Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL BH) today
announced that preliminary estimates of combined claims for the
Chilean earthquake of February 7, 2010 and winter storm Xynthia,
which crossed Western Europe from February 26 to 28, 2010, range
from $10 million to $20 million, net of reinstatement provisions
and retrocessions.
W. Marston (Marty) Becker, Chairman and Chief Executive Officer
of Max Capital, said: "Our projected claims from the Chilean
earthquake and storm Xynthia are well within our normal loss
provisions. In addition, in connection with Max’s previously
announced pending merger with Harbor Point Limited, we believe that
the equivalent preliminary estimate, on a pro forma basis after
giving effect to the combination, would have been in the range of
$30 million to $50 million, net of reinstatement provisions and
retrocessions ─ also within the normal loss provisions for the
pro-forma combined organization."
Max Capital's and Harbor Point’s loss estimates are based on
proprietary modeling analysis, the assessment of individual
treaties, and data from clients and brokers. Additionally,
aftershocks are continuing in Chile with no reports as of yet on
the extent of any related damages. Significant changes in these
loss estimates may occur.
About Max Capital Group Ltd.
Operating from offices in Bermuda, Ireland, the U.S., Latin
America, and at Lloyd's, 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.
About Harbor Point Limited
Harbor Point Limited is a Bermuda-based holding company with
property and casualty reinsurance operations in Bermuda, the U.S.
and the UK.
Cautionary Note Regarding Forward-Looking Statements:
This press release includes statements about future economic
performance, finances, expectations, plans and prospects of Max and
Harbor Point, both individually and on a consolidated basis, 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 expressed in or suggested by such statements.
For further information regarding cautionary statements and factors
affecting future results of Max, please refer to the most recent
Annual Report on Form 10-K (as amended by Max’s Form 10-K/A on
March 12, 2010), Quarterly Reports on Form 10-Q filed subsequent to
the Annual Report and other documents filed by Max with the
Securities Exchange Commission (“SEC”) and, in the case of Harbor
Point, please refer to the joint proxy statement/prospectus
included in the Registration Statement on Form S-4 filed by Max
with the SEC. These documents are also available free of charge, in
the case of Max, by directing a request to Max through Joe Roberts,
Chief Financial Officer, or Susan Spivak Bernstein, Senior Vice
President, Investor Relations, at 441-295-8800 and, in the case of
Harbor Point, by directing a request to Gayle Gorman, Senior Vice
President, at 441-294-6743. Neither Max nor Harbor Point undertakes
any obligation to update or revise publicly any forward-looking
statement whether as a result of new information, future
developments or otherwise.
This press release contains certain forward-looking statements
within the meaning of the U.S. federal securities laws. Statements
that are not historical facts, including statements about our
beliefs, plans or expectations, are forward-looking statements.
These statements are based on Max’s or Harbor Point’s current
plans, estimates and expectations. Some forward-looking statements
may be identified by use of terms such as “believe,” “anticipate,”
“intend,” “expect,” “project,” “plan,” “may,” “should,” “could,”
“will,” “estimate,” “predict,” “potential,” “continue,” and similar
words, terms or statements of a future or forward-looking nature.
In light of the inherent risks and uncertainties in all
forward-looking statements, the inclusion of such statements in
this press release should not be considered as a representation by
Max, Harbor Point or any other person that Max’s or Harbor Point’s
objectives or plans, both individually and on a consolidated basis,
will be achieved. A non-exclusive list of important factors that
could cause actual results to differ materially from those in such
forward-looking statements includes the following: (a) the
occurrence of natural or man-made catastrophic events with a
frequency or severity exceeding expectations; (b) the adequacy of
loss reserves and the need to adjust such reserves as claims
develop over time; (c) the failure of any of the loss limitation
methods the parties employ; (d) any lowering or loss of financial
ratings of any wholly owned operating subsidiary; (e) the effect of
competition on market trends and pricing; (f) cyclical trends,
including with respect to demand and pricing in the insurance and
reinsurance markets; (g) changes in general economic conditions,
including changes in interest rates and/or equity values in the
United States of America and elsewhere; and (h) other factors set
forth, in the case of Max, in its recent reports on Form 10-K, Form
10-Q and other documents of Max on file with the SEC and, in the
case of Harbor Point, in the joint proxy statement/prospectus
included in the Registration Statement on Form S-4 filed by Max
with the SEC.
Risks and uncertainties relating to the proposed amalgamation
include the risks that: (1) the parties will not obtain the
requisite shareholder or regulatory approvals for the transaction;
(2) the anticipated benefits of the transaction will not be
realized; (3) the parties may not be able to retain key personnel;
(4) the conditions to the closing of the proposed amalgamation may
not be satisfied or waived; and (5) the outcome of any legal
proceedings to the extent initiated against Max or Harbor Point or
its respective directors and officers following the announcement of
the proposed amalgamation is uncertain. These risks, as well as
other risks of the combined company and its subsidiaries, may be
different from what the companies expect and each party’s
management may respond differently to any of the aforementioned
factors. These risks, as well as other risks associated with the
amalgamation, are more fully discussed in the joint proxy
statement/prospectus included in the Registration Statement on Form
S-4 filed by Max with the SEC. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date on which they are made.
Additional Information about the Proposed Amalgamation and
Where to Find It:
This press release relates to a proposed amalgamation between
Max and Harbor Point. On March 12, 2010, Max filed with the SEC a
Registration Statement on Form S-4, which included a preliminary
joint proxy statement/prospectus. This press release is not a
substitute for the definitive joint proxy statement/prospectus that
Max will file with the SEC or any other document that Max filed or
may file with the SEC or that Max or Harbor Point may send to its
shareholders in connection with the proposed amalgamation.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY
JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS
FILED OR THAT WILL BE FILED WITH THE SEC OR SENT TO SHAREHOLDERS,
INCLUDING THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS THAT WILL
BE PART OF THE REGISTRATION STATEMENT ON FORM S-4, AS THEY BECOME
AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED AMALGAMATION. All such documents
are, or when filed will be, available in the case of Max, free of
charge at the SEC’s website (www.sec.gov) or by directing a request
to Max through Joe Roberts, Chief Financial Officer, or Susan
Spivak Bernstein, Senior Vice President, Investor Relations, at
441-295-8800 and, in the case of Harbor Point, by directing a
request to Gayle Gorman, Senior Vice President, at
441-294-6743.
Participants in the Solicitation:
Max and its directors and executive officers may be deemed to be
participants in any solicitation of Max’s shareholders in
connection with the proposed amalgamation. Information about Max’s
directors and executive officers is available in Max’s Form 10-K/A
filed with the SEC on March 12, 2010. John Berger, Chief Executive
Officer and President, and Andrew Cook, Chief Financial Officer, of
Harbor Point, may also be deemed to be participants in any
solicitation of Max’s shareholders in connection with the proposed
amalgamation. Information about Mr. Berger and Mr. Cook is
available in the preliminary joint proxy statement/prospectus filed
as part of Max’s Registration Statement on Form S-4 on March 12,
2010.
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