,926 | 21,543 | ||||||
Interest expense | 8,107 | 3,295 | ||||||
General and administrative expenses | 25,441 | 21,759 | ||||||
Total losses and expenses | 155,489 | 172,196 | ||||||
NET INCOME | 79,993 | 75,273 | ||||||
Change in net unrealized appreciation of fixed maturities | (4,740 | ) | (50,069 | ) | ||||
Foreign currency translation adjustment | 384 | 1,098 | ||||||
COMPREHENSIVE INCOME | $ | 75,637 | $ | 26,302 | ||||
Basic earnings per share | $ | 1.32 | $ | 1.27 | ||||
Diluted earnings per share | $ | 1.24 | $ | 1.19 | ||||
Diluted net operating earnings per share | $ | 1.26 | $ | 1.21 | ||||
Weighted average shares outstanding—basic | 60,799,481 | 59,104,352 | ||||||
Weighted average shares outstanding—diluted | 64,491,168 | 63,516,268 | ||||||
4
MAX CAPITAL GROUP LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(Expressed in thousands of United States Dollars)
Three Months Ended March 31, | ||||||||
2007 | 2006 | |||||||
Preferred shares | ||||||||
Balance, beginning of period | $ | — | $ | — | ||||
Balance, end of period | — | — | ||||||
Common shares | ||||||||
Balance, beginning of period | 60,277 | 58,829 | ||||||
Issue of shares | 824 | 544 | ||||||
Repurchase of shares | (795 | ) | — | |||||
Balance, end of period | 60,306 | 59,373 | ||||||
Additional paid-in capital | ||||||||
Balance, beginning of period | 950,862 | 921,384 | ||||||
Issue of common shares | 16,544 | 12,529 | ||||||
Stock option expense | 689 | 278 | ||||||
Repurchase of shares | (18,838 | ) | — | |||||
Balance, end of period | 949,257 | 934,191 | ||||||
Loans receivable from common share sales | ||||||||
Balance, beginning of period | — | (465 | ) | |||||
Loans repaid | — | 165 | ||||||
Balance, end of period | — | (300 | ) | |||||
Unearned stock grant compensation | ||||||||
Balance, beginning of period | (17,570 | ) | (14,574 | ) | ||||
Stock grants awarded | (15,734 | ) | (12,596 | ) | ||||
Amortization | 4,001 | 3,096 | ||||||
Balance, end of period | (29,303 | ) | (24,074 | ) | ||||
Accumulated other comprehensive income (loss) | ||||||||
Balance, beginning of period | (21,688 | ) | 4,981 | |||||
Holding losses on fixed maturities arising in period | (5,783 | ) | (51,745 | ) | ||||
Net realized losses included in net income | 1,043 | 1,676 | ||||||
Currency translation adjustments | 384 | 1,098 | ||||||
Balance, end of period | (26,044 | ) | (43,990 | ) | ||||
Retained earnings | ||||||||
Balance, beginning of period | 418,180 | 215,565 | ||||||
Net income | 79,993 | 75,273 | ||||||
Dividends paid | (4,276 | ) | (2,969 | ) | ||||
Balance, end of period | 493,897 | 287,869 | ||||||
Total shareholders’ equity | $ | 1,448,113 | $ | 1,213,069 | ||||
5
MAX CAPITAL GROUP LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in thousands of United States Dollars)
Three Months Ended March 31 | ||||||||
2007 | 2006 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 79,993 | $ | 75,273 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Stock based compensation | 4,691 | 3,374 | ||||||
Amortization of premium on fixed maturities | 1,298 | 1,864 | ||||||
Accretion of deposit liabilities | 1,584 | 1,013 | ||||||
Net realized losses on sale of fixed maturities | 1,043 | 1,676 | ||||||
Alternative investments | (42,053 | ) | (40,091 | ) | ||||
Accrued interest income | 780 | 1,072 | ||||||
Premiums receivable | (26,406 | ) | (18,548 | ) | ||||
Losses and benefits recoverable from reinsurers | (31,673 | ) | (13,676 | ) | ||||
Funds withheld | 887 | 294 | ||||||
Deferred acquisition costs | (2,678 | ) | (7,696 | ) | ||||
Prepaid reinsurance premiums | (14,090 | ) | (11,669 | ) | ||||
Receivable for securities redeemed | 118,765 | 4,534 | ||||||
Other assets | (3,106 | ) | (2,562 | ) | ||||
Property and casualty losses | 86,507 | 81,033 | ||||||
Life and annuity benefits | (12,730 | ) | (582 | ) | ||||
Funds withheld from reinsurers | 157 | (15,404 | ) | |||||
Unearned property and casualty premiums | 11,817 | 50,720 | ||||||
Reinsurance balances payable | 6,724 | (5,181 | ) | |||||
Accounts payable and accrued expenses | (62,771 | ) | 10,614 | |||||
Cash provided by operating activities | 118,739 | 116,058 | ||||||
INVESTING ACTIVITIES | ||||||||
Purchases of fixed maturities | (469,761 | ) | (211,424 | ) | ||||
Sales of fixed maturities | 81,531 | 113,290 | ||||||
Redemptions of fixed maturities | 123,880 | 31,570 | ||||||
Cash used in investing activities | (264,350 | ) | (66,564 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Net proceeds from issuance of common shares | 1,633 | 477 | ||||||
Repurchase of common shares | (19,633 | ) | — | |||||
Proceeds from bank loan | 85,000 | — | ||||||
Dividends | (4,276 | ) | (2,969 | ) | ||||
Additions to deposit liabilities | 239 | 4,524 | ||||||
Payment of deposit liabilities | (1,594 | ) | (30,034 | ) | ||||
Notes and loans repaid | — | 165 | ||||||
Cash provided by (used in) financing activities | 61,369 | (27,837 | ) | |||||
Effect of exchange rate on cash | 384 | 1,098 | ||||||
Net (decrease) increase in cash and cash equivalents | (83,858 | ) | 22,755 | |||||
Cash and cash equivalents, beginning of period | 441,895 | 314,031 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 358,037 | $ | 336,786 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Interest paid totaled $3,411 and $2,716 for the three months ended March 31, 2007 and 2006, respectively. | ||||||||
No corporate taxes were paid during the three months ended March 31, 2007 and 2006. |
6
MAX CAPITAL GROUP LTD.
SCHEDULE OF SUPPLEMENTAL DATA—THREE MONTHS TO MARCH 31, 2007 (Unaudited)
Quarter Segment Information: (in 000’s US$) | Property & Casualty | Life & Annuity | Corporate | Consolidated | ||||||||||||||||||||
Reinsurance | Insurance | Total | Reinsurance | |||||||||||||||||||||
Gross premiums written | $ | 135,014 | $ | 78,034 | $ | 213,048 | $ | 550 | $ | — | $ | 213,598 | ||||||||||||
Reinsurance premiums ceded | (23,549 | ) | (52,549 | ) | (76,098 | ) | (110 | ) | — | (76,208 | ) | |||||||||||||
Net premiums written | $ | 111,465 | $ | 25,485 | $ | 136,950 | $ | 440 | $ | — | $ | 137,390 | ||||||||||||
Earned premiums | $ | 98,896 | $ | 102,046 | $ | 200,942 | $ | 550 | $ | — | $ | 201,492 | ||||||||||||
Earned premiums ceded | (10,476 | ) | (51,484 | ) | (61,960 | ) | (110 | ) | — | (62,070 | ) | |||||||||||||
Net premiums earned | 88,420 | 50,562 | 138,982 | 440 | — | 139,422 | ||||||||||||||||||
Net investment income | 10,735 | 3,944 | 14,679 | 7,356 | 20,782 | 42,817 | ||||||||||||||||||
Net gains on alternative investments | 16,422 | 4,375 | 20,797 | 17,496 | 15,819 | 54,112 | ||||||||||||||||||
Net realized losses on sales of fixed maturities | — | — | — | — | (1,043 | ) | (1,043 | ) | ||||||||||||||||
Other income | — | — | — | — | 174 | 174 | ||||||||||||||||||
Total revenues | 115,577 | 58,881 | 174,458 | 25,292 | 35,732 | 235,482 | ||||||||||||||||||
Losses and benefits | 59,764 | 36,834 | 96,598 | 10,417 | — | 107,015 | ||||||||||||||||||
Acquisition costs | 15,256 | (591 | ) | 14,665 | 261 | — | 14,926 | |||||||||||||||||
Interest expense | 3,031 | — | 3,031 | 1,664 | 3,412 | 8,107 | ||||||||||||||||||
General and administrative expenses | 7,270 | 4,384 | 11,654 | 711 | 13,076 | 25,441 | ||||||||||||||||||
Total losses and expenses | 85,321 | 40,627 | 125,948 | 13,053 | 16,488 | 155,489 | ||||||||||||||||||
Net income | $ | 30,256 | $ | 18,254 | $ | 48,510 | $ | 12,239 | $ | 19,244 | $ | 79,993 | ||||||||||||
Loss Ratio (a) | 67.6 | % | 72.8 | % | 69.5 | % | ||||||||||||||||||
Combined Ratio (b) | 93.1 | % | 80.4 | % | 88.4 | % | ||||||||||||||||||
SCHEDULE OF SUPPLEMENTAL DATA—THREE MONTHS TO MARCH 31, 2006 (Unaudited) | ||||||||||||||||||||||||
Quarter Segment Information: (in 000’s US$) | Property & Casualty | Life & Annuity | Corporate | Consolidated | ||||||||||||||||||||
Reinsurance | Insurance | Total | Reinsurance | |||||||||||||||||||||
Gross premiums written | $ | 184,983 | $ | 70,166 | $ | 255,149 | $ | 775 | $ | — | $ | 255,924 | ||||||||||||
Reinsurance premiums ceded | (16,059 | ) | (41,548 | ) | (57,607 | ) | (155 | ) | — | (57,762 | ) | |||||||||||||
Net premiums written | $ | 168,924 | $ | 28,618 | $ | 197,542 | $ | 620 | $ | — | $ | 198,162 | ||||||||||||
Earned premiums | $ | 117,034 | $ | 88,317 | $ | 205,351 | $ | 775 | $ | — | $ | 206,126 | ||||||||||||
Earned premiums ceded | (7,916 | ) | (38,298 | ) | (46,214 | ) | (155 | ) | — | (46,369 | ) | |||||||||||||
Net premiums earned | 109,118 | 50,019 | 159,137 | 620 | — | 159,757 | ||||||||||||||||||
Net investment income | 8,452 | 3,365 | 11,817 | 7,497 | 14,715 | 34,029 | ||||||||||||||||||
Net gains on alternative investments | 13,059 | 3,923 | 16,982 | 15,657 | 22,220 | 54,859 | ||||||||||||||||||
Net realized gains on sales of fixed maturities | — | — | — | — | (1,676 | ) | (1,676 | ) | ||||||||||||||||
Other income | — | — | — | — | 500 | 500 | ||||||||||||||||||
Total revenues | 130,629 | 57,307 | 187,936 | 23,774 | 35,759 | 247,469 | ||||||||||||||||||
Losses and benefits | 77,447 | 37,109 | 114,556 | 11,043 | — | 125,599 | ||||||||||||||||||
Acquisition costs | 20,831 | 453 | 21,284 | 259 | — | 21,543 | ||||||||||||||||||
Interest expense | (540 | ) | — | (540 | ) | 1,075 | 2,760 | 3,295 | ||||||||||||||||
General and administrative expenses | 5,761 | 3,690 | 9,451 | 644 | 11,664 | 21,759 | ||||||||||||||||||
Total losses and expenses | 103,499 | 41,252 | 144,751 | 13,021 | 14,424 | 172,196 | ||||||||||||||||||
Net income | $ | 27,130 | $ | 16,055 | $ | 43,185 | $ | 10,753 | $ | 21,335 | $ | 75,273 | ||||||||||||
Loss Ratio (a) | 71.0 | % | 74.2 | % | 72.0 | % | ||||||||||||||||||
Combined Ratio (b) | 95.3 | % | 82.5 | % | 91.3 | % |
(a) | The loss ratio is calculated by dividing losses and benefits by net premiums earned. |
(b) | The combined ratio is calculated by dividing the sum of losses and benefits, acquisition costs and general and administrative expenses by net premiums earned. |
7
MAX CAPITAL GROUP LTD.
SCHEDULE OF SUPPLEMENTAL DATA—THREE MONTHS TO MARCH 31, 2007 (Unaudited)
Three months to March 31, 2007 | Three months to March 31, 2006 | |||||||||||
Gross Premiums Written* | Percentage of Total Premiums Written | Gross Premiums Written* | Percentage of Total Premiums Written | |||||||||
Gross Premiums Written by Type of Risk: | ||||||||||||
Property and Casualty Reinsurance: | ||||||||||||
Accident & Health | $ | — | 0.0 | % | $ | 6,333 | 2.5 | % | ||||
Aviation | 8,131 | 3.8 | % | 13,415 | 5.2 | % | ||||||
Excess Liability | 6,330 | 3.0 | % | 30,255 | 11.8 | % | ||||||
Medical Malpractice | 21,286 | 9.9 | % | 23,834 | 9.3 | % | ||||||
Other | 390 | 0.2 | % | 3,413 | 1.4 | % | ||||||
Professional Liability | 9,340 | 4.4 | % | 14,868 | 5.8 | % | ||||||
Property, Marine & Energy | 65,528 | 30.7 | % | 40,486 | 15.8 | % | ||||||
Whole Account | 5,880 | 2.7 | % | 30,175 | 11.8 | % | ||||||
Workers’ Compensation | 18,129 | 8.5 | % | 22,204 | 8.7 | % | ||||||
135,014 | 63.2 | % | 184,983 | 72.3 | % | |||||||
Property and Casualty Insurance: | ||||||||||||
Aviation | 4,048 | 1.9 | % | 1,932 | 0.8 | % | ||||||
Excess Liability | 38,199 | 17.9 | % | 36,494 | 14.2 | % | ||||||
Professional Liability | 25,359 | 11.8 | % | 22,834 | 8.9 | % | ||||||
Property | 10,428 | 4.9 | % | 8,906 | 3.5 | % | ||||||
78,034 | 36.5 | % | 70,166 | 27.4 | % | |||||||
Aggregate Property and Casualty | $ | 213,048 | 99.7 | % | $ | 255,149 | 99.7 | % | ||||
Life & Annuity: | ||||||||||||
Annuity | $ | — | 0.0 | % | $ | — | 0.0 | % | ||||
Health | — | 0.0 | % | — | 0.0 | % | ||||||
Life | 550 | 0.3 | % | 775 | 0.3 | % | ||||||
Aggregate Life & Annuity | 550 | 0.3 | % | 775 | 0.3 | % | ||||||
Aggregate P&C and Life & Annuity | $ | 213,598 | 100.0 | % | $ | 255,924 | 100.0 | % | ||||
Periodic Rate of Return | |||||||||||||||
Fair Value* | Investment %’s | Last 3 Months | Year to Date | Last 60 months** | |||||||||||
Selected Investment Return Data: | |||||||||||||||
Cash and Fixed Maturities | $ | 3,643,451 | 76.7 | % | 1.18 | % | 1.18 | % | 5.00 | % | |||||
Commodity Trading Advisers | $ | 27,580 | 0.6 | % | -0.64 | % | -0.64 | % | 5.69 | % | |||||
Distressed Securities | 216,658 | 4.5 | % | 5.05 | % | 5.05 | % | 19.43 | % | ||||||
Diversified Arbitrage | 173,802 | 3.7 | % | 4.56 | % | 4.56 | % | 7.17 | % | ||||||
Emerging Markets | 113,166 | 2.4 | % | 4.65 | % | 4.65 | % | 15.81 | % | ||||||
Event-Driven Arbitrage | 169,005 | 3.5 | % | 9.55 | % | 9.55 | % | 13.20 | % | ||||||
Fixed Income Arbitrage | 26,674 | 0.6 | % | 3.97 | % | 3.97 | % | 7.18 | % | ||||||
Global Macro | 62,093 | 1.3 | % | 2.73 | % | 2.73 | % | 9.73 | % | ||||||
Long / Short Credit | 83,908 | 1.8 | % | 3.94 | % | 3.94 | % | 12.71 | % | ||||||
Long / Short Equity | 201,106 | 4.2 | % | 5.16 | % | 5.16 | % | 7.17 | % | ||||||
Opportunistic | 31,254 | 0.6 | % | 6.27 | % | 6.27 | % | 17.32 | % | ||||||
MDS | 1,105,246 | 23.2 | % | 4.75 | % | 4.75 | % | 9.44 | % | ||||||
Reinsurance Private Equity | 2,644 | 0.1 | % | 6.05 | % | 6.05 | % | -1.68 | % | ||||||
Alternative Investments | $ | 1,107,890 | 23.3 | % | 4.75 | % | 4.75 | % | 8.89 | % | |||||
Total Investments | $ | 4,751,341 | 100.0 | % | 2.07 | % | 2.07 | % | 6.27 | % | |||||
* | Expressed in thousands of United States Dollars |
** | Annualized |
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