Max Capital Group Announces Appointment of Underwriters by Max at Lloyd's
April 24, 2009
HAMILTON, Bermuda--(BUSINESS WIRE)--Apr. 24, 2009--
Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL BH) today announced the
appointment of two senior underwriters – Clive Hatto and Hugh Sprowson –
by Max at Lloyd’s Ltd, the Lloyd’s managing agent for Syndicates 1400,
2525 and 2526.
W. Marston (Marty) Becker, Chairman and Chief Executive Officer of Max
Capital Group Ltd., commented: "The addition of Clive and Hugh to the
Max at Lloyd’s team reflects the company’s strategic commitment to both
underwriting discipline and market diversity and expansion. These
appointments represent an important step in building out the
underwriting capability of the Lloyd’s platform we acquired in November
2008. It is our intention to continue to add such talented underwriters
to the fine existing underwriting team of Max at Lloyd’s.”
Clive Hatto has been appointed Accident & Health Underwriter for Lloyd’s
Syndicate 1400, and will be responsible for writing a portfolio of
Direct and Facultative business from the Syndicate's Box at Lloyd's, to
complement the existing book of Personal Accident and Workmen’s
Compensation Act (WCA) Treaty business written out of its
Coverholder’s office in Copenhagen. Clive is an Associate of the
Chartered Insurance Institute, and has more than twenty years of
experience in Accident and Health underwriting, most recently as Class
Underwriter for Lloyd’s Syndicate 2003, managed by Catlin Underwriting
Agencies.
Hugh Sprowson has been appointed Financial Institutions Underwriter for
Lloyd’s Syndicate 1400, and will be augmenting the existing Financial
Institutions underwriting team headed by Bradley Knight. Hugh has over
fifteen years of insurance experience, including over twelve years in
Financial Institutions underwriting, most recently with Lloyd’s
Syndicate 4444, managed by Canopius Managing Agents. Hugh has a degree
in English & American Literature from the University of Warwick.
Matthew Petzold, Underwriting Director of Max at Lloyd’s, commented: “We
are very pleased that Clive and Hugh are joining Max at Lloyd’s. They
are both seasoned and accomplished underwriters with a wealth of
experience in our marketplace, and will be valuable additions to our
team.”
Messrs. Hatto and Sprowson will be moving to Max at Lloyd's as soon as
their current employment obligations are fulfilled, which, in both
cases, is expected to be in October 2009.
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release includes statements about future economic
performance, finances, expectations, plans and prospects of both IPC
Holdings, Ltd. (“IPC”) and Max Capital Group Ltd. (“Max”) 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, including the risks described in the preliminary joint
proxy statement/prospectus of IPC and Max that has been filed with the
Securities and Exchange Commission (“SEC”) under “Risk Factors,” many of
which are difficult to predict and generally beyond the control of IPC
and Max, 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,
please also refer to the most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q filed subsequent to the Annual Report and
other documents filed by each of IPC or Max, as the case may be, with
the SEC. Neither IPC nor Max 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 our current plans, estimates and expectations. Some forward-looking
statements may be identified by our use of terms such as “believes,”
“anticipates,” “intends,” “expects” and similar 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 us or any other person that our objectives or plans
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 our expectations; (b) the adequacy of our loss reserves and
the need to adjust such reserves as claims develop over time; (c) any
lowering or loss of financial ratings of any wholly-owned operating
subsidiary; (d) the effect of competition on market trends and pricing;
(e) changes in general economic conditions, including changes in
interest rates and/or equity values in the United States of America and
elsewhere and continued instability in global credit markets; and (f)
other factors set forth in the preliminary joint proxy
statement/prospectus of IPC and Max, the most recent reports on Form
10-K, Form 10-Q and other documents of IPC or Max, as the case may be,
on file with the SEC. Risks and uncertainties relating to the proposed
transaction include the risks that: the parties will not obtain the
requisite shareholder or regulatory approvals for the transaction; the
anticipated benefits of the transaction will not be realized; and/or the
proposed transactions will not be consummated. 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. We do not intend, and are
under no obligation, to update any forward looking statement contained
in this press release.
ADDITIONAL INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND
WHERE TO FIND IT:
This press release relates to a proposed business combination between
IPC and Max. On April 13, 2009, IPC filed with the SEC an amended
registration statement on Form S-4, which included a preliminary joint
proxy statement/prospectus of IPC and Max. This press release is not a
substitute for the preliminary joint proxy statement/prospectus that IPC
has filed with the SEC or any other document that IPC or Max may file
with the SEC or send to their respective shareholders in connection with
the proposed transaction. 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, INCLUDING
THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE
DEFINITIVE REGISTRATION STATEMENT ON FORM S-4, AS THEY BECOME AVAILABLE
BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED BUSINESS COMBINATION. All such documents, if filed, would be
available free of charge at the SEC’s website (www.sec.gov)
or by directing a request to IPC, at Jim Bryce, President and Chief
Executive Officer, or John Weale, Executive Vice President and Chief
Financial Officer, at 441-298-5100, in the case of IPC’s filings, or
Max, at Joe Roberts, Chief Financial Officer, or Susan Spivak Bernstein,
Senior Vice President, Investor Relations at 441-295-8800, in the case
of Max’s filings.
PARTICIPANTS IN THE SOLICITATION:
IPC and Max and their directors, executive officers and other employees
may be deemed to be participants in any solicitation of IPC and Max
shareholders, respectively, in connection with the proposed business
combination.
Information about IPC’s directors and executive officers is available in
the preliminary joint proxy statement/prospectus filed with the SEC on
April 13, 2009, relating to IPC’s 2009 annual meeting of shareholders;
information about Max’s directors and executive officers is available in
the amendment to its annual report on Form-10K, filed with the SEC on
April 1, 2009.
Source: Max Capital Group Ltd.
Max Capital Services Ltd.
Susan Spivak, 1-441-293-8800
susan.spivak@maxcapservices.com
or
Kekst
and Company
Roanne Kulakoff, 1-212-521-4837
roanne-kulakoff@kekst.com
