In a series of announcements Bermuda-based Max Re Capital Ltd. gave details of a number of recent decisions by its Board of Directors and changes in Board members.
The company announced the retirement of Peter J. Rackley, Chairman and Group Executive Officer of Western International Financial Group Ltd., from its Board of Directors, and his replacement by John L. Marion, President & Managing Director of Western General Insurance Ltd.
It also announced that Glenn Dubin has resigned from the Board “to devote his full energies to the management of Highbridge Capital Management, LLC.”
Robert J. Cooney, Chairman, President & CEO stated, “Both Peter and Glenn have made significant contributions to the Company, and their presence on our Board will be greatly missed. We are pleased to welcome John Marion to our Board.”
The Board also passed a resolution authorizing the repurchase of an additional $25 million of its outstanding common shares, the non-voting common shares of its subsidiary Max Re Ltd., and warrants to acquire either of these securities. The new resolution is in addition to the $40 million of repurchase authorizations previously approved by the Board, and brings the total authorized repurchases to $65 million.
Max Re also declared a regular quarterly dividend of $0.02 per common share, payable on December 5, 2002 to shareholders of record on November 15, 2002.
The company ‘s Board also approved “initiation of a fund of funds fee to be paid to Moore Capital Management, Inc. beginning on January 1, 2003, for the investment management services provided to Max Re Diversified Strategies Ltd. (MDS).” It stated that the fee was fixed at “0.70% of assets held by MDS in alternative investments funds unaffiliated with Moore Capital Management, Inc., plus 71/2% of the return achieved by MDS in excess of 10%.”
“Moore Capital Management, Inc. has provided fund of funds services to the Company at no charge for the first three years of the Company’s operations, and will now begin providing these services on a discounted basis,” Cooney indicated.
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