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| Max RE Capital Ltd. |
| Ascot House, 28 Queen Street, Hamilton, Bermuda HM 11 * 4412968800 |
| Business Description | The company is a Bermuda-based provider of reinsurance for both the life and annuity and property and casualty insurance markets. The company differentiates itself by offering structured reinsurance in both markets and by targeting superior risk- adjusted returns from diversified investment portfolio. |
| Offering Information Company has | |||
| Trading As | MXRE (NASNTL) | Industry | Financial (SIC 6719) |
| Type of Stock Offered | Common Shares | Filing Date | 5/31/2001 |
| Domestic Shares Offered | 12,000,000 | Offer Date | 8/13/2001 |
| Foreign Shares Offered | 0 | Filing Range | $16.50 - $18.50 |
| Company Shares | 12,000,000 | Offer Price | $16.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.040 |
| Gross Proceeds | $192,000,000 | Selling | $0.620 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 50,360,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter | Lead Manager | (212) 761-5900 |
| Banc of America Securities LLC | Co-manager | (415) 627-2100 |
| Dresdner Kleinwort Benson | Co-manager | (212) 429-2000 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1999 | 12/31/2000 | 3/31/2000 | 3/31/2001 | |||
| Revenues | - | - | - | - | 451.322 | 45.629 | 79.606 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | - | -7.393 | 8.699 | 2.204 | 5.193 |
| E.P.S | - | - | - | -20.050 | 0.360 | 0.150 | 0.190 |
| Revenue Growth (%) | - | - | - | - | 74.46 | ||
| Net Income Growth (%) | - | - | - | - | 135.62 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | 1.93 | 6.52 | 4.83 |
| Cash Flow - Oper. | 330.46 | - | - | ||||
| Cash Flow - Inv. | -806.01 | - | - | ||||
| Cash Flow - Fin. | 198.04 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/2000 | Financial Ratios | ||||
| Total Assets | 9,355.00 | Current Assets | - | Current Ratio | - |
| Total Liab. | 8,954.59 | Current Liab. | - | Debt Ratio | 95.72% |
| Total Equity | 400.42 | Working Cap. | - | Debt to Equity Ratio | 22.36 |
| Cash | 27.63 | Return on Assets | 0.06% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for their subsidiary, Max Re, to increase its capital and surplus so as to permit an increase in underwriting capacity. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Akin, Gump, Strauss, Hauer & Feld |
| Bank's Law Firm | Lebdeuf, Lamb, Greene & Macrae |
| Auditor | KPMG LLC |
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