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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Max Capital Grp. Ltd. (MM) | NASDAQ:MXGL | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 22.98 | 0 | 00:00:00 |
From Feb 2020 to Feb 2025
Max Capital Group Ltd. (NASDAQ:MXGL) (BSX:MXGL.BH) (“Max”) today reported net income of $36.4 million, or $0.63 per diluted share, for the quarter ended March 31, 2010, compared to net income of $44.5 million, or $0.78 per diluted share, for the quarter ended March 31, 2009.
Net operating income for the first quarter of 2010 was $40.7 million, or $0.71 per diluted share, compared to net operating income of $46.9 million, or $0.82 per diluted share, last year. Annualized net operating return on average shareholders’ equity for the first quarter of 2010 was 10.2%.
W. Marston (Marty) Becker, Chairman and Chief Executive Officer of Max, said: “The continuation of Max’s very solid financial results this quarter reflects the balance, diversification and flexibility that are the cornerstones of our business model. Where market conditions continue to provide attractive returns, we are well positioned to expand our presence, while scaling back in areas with softer pricing. As a result, our combined ratios have been maintained at strong levels even as we have decreased gross premiums written.
“Another key factor in the quarter was our relatively low property catastrophe losses. Considering the size of the industry losses for the headline cat events during the first quarter, we believe our estimated losses of approximately $10.0 million illustrate our conservative underwriting strategy, which is designed to limit our exposure to property cat events.
“Looking forward, our new Latin America team is firmly establishing itself in the market, and we expect it to make a meaningful contribution to group results before the end of this year.
“Most importantly, our ability to write a broad mix of short- and long-tail product lines from multiple jurisdictions should be further enhanced as a result of our pending merger with Harbor Point, which was approved by Max’s and Harbor Point’s respective shareholders on April 29. Once the closing occurs, the combined entity, which will be branded as Alterra Capital Holdings Limited, will bring together the first-class reinsurance group at Harbor Point with Max’s broad base of established underwriting platforms in major insurance markets worldwide. We are excited by the many opportunities that the enhanced capital base and scale of Alterra will bring to all of our underwriting platforms,” Becker added.
First quarter 2010 results for Max include:
Gross premiums written from property and casualty underwriting for the quarter ended March 31, 2010 were $370.3 million, generated by the segments as follows: insurance $66.4 million; reinsurance $154.9 million; U.S. specialty $76.9 million; and Max at Lloyd’s $72.1 million.
Segment combined ratios for the first quarter of 2010 were 86.1% for insurance, 92.7% for reinsurance, 98.8% for U.S. specialty and 82.5% for Max at Lloyd’s.
Gross premiums written decreased by $21.3 million or (24.3)% for insurance and by $78.1 million or (33.5)% for reinsurance. Gross premiums written increased by $8.1 million, or 11.8% for U.S. specialty and by $27.9 million, or 63.1%, for Max at Lloyd’s compared with the quarter ended March 31, 2009. There were no new contracts written within the life and annuity segment during the first quarter of 2010.
Balance Sheet
Total invested assets, including cash and cash equivalents, were $5.3 billion at March 31, 2010, an increase of $85.4 million from December 31, 2009. The credit quality of Max’s fixed maturities investment portfolio remains high. At March 31, 2010, 95.9% of the fixed maturities portfolio (by carrying value) was investment-grade, compared to 96.7% at December 31, 2009. Max recognized other-than-temporary impairment losses through earnings of $0.4 million for the first quarter of 2010, compared to no impairment losses during the same period in 2009.
Net investment income for the first quarter of 2010 increased to $48.4 million from $40.5 million for the same period in 2009. The increase in net investment income reflects a reduction in cash balances and increased allocation to higher-yielding fixed maturity securities.
During the first quarter of 2010, under the Board-approved share repurchase authorization, Max repurchased 516,957 of its common shares at an average price of $23.00 per share for a total amount of $11.9 million. There were no repurchases of common shares in the first quarter of 2009.
Shareholders’ equity was $1,613.1 million at March 31, 2010, an increase of 3.1% over December 31, 2009. Book value per share at March 31, 2010 was $28.31 compared to $28.01 at December 31, 2009, an increase of 1.1%. Book value per diluted share at March 31, 2010 was $27.86 compared to $27.36 at December 31, 2009, an increase of 1.8%.
Amalgamation with Harbor Point Limited
Actions required to consummate the amalgamation with Harbor Point Limited (“Harbor Point”) were approved by the shareholders of both Max and Harbor Point on April 29, 2010, and closing is expected to occur in the second quarter of 2010.
First quarter 2010 results for Harbor Point include:
A copy of Max’s financial supplement for the first quarter will be available on Max’s website at www.maxcapgroup.com shortly after the release of earnings.
Max will host a conference call on Tuesday, May 4, 2010 at 10:00am (EDT) to discuss this release with interested investors and shareholders. The conference call can be accessed via telephone by dialing 1-888-679-8018 (toll-free U.S.) or 1-617-213-4845 (international) and using access code 79071725. Live broadcast of the conference call will also be available through Max’s website at www.maxcapgroup.com.
Max Capital Group Ltd. is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers, and life and health insurers in major markets worldwide. Harbor Point Limited is a Bermuda-based holding company with property and casualty reinsurance operations in Bermuda, the USA and the UK.
Non-GAAP Financial Measures
In presenting Max’s results, management has included and discussed net operating income per diluted share, net operating return on average shareholders’ equity, book value per share and diluted book value per share. Such measures are “non-GAAP financial measures” as defined in Regulation G. Management believes that these non-GAAP financial measures, which may be defined differently by other companies, allow for a more complete understanding of Max’s business. These measures, however, should not be viewed as a substitute for those determined in accordance with U.S. GAAP. The reconciliation of such measures to their respective most directly comparable U.S. GAAP financial measures is presented in the attached financial information in accordance with Regulation G.
Cautionary Note Regarding Forward-Looking Statements
This press release may include forward-looking statements, both with respect to Max and its industry, that reflect its current views with respect to future events and financial performance. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may” and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and you should not place undue reliance on any such statements.
Max believes that these factors include, but are not limited to, the following: (1) the adequacy of loss reserves and the need to adjust such reserves as claims develop over time; (2) the failure of any of the loss limitation methods employed; (3) the effects of emerging claims and coverage issues; (4) changes in general economic conditions, including changes in capital and credit markets; (5) the effect of competition and cyclical trends, including with respect to demand and pricing in the insurance and reinsurance markets; (6) any lowering or loss of financial ratings; (7) the occurrence of natural or man-made catastrophic events with a frequency or severity exceeding expectations; (8) the loss of business provided to Max or Harbor Point by their major brokers; (9) the effect on each of Max’s and Harbor Point’s investment portfolio of changing financial market conditions including inflation, interest rates, liquidity and other factors; (10) tax and regulatory changes and conditions; (11) the integration of Max and Harbor Point or new business ventures Max may enter into; and (12) retention of key personnel, as well as management’s response to any of the aforementioned factors.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in Max’s most recent report on Form 10-K and other documents on file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by Max will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Max or its business or operations. Max undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
MAX CAPITAL GROUP LTD.
CONSOLIDATED BALANCE SHEETS (Expressed in thousands of United States Dollars, except per share and share amounts) March 31, 2010 December 31, 2009 (unaudited) ASSETS Cash and cash equivalents $ 690,246 $ 702,278 Fixed maturities, trading at fair value 219,332 228,696 Fixed maturities, available for sale at fair value 3,158,131 3,007,356 Fixed maturities, held to maturity at amortized cost (fair value $1,013,315) 954,696 1,005,947 Other investments, at fair value 322,160 314,849 Accrued interest income 51,906 57,215Premiums receivable
617,560 567,301 Losses and benefits recoverable from reinsurers 1,023,224 1,001,373 Deferred acquisition costs 72,195 65,648 Prepaid reinsurance premiums 232,947 190,613 Trades pending settlement - 76,031 Other assets 131,809 122,439 Total assets $ 7,474,206 $ 7,339,746 LIABILITIES Property and casualty losses $ 3,220,357 $ 3,178,094 Life and annuity benefits 1,306,916 1,372,513 Deposit liabilities 149,028 152,629 Funds withheld from reinsurers 138,984 140,079 Unearned property and casualty premiums 690,013 628,161 Reinsurance balances payable 168,329 146,085 Accounts payable and accrued expenses 61,955 67,088 Trades pending settlement 35,033 - Senior notes 90,475 90,464 Total liabilities 5,861,090 5,775,113 SHAREHOLDERS' EQUITYPreferred 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; 56,979,568 (2009 - 55,867,125) shares issued and outstanding
56,980 55,867 Additional paid-in capital 744,466 752,309 Accumulated other comprehensive income 49,822 25,431 Retained earnings 761,848 731,026 Total shareholders' equity 1,613,116 1,564,633 Total liabilities and shareholders' equity $ 7,474,206 $ 7,339,746 Book value per share $ 28.31 $ 28.01 Diluted book value per share $ 27.86 $ 27.36 Diluted tangible book value per share $ 27.02 $ 26.51 Diluted shares outstanding 57,890,681 57,178,458MAX CAPITAL GROUP LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Expressed in thousands of United States Dollars, except per share and share amounts) Three Months Ended March 312010
2009
REVENUES Gross premiums written $ 371,139 $ 434,273 Reinsurance premiums ceded (153,220 ) (164,379 ) Net premiums written $ 217,919 $ 269,894 Earned premiums $ 304,997 $ 309,382 Earned premiums ceded (110,757 ) (119,100 ) Net premiums earned 194,240 190,282 Net investment income 48,390 40,488 Net realized and unrealized gains on investments 6,422 18,441 Total other-than-temporary impairment losses (698 ) - Portion of loss recognized in other comprehensive income (loss), before taxes 278 - Net impairment losses recognized in earnings (420 ) - Other income 344 1,306 Total revenues 248,976 250,517 LOSSES AND EXPENSES Net losses and loss expenses 124,965 124,723 Claims and policy benefits 17,659 14,332 Acquisition costs 24,244 20,630 Interest expense 4,942 3,939 Net foreign exchange gains (2,452 ) (3,476 ) Merger and acquisition expenses 4,744 5,223 General and administrative expenses 36,528 39,060 Total losses and expenses 210,630 204,431 INCOME BEFORE TAXES 38,346 46,086 Income tax expense 1,965 1,547 NET INCOME 36,381 44,539 Change in net unrealized gains and losses on fixed maturities, net of tax 34,131 (66,098 ) Foreign currency translation adjustment (9,740 ) 3,909 COMPREHENSIVE INCOME (LOSS) $ 60,772 $ (17,650 ) Basic earnings per share $ 0.64 $ 0.79 Diluted earnings per share $ 0.63 $ 0.78 Net operating income per diluted share $ 0.71 $ 0.82 Weighted average shares outstanding - basic 56,516,593 56,637,291 Weighted average shares outstanding - diluted 57,383,748 57,183,826MAX CAPITAL GROUP LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Expressed in thousands of United States Dollars) Three Months Ended March 312010
2009
Common shares Balance, beginning of period $ 55,867 $ 55,806 Issuance of common shares, net 1,630 77 Repurchase of shares (517 ) - Balance, end of period 56,980 55,883 Additional paid-in capital Balance, beginning of period 752,309 763,391 Issuance of common shares, net (1,619 ) 318 Stock based compensation expense 5,147 4,876 Repurchase of shares (11,371 ) - Balance, end of period 744,466 768,585 Accumulated other comprehensive income (loss) Balance, beginning of period 25,431 (45,399 ) Holding gains (losses) on available for sale securities arising in period (1) 35,244 (66,146 ) Net realized (gains) losses on available for sale securities included in net income (1) (835 ) 48 Portion of other-than-temporary impairment losses recognised in other comprehensive income (1) (278 ) - Foreign currency translation adjustment (9,740 ) 3,909 Balance, end of period 49,822 (107,588 ) Retained earnings Balance, beginning of period 731,026 506,533 Net income 36,381 44,539 Dividends paid (5,559 ) (5,090 ) Balance, end of period 761,848 545,982 Total shareholders' equity $ 1,613,116 $ 1,262,862 (1) Net of taxMAX CAPITAL GROUP LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Expressed in thousands of United States Dollars) Three Months Ended March 312010
2009
OPERATING ACTIVITIES Net income $ 36,381 $ 44,539 Adjustments to reconcile net income to net cash provided by operating activities: Stock based compensation 5,147 4,876 Amortization of premium on fixed maturities 696 1,176 Accretion of deposit liabilities 1,582 565 Net realized and unrealized gains on investments (6,422 ) (18,441 ) Net impairment losses recognized in earnings 420 - Changes in: Accrued interest income 5,164 7,058 Premiums receivable (53,109 ) (119,802 ) Losses and benefits recoverable from reinsurers (28,814 ) (35,247 ) Deferred acquisition costs (7,534 ) (12,912 ) Prepaid reinsurance premiums (43,777 ) (45,927 ) Other assets (11,814 ) 2,244 Property and casualty losses 72,320 74,576 Life and annuity benefits (9,700 ) (10,045 ) Funds withheld from reinsurers (1,094 ) (15,215 ) Unearned property and casualty premiums 68,789 117,718 Reinsurance balances payable 22,578 4,520 Accounts payable and accrued expenses (4,013 ) (27,511 ) Cash provided by (used in) operating activities 46,800 (27,828 ) INVESTING ACTIVITIES Purchases of available for sale securities (422,965 ) (154,597 ) Sales of available for sale securities 132,632 60,785 Redemptions of available for sale securities 196,732 134,133 Purchases of trading securities (7,058 ) (26,073 ) Sales of trading securities - 28,539 Redemptions of trading securities 6,312 2,164 Purchases of held to maturity securities (10,243 ) - Redemptions of held to maturity securities 10,311 - Net sales of other investments 70,976 140,837 Cash (used in) provided by investing activities (23,303 ) 185,788 FINANCING ACTIVITIES Net proceeds from issuance of common shares 11 395 Repurchase of common shares (11,888 ) - Net repayments of bank loans - (75,000 ) Dividends paid (5,559 ) (5,090 ) Additions to deposit liabilities 2,006 11,649 Payment of deposit liabilities (7,378 ) (77,143 ) Cash used in financing activities (22,808 ) (145,189 ) Effect of exchange rate changes on foreign currency cash (12,721 ) (6,598 ) Net (decrease) increase in cash and cash equivalents (12,032 ) 6,173 Cash and cash equivalents, beginning of period 702,278 949,404 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 690,246 $ 955,577 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid totaled $nil and $3,568 for the three months ended March 31, 2010 and 2009, respectively. Corporate taxes paid totaled $nil and $nil for the three months ended March 31, 2010 and 2009, respectively.MAX CAPITAL GROUP LTD.
SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–THREE MONTHS ENDED MARCH 31, 2010 (Unaudited) (Expressed in thousands of United States Dollars) Year to Date Segment Information: Property & Casualty Life & Annuity Corporate Consolidated Insurance Reinsurance U.S. Specialty Max at Lloyd's Total Reinsurance Gross premiums written $ 66,421 $ 154,851 $ 76,887 $ 72,117 $ 370,276 $ 863 $ - $ 371,139 Reinsurance premiums ceded (38,576 ) (45,351 ) (49,227 ) (19,959 ) (153,113 ) (107 ) - (153,220 ) Net premiums written $ 27,845 $ 109,500 $ 27,660 $ 52,158 $ 217,163 $ 756 $ - $ 217,919 Earned premiums $ 97,041 $ 95,743 $ 73,890 $ 37,460 $ 304,134 $ 863 $ - $ 304,997 Earned premiums ceded (47,246 ) (15,958 ) (39,977 ) (7,469 ) (110,650 ) (107 ) - (110,757 ) Net premiums earned 49,795 79,785 33,913 29,991 193,484 756 - 194,240 Net investment income 6,169 10,904 1,341 2,017 20,431 13,099 14,860 48,390 Net realized and unrealized gains (losses) on investments 306 318 - (182 ) 442 5,916 64 6,422 Net impairment losses recognized in earnings - - - - - - (420 ) (420 ) Other income (11 ) - 5 178 172 (28 ) 200 344 Total revenues 56,259 91,007 35,259 32,004 214,529 19,743 14,704 248,976 Net losses and loss expenses 37,279 50,065 21,363 16,258 124,965 - - 124,965 Claims and policy benefits - - - - - 17,659 - 17,659 Acquisition costs (309 ) 14,966 3,674 5,767 24,098 146 - 24,244 Interest expense 234 1,701 - - 1,935 1,363 1,644 4,942 Net foreign exchange (gains) losses - - - (2,709 ) (2,709 ) - 257 (2,452 ) Merger and acquisition expenses - - - - - - 4,744 4,744 General and administrative expenses 5,897 8,959 8,472 2,713 26,041 657 9,830 36,528 Total losses and expenses 43,101 75,691 33,509 22,029 174,330 19,825 16,475 210,630 Income (loss) before taxes $ 13,158 $ 15,316 $ 1,750 $ 9,975 $ 40,199 $ (82 ) $ (1,771 ) $ 38,346 Loss Ratio (a) 74.9 % 62.7 % 63.0 % 54.2 % 64.6 % Combined Ratio (b) 86.1 % 92.7 % 98.8 % 82.5 % 90.5 % SCHEDULE OF SUPPLEMENTAL UNDERWRITING DATA–THREE MONTHS ENDED MARCH 31, 2009 (Unaudited) (Expressed in thousands of United States Dollars) Year to Date Segment Information: Property & Casualty Life & Annuity Corporate Consolidated Insurance Reinsurance U.S. Specialty Max at Lloyd's Total Reinsurance Gross premiums written $ 87,682 $ 232,982 $ 68,833 $ 44,179 $ 433,676 $ 597 $ - $ 434,273 Reinsurance premiums ceded (54,941 ) (51,383 ) (40,661 ) (17,301 ) (164,286 ) (93 ) - (164,379 ) Net premiums written $ 32,741 $ 181,599 $ 28,172 $ 26,878 $ 269,390 $ 504 $ - $ 269,894 Earned premiums $ 102,197 $ 123,986 $ 54,356 $ 28,246 $ 308,785 $ 597 $ - $ 309,382 Earned premiums ceded (52,153 ) (26,519 ) (32,951 ) (7,384 ) (119,007 ) (93 ) - (119,100 ) Net premiums earned 50,044 97,467 21,405 20,862 189,778 504 - 190,282 Net investment income 5,241 9,228 1,593 822 16,884 11,566 12,038 40,488 Net realized and unrealized gains on investments 1,236 3,042 148 467 4,893 7,868 5,680 18,441 Net impairment losses recognized in earnings - - - - - - - - Other income 1,147 - (152 ) 72 1,067 - 239 1,306 Total revenues 57,668 109,737 22,994 22,223 212,622 19,938 17,957 250,517 Net losses and loss expenses 36,464 66,215 12,085 9,959 124,723 - - 124,723 Claims and policy benefits - - - - - 14,332 - 14,332 Acquisition costs (1,402 ) 17,463 1,224 3,152 20,437 193 - 20,630 Interest expense - (497 ) - - (497 ) (383 ) 4,819 3,939 Net foreign exchange (gains) losses - - - (3,510 ) (3,510 ) - 34 (3,476 ) Merger and acquisition expenses - - - - - - 5,223 5,223 General and administrative expenses 5,129 7,524 7,756 4,721 25,130 694 13,236 39,060 Total losses and expenses 40,191 90,705 21,065 14,322 166,283 14,836 23,312 204,431 Income (loss) before taxes $ 17,477 $ 19,032 $ 1,929 $ 7,901 $ 46,339 $ 5,102 $ (5,355 ) $ 46,086 Loss Ratio (a) 72.9 % 67.9 % 56.5 % 47.7 % 65.7 % Combined Ratio (b) 80.3 % 93.6 % 98.4 % 85.5 % 89.7 %(a) The loss ratio is calculated by dividing net losses and loss expenses by net premiums earned.
(b) The combined ratio is calculated by dividing the sum of net losses and loss expenses, acquisition costs and general and administrative expenses by net premiums earned.MAX CAPITAL GROUP LTD.
SCHEDULE OF SUPPLEMENTAL PREMIUM DATA–THREE MONTHS ENDED MARCH 31, 2010 (Unaudited)
(Expressed in thousands of United States Dollars) Gross Premiums Written by Type of Risk:Three Months Ended March 31, 2010
Three Months Ended March 31, 2009
Gross Premiums Written Percentage of Total Gross Premiums Written
Movement on Prior Year Period
Gross Premiums Written Percentage of Total Gross Premiums Written Property & Casualty: Insurance: Aviation S $ 2,349 0.6 % (62.0 %) $ 6,185 1.4 % Excess Liability L 23,648 6.4 % (31.7 %) 34,648 8.0 % Professional Liability L 27,573 7.4 % (15.0 %) 32,441 7.5 % Property S 12,851 3.5 % (10.8 %) 14,408 3.3 % 66,421 17.9 % (24.2 %) 87,682 20.2 % Reinsurance: Agriculture S 35,806 9.6 % (59.2 %) 87,666 20.2 % Aviation S 4,822 1.3 % 15.9 % 4,159 0.9 % General Casualty L 13,051 3.5 % (28.1 %) 18,141 4.2 % Marine & Energy S 4,100 1.1 % (54.8 %) 9,078 2.1 % Medical Malpractice L 27,155 7.3 % (25.4 %) 36,393 8.4 % Other S 989 0.3 % (47.0 %) 1,866 0.4 % Professional Liability L 11,919 3.2 % 22.7 % 9,711 2.2 % Property S 45,933 12.4 % 8.9 % 42,181 9.7 % Whole Account L 2,573 0.7 % (41.2 %) 4,375 1.0 % Workers' Compensation L 8,503 2.3 % (56.2 %) 19,412 4.5 % 154,851 41.7 % (33.5 %) 232,982 53.6 % U.S. Specialty: General Liability L 23,014 6.2 % 21.5 % 18,943 4.4 % Marine S 16,063 4.3 % 8.7 % 14,781 3.4 % Professional Liability L 2,246 0.6 % n/a - - Property S 35,564 9.6 % 1.3 % 35,109 8.1 % 76,887 20.7 % 11.7 % 68,833 15.9 % Max at Lloyd's: Accident & Health S 13,410 3.6 % 8.1 % 12,410 2.9 % Aviation S 4,403 1.2 % n/a - - Financial Institutions L 6,088 1.6 % 59.2 % 3,824 0.9 % International Casualty L 13,684 3.7 % n/a - - Professional Liability L 6,896 1.9 % 147.6 % 2,785 0.6 % Property S 27,636 7.4 % 9.8 % 25,160 5.8 % 72,117 19.4 % 63.2 % 44,179 10.2 % Aggregate Property & Casualty $ 370,276 99.7 % (14.6 %) $ 433,676 99.9 % Life & Annuity: Annuity $ - - n/a $ - - Life 863 0.3 % 44.6 % 597 0.1 % Aggregate Life & Annuity $ 863 0.3 % 44.6 % $ 597 0.1 % Aggregate P&C and Life & Annuity $ 371,139 100.0 % (14.5 %) $ 434,273 100.0 % S = Short tail lines $ 203,926 55.1 % $ 253,003 58.3 % L = Long tail lines 166,350 44.9 % 180,673 41.7 % Aggregate Property & Casualty $ 370,276 $ 433,676MAX CAPITAL GROUP LTD.
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (Unaudited) Net Operating Income per Diluted Share (Expressed in thousands of United States Dollars, except per share and share amounts) Three Months Ended March 312010
2009
Net income $ 36,381 $ 44,539 Net realized and unrealized losses (gains) on fixed maturities, net of tax (1) 1,236 (285 ) Foreign exchange losses gains, net of tax (1,680 ) (2,544 ) Merger and acquisition expenses, net of tax 4,744 5,223 Net operating income $ 40,681 $ 46,933 Net income per diluted share $ 0.63 $ 0.78 Net realized and unrealized losses (gains) on fixed maturities, net of tax (1) 0.02 (0.01 ) Foreign exchange losses gains, net of tax (0.03 ) (0.04 ) Merger and acquisition expenses, net of tax 0.09 0.09 Net operating income per diluted share $ 0.71 $ 0.82 Weighted average shares outstanding - basic 56,516,593 56,637,291 Weighted average shares outstanding - diluted 57,383,748 57,183,826(1) Net realized and unrealized losses (gains) on fixed maturities includes realized and unrealized (gains) losses on trading securities, realised (gains) losses on available for sale securities, net impairment losses recognized in earnings, and changes in fair value of investment derivatives.
Annualized Return and Annualized Net Operating Return on Average Shareholders' Equity (Expressed in thousands of United States Dollars) Three Months Ended March 312010
2009
Net income $ 36,381 $ 44,539 Annualized net income 145,524 178,156 Net operating income $ 40,681 $ 46,933 Annualized net operating income 162,724 187,732 Beginning shareholders' equity $ 1,564,633 $ 1,280,331 Ending shareholders' equity 1,613,116 1,262,862 Average shareholders' equity 1,588,875 1,271,597 Annualized return on average shareholders' equity 9.2 % 14.0 % Annualized net operating return on average shareholders' equity 10.2 % 14.8 % Diluted Tangible Book Value Per Share (Expressed in thousands of United States Dollars, except per share and share amounts)March 31, 2010
December 31, 2009
Shareholders' equity $ 1,613,116 $ 1,564,633 Goodwill and intangible assets (48,686 ) (48,686 ) Tangible book value $ 1,564,430 $ 1,515,947 Diluted shares outstanding 57,890,681 57,178,458 Diluted tangible book value per share $ 27.02 $ 26.51MAX CAPITAL GROUP LTD.
SCHEDULE OF SUPPLEMENTAL INVESTMENT DATA– MARCH 31, 2010 (Unaudited) (Expressed in thousands of United States Dollars) Type of Investment As at March 31, 2010 Investment Distribution As at December 31, 2009 Investment Distribution Cash and cash equivalents $ 690,246 12.9 % $ 702,278 13.4 % U.S. government and agencies 635,025 11.9 % 525,427 10.0 % Non-U.S. government 71,899 1.4 % 82,027 1.5 % Corporate securities 1,406,131 26.3 % 1,375,999 26.2 % Municipal securities 105,722 2.0 % 83,658 1.6 % Asset-backed securities 80,816 1.5 % 102,006 1.9 % Residential mortgage-backed securities 787,997 14.7 % 763,974 14.5 % Commercial mortgage-backed securities 289,873 5.4 % 302,961 5.8 % Fixed maturities at fair value $ 3,377,463 63.2 % $ 3,236,052 61.5 % U.S. government and agencies $ 20,550 0.4 % $ 14,050 0.3 % Non-U.S. government 544,527 10.2 % 573,250 10.9 % Corporate securities 389,619 7.3 % 418,647 7.9 % Fixed maturities at amortized cost $ 954,696 17.9 % $ 1,005,947 19.1 % Other investments $ 322,160 6.0 % $ 314,849 6.0 % Total invested assets $ 5,344,565 100.0 % $ 5,259,126 100.0 % Credit Rating As at March 31, 2010 Ratings Distribution As at December 31, 2009 Ratings Distribution U.S. government and agencies (1) $ 1,355,551 31.3 % $ 1,214,895 28.6 % AAA 701,036 16.2 % 720,364 17.0 % AA 326,142 7.5 % 325,997 7.7 % A 732,917 16.9 % 731,723 17.3 % BBB 86,925 2.0 % 100,841 2.4 % BB 23,884 0.6 % 34,781 0.8 % B or lower 151,008 3.5 % 107,451 2.5 % Fixed Maturities at fair value $ 3,377,463 78.0 % $ 3,236,052 76.3 % U.S. government and agencies $ 20,550 0.5 % $ 14,050 0.3 % AAA 675,447 15.6 % 717,954 16.9 % AA 94,101 2.2 % 101,675 2.4 % A 150,602 3.5 % 158,141 3.7 % BBB 12,609 0.2 % 12,672 0.3 % BB - - - - B or lower 1,387 0.0 % 1,455 0.1 % Fixed Maturities at amortized cost $ 954,696 22.0 % $ 1,005,947 23.7 % Total fixed maturities $ 4,332,159 100.0 % $ 4,241,999 100.0 % (1) Included within U.S. Government and Agencies are Agency-issued Residential Mortgage-Backed Securities with a fair value of $720,526 (December 31, 2009; $689,468) Three Months Ended March 312010
2009
Net investment income $ 48,390 $ 40,488 Change in fair value of other investments 7,288 18,013 Realized and unrealized (losses) gains on trading fixed maturities (182 ) 467 Net realized gains (losses) on available for sale fixed maturities 838 (39 ) Change in fair value of derivatives (1,522 ) - Net realized and unrealized gains on investments $ 6,422 $ 18,441 Net impairment losses recognized in earnings $ (420 ) $ -
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