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We restated our financial statements for the years ended December 31, 2005, 2004, 2003, 2002 and 2001 on November 13, 2006 and for the quarters ended March 31, 2006 and June 30, 2006 on November 14, 2006. Accordingly, you should not rely on our financial statements or other financial information for those periods that were released prior to November 13, 2006.
Disclaimer: Max makes reasonable efforts to assure information in its press releases is accurate as of the date they are issued. The press releases may contain statements about future expectations, plans, prospects or performance of Max Capital Group Ltd. and its subsidiaries that constitute forward-looking statements within the meaning of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from those indicated by these forward-looking statements. Please click here for more information.
Max Capital Group CEO, Marty Becker, discusses Max Specialty
Marty Becker explains why and how Max Capital decided to establish an excess and surplus lines facility in the US.
Publication: Bermuda Reinsurance Date: September 1, 2007
Max Re Evolving Into New E&S Market
Veteran Vaccaro reemerges after brief retirement to lead U.S. launch this spring.
Publication: National Underwriter Date: August 1, 2007
Global Re profiles Max Capital
Marty Becker, CEO - Max Capital Group Ltd. interviews for a Max profile in Global Re.
Publication: Global Reinsurance - July 2007 Date: July 1, 2007
First Among Equals; Global broker reveals the market leaders of 2007
Max Bermuda has scored a top-five ranking in a Market Leaders survey conducted by Global Broker. Our company was ranked fifth behind Munich Re, Swiss Re, Scor and RenRe in answer to the question "Which Treaty Reinsurer is currently leading the industry in terms of its overall proposition?”
Publication: Global Broker - July/August 2007 Date: July 1, 2007
Capable...to the Max
Sarah Titterton speaks to Max Re´s new chairman and CEO, Marston Becker, who feels the company ´is more than capable´ for its competition.
Publication: reinsurance - May 07 Date: May 1, 2007
Think Tank on Bermuda
On the back of a benign hurricane season Bermudian insurers and reinsurers have enjoyed bumper profits. But how will all this excess capital be deployed and what impact will the need for diversity have on books of business? Global Broker travelled to Bermuda to ask a panel of experts (including our own, Marty Becker, CEO - Max Capital Group Ltd.) for their views on the region’s current state and the opportunities their industry faces.
Publication: Global Broker - May 2007 Date: May 1, 2007
On the brink of insanity
Steve Vaccaro, CEO, Max Specialty Insurance Company was heavily featured in this interesting article in the May edition of "Reactions."
Publication: Reactions - May 2007 Date: May 1, 2007
A glorious year – what next for excess liability?
John Boylan speaks on Excess Liability - The year ahead is set to be challenging for casualty insurance underwriters. In 2006, the industry benefited from a favorable catastrophe year (certainly relative to 2005), resulting in combined ratios as good as they have been in decades and record profits for insurers.
Publication: The Bermuda Insurance Update - 2007 Vol 2 Date: May 1, 2007
Max Re ready for new challenges
A new look management team is in place at the Bermudian (re)insurer
Publication: Insider Quarterly - Spring 07 Date: April 1, 2007
Max Re stays the course
In October 2006, Marty Becker was appointed chairman and chief executive officer of Max Re Capital Ltd. He had been on the Board since 2004. His primary vision for Max Re involves continuing the established strategy, while retaining the flexibility that has enabled the company to thrive since its formation in 2000.
Publication: The Bermuda Insurance Update - Vol. 1, 2007 Date: March 31, 2007
Demand for EPLI may grow due to class action
Jim Gray, EVP & CUO, Professional Liability Insurance, Max Bermuda Ltd. quoted in article.
Publication: Business Insurance Date: March 5, 2007
A conversation with Angelo Guagliano
Max Re´s chief underwriting officer talks about keeping it fresh after 30 years.
Publication: Bottom Line - March/April 2007 Date: March 1, 2007
Initiating Coverage
Ferris, Baker Watts Incorporated have initiated coverage of Max with this comprehensive, balanced and helpful report.
Publication: Ferris, Baker Watts, Incorporated Date: February 16, 2007
Changing With the Times
Max Re CEO Becker sees path to success in deft moves among niche markets.
Publication: BestWeek Date: February 12, 2007
Maximising your captive’s advantage
Two senior executives at Max Re discuss the company’s captive insurance and reinsurance operations with Cayman Captive 2007.
Publication: Cayman Captive Date: January 1, 2007
Island is second to none in the world of reinsurance says Max Re boss
Interview with Marty Becker, CEO of Max Re.
Publication: Royal Gazette Date: January 1, 2007
Reinsurers face new challenges
John Doucette reports on Max Re’s position in facing new challenges in the reinsurance industry as a result of the increased scrutiny by rating agencies, increased frequency and severity of catastrophes, and the changes to the catastrophe models, which have substantially increased loss projections.
Publication: The Bermuda Insurance Update - Vol. 4. Date: November 1, 2006
Captive coverage — to the Max!
Two senior executives at Max Re discuss the company’s captive insurance and reinsurance operations with Roger Crombie.
Publication: Bermuda Captive Date: September 1, 2006
MAX be nimble, MAX be quick
For the second time in six years, Max Re has augmented its strategy, responding promptly and efficiently to market changes.
Publication: Bermuda Reinsurance Date: September 1, 2006
Max Re strikes when the prop cat market is hot
Max Re has again demonstrated its ability to tweak its strategy by diversifying into property catastrophe reinsurance at a time when the market for such coverage is experiencing strong demand, and therefore attractive premium rates.
Publication: The Royal Gazette Date: June 1, 2006
Keeping it lean and mean
Max Re has always been a bit different from the rest of the Bermuda market and likes it that way. Bob Cooney told Adrian Ladbury that it has no plans to radically alter course but is using its casualty bias to expand into property and diversify while others run for the hills.
Publication: Insurance Day Risk Perspectives III Date: May 1, 2006
Max Re: Still The Leader
Multi-line reinsurance and insurance company, Max Re, still came out on top in 2005 with a profit of around US$7 million, despite several events taking a huge chunk of the company’s gains. The hard-won performance has boosted the reinsurance company’s confidence to expand its property portfolio.
Publication: AIR Profile On Bermuda Date: May 1, 2006
Changing winds in "cat" market
Louis Adanio’s ‘From The Market’ article (opinions, insight and commentary from the Bermuda Market) published in Bermuda Insurance Update, The Official Journal Of The Bermuda Insurance Industry, 2006 Vol. 2.
Publication: Bermuda Insurance Update Date: April 1, 2006
What’s Up At Max Re
With lessons learned after a tough year, the innovative insurer bounces back and forges ahead.
Publication: The Bermudian Business Magazine Date: April 1, 2006
Max Re´s Dr. Sandilya Recognized as Member of Irish Actuarial Society
CAS Fellow Manalur Sandilya is the first person to obtain membership of the Society of Actuaries in Ireland (SAI) under the mutual recognition protocol. Sandilya is a corporate actuary with Max Re Europe Ltd. in Dublin. Among his many CAS activities, Sandilya currently serves as the CAS Syllabus chairperson.
Publication: Date: November 30, 2005
Another Day in Paradise
Kevin Lohan of Max Re discusses methods to address business continuity and disaster recovery – and how Max Re deploys data replication technology from XOsoft to ensure that business isn’t disrupted by hurricanes.
Publication: Insurance Technology Date: September 1, 2005
Meet the Master of ‘Just in Time ’Capital’
Keith Hynes of Max Re answers questions about starting Max Re right at the bottom of the softest market in living memory.
Publication: Reinsurance Magazine Date: June 1, 2005
The Alternative View
Bob Cooney of Max Re tells Adrian Ladbury why hedge funds are a good thing; why opportunism is not necessarily to be frowned upon; how to avoid legacy issues – and why the Bermuda market may be looking forward to a period of consolidation.
Publication: Insurance Day Date: April 1, 2005
Business Co-Insurance. What´s In a Name?
Let’s face it, “investment-oriented business co-insurance” was never a term destined to set the pulse of the insurance world racing - no doubt even originator Max Re would testify to that. But the concept behind the phrase is certainly very interesting. Edward Betteto, Philip Kruse and Chris Rutten of Max Re reveal to Layisha Laypang exactly what the term means, how it fits into the reinsurer’s life, disability and annuity product portfolio, and its benefits and drawbacks for company clients.
Publication: Risk Transfer magazine, Volume 2 Issue 1 Date: December 9, 2003
Traditional reinsurance pays off for Max Re
Max Re Capital´s move away from hedging and into traditional reinsurance has led to the company going from the red to the black in the third quarter. The company, which officially opened its new offices on Pitts Bay Road on Thursday, posted a net loss of $14.3 million for the third quarter in 2002, but this quarter posted a profit of $38.8 million for the same period.
Publication: The Royal Gazette Date: November 4, 2003
Max Re puts down Irish roots
Bermuda-based insurer Max Re is one of an increasing number of Island insurers to set up operations in Ireland. The company this week announced that subsidiary company Max Insurance Europe Limited had received authorisation from the Irish Financial Services Regulatory Authority (IFRSA) to conduct non-life insurance business in Ireland.
Publication: By Lilla Zuill Date: August 7, 2003
Max Re´s change in focus pays off
Max Re Capital Ltd. yesterday reported second quarter net income of $30.8 million compared to a net loss of $5 million during the same period last year. The vastly improved results follow the Bermuda-based company´s decision last year to move away from its original business model with a focus on alternative investments and structured reinsurance products to writing more traditional property and casualty insurance and reinsurance.
Publication: By Lilla Zuill Date: April 24, 2003
Max Re Baldies
Ten participants from Max Re, joined in a recent insurance tradition known as “St. Baldricks” day. It started in New York three years ago when reinsurance executives John Bender, Enda McDonell and Tim Kenny decided that they wanted to do more than contribute to the bottom line of Guinness Plc on the 17th March. They wanted to help children diagnosed with cancer.
Publication: Newsletter Date: March 14, 2003
Analyze That, article written by Robert Regis Hyle
Numbers don´t lie, but they can tell many different tales - a fact that complicates making major financial decisions, whether about finance, risk management, or reinsurance. Insurers looking to get the most out of every premium dollar and manage their business proactively are creating models and simulations to tackle what humans can´t and find a formula for success.
Publication: TechDecisions for Insurance Date: January 31, 2003
Max Re shifts focus
Bermuda-based insurance company Max Re has shifted from a business model that once targeted high investment returns to use of more traditional insurance products but not because of any pressure from the US Government, CEO Robert Cooney told The Royal Gazette this week. Mr. Cooney said the company had seen "great opportunity" in, for the time being, moving into more traditional insurance products.
Publication: The Royal Gazette Date: October 2, 2002
‘Insurance row’ lengthens
Hamilton’s unofficial insurance row – Pitts Bay Road – added another to its ranks yesterday with the inaugural roof wetting of Max Re House. Although the new building technically has a Front Street address it sits directly across from the headquarters of insurance giants XL and ACE.
Publication: The Royal Gazette Date: September 26, 2002
Market change spurs evolution in Max Re business strategy
MONTE CARLO, Monaco-As global financial markets remain depressed, a company founded on the premise of maximizing investment returns to generate high returns for itself and its customers is altering its strategy. Hamilton, Bermuda-based Max Re Capital Ltd. is gearing up to write more traditional reinsurance programs in addition to the structured financial reinsurance programs it first focused on when it formed in 1999. Max Re also aims to target large corporate buyers that may be seeking alternatives to self-insurance in the hard market. "When Max Re was set up, it was with the idea of matching asset classes and hedge funds to our long-term liabilities," said Chief Executive Officer Robert J. Cooney. Max Re invests a portion of its funds in hedge fund-type investments and shares returns with cedents.
Publication: Business Insurance Date: September 23, 2002
Dublin Report - Max Re
Max Re is a Bermudian-based specialist reinsurer established in 1999. It recently opened an office in Dublin, initially to act as the European marketing arm for the Bermudian parent but with a plan to capitalise as a Dublin reinsurer some time in 2001. It considers itself as one of the second generation finite reinsurers following a three part business model - tax efficiency, low expense ratio and a more integrated asset management strategy.
Publication: Insurance Day - Special Report: Dublin Date: December 5, 2000
Max Re unveils its new website - Taking it to the max: Bermuda-based reinsurer Max Re has just launched its web site at www.maxre.bm.
Bermuda-based Max Re this week unveiled its website, which was built by Boulder, Colorado-based XOR Inc., a managed services provider that develops customized solutions for eBusinesses, and Bermuda-based omni.bm, the interactive media division of AAC Saatchi & Saatchi.
Publication: The Royal Gazette, Bermuda Date: October 25, 2000
New generation of risk transfer
The future for reinsurance is a concept that places a new emphasis on asset management, says Bob Cooney, chief executive officer of Max Re. At a time when underwriting returns are so meagre companies must look to make more money from their assets and premiums, he argues. The next few years could see a spate of new start-ups with a business model that combines underwriting and reinvestment risks while more traditional players are likely to place a new emphasis on their investment returns.
Publication: Reactions NAII Reporter Date: October 24, 2000
Max Re reinsures UnumProvident
Max Re Ltd. has agreed to reinsure the long duration long-term disability claims of The Paul Revere Life Insurance Company, a UnumProvident Corporation subsidiary. The claims being reinsured were incurred prior to January 1,1996. The transaction transfers approximately $195 million of statutory reserves and will close in the third quarter of 2000, with an effective date of January 1, 2000.
Publication: Bermuda Insurance Update Date: October 1, 2000
Insurance´s Island Laboratory - Taking it to the Max - the biggest story of the year thus far
The Bermuda Insurance Institute, the trade association for the island´s insurance sector, refers to Bermuda as "The World´s Insurance Laboratory." That brave claim has been substantiated this summer by two inventive reinsurance start-ups-Max Re Ltd. and Tokio Millennium Re Ltd.-and an e-commerce sector fairly bursting at the seams with services and solutions for the insurance industry.
Publication: Risk & Insurance Date: October 1, 2000
BFIS Fund closes in on $6 million target
An Endowment fund for students in insurance is on the verge of meeting its $6 million target, thanks to donations from dozens of Bermuda companies in the industry. The latest donation came from Max Re, a recently formed company, which this week pledged to add $120,000 to the fund. The fund, administered by the Bermuda Foundation for Insurance Studies, now stands at $4.6 million.
Publication: Bermuda Sun Date: September 22, 2000
Bold investing key to Max Re model
The business model for Max Re Ltd. may serve as a catalyst for the next evolutionary step in insurance and reinsurance, the company’s chief executive says. Max Re differs from most other reinsurers in that it assumes a greater measure of investment risk, with the goal of maximizing returns for the company and its clients.
Publication: Business Insurance Date: September 18, 2000
Max Re to reinsure UnumProvident - MAX RE TO REINSURE UNUMPROVIDENT LONG-TERM DISABILITY CLAIMS
Bermuda-based reinsurer Max Re has confirmed that it is to reinsure the long-term disability claims of Paul Revere life, a subsidiary of US disability insurer UnumProvident. Claims reinsured will be those incurred up to the end of 1995 and will involve the transfer of $195m in reserves. The transaction is expected to close before the end of the month.
Publication: Insurance Fax Daily Date: September 11, 2000
Company Launch of the Year - Max Re named "Company Launch of the Year"
Bermuda witnessed the launch of Maximus Capital Holdings, and its operating subsidiary, Max Re in 1999; the new company raised $511m of private equity capital and earned an A-rating from AM Best. It focuses on providing customised alternative risk transfer solutions to life and health and property/casualty insurance and reinsurance clients worldwide.
Publication: THE REVIEW WORLDWIDE REINSURANCE AWARDS 2000 Date: September 11, 2000
Max Re launch praised
Bermuda-based Max Re Ltd. has been named “Company Launch of the Year” by Review Magazine. Max Re, which started business in March 2000, has opened offices in Bermuda and Dublin and wrote just under $300 million in gross premiums in its first six months. The judges were drawn from a range of insurance disciplines and said Max Re “is providing capacity in areas of business where it is much needed.”
Publication: The Royal Gazette Date: September 11, 2000
Max Re signs new reinsurance deal
Bermuda-registered Max Re Ltd. has agreed to reinsurance a portion of a US insurance holding company’s long term disability claims. Chattanooga, Tennessee-based UnumProvident said yesterday the agreement would impact about $195 million of its statutory reserves. The agreement will see Max Re reinsure a portion of its long duration group, long-term disability claims.
Publication: The Royal Gazette Date: August 29, 2000
Maximum Potential
To stand any chance of succeeding as a new reinsurer in a soft, overcapitalised market you need some pretty strong selling points. The team at the new Bermudian reinsurer, Max Re, believe they have created that winning combination with their experience, half a billion dollars of capital, an investment strategy that integrates investment and underwriting risk and the lure of profit sharing for their clients.
Publication: Reinsurance Date: June 3, 2000
Max Re reaps rich rewards from RIMS
Bermuda’s newest reinsurance company Max Re has potentially secured $20 million worth of business while attending the Risk & Insurance Managers Society conference in San Francisco last week. Max Re’s founder, chairman, president and chief executive officer, Bob Cooney, said that he and his team attended over 100 meetings during the week-long event with prospective clients.
Publication: The Royal Gazette Date: May 11, 2000
Global Reinsurance
Reinsurance is undergoing a process of evolution as part of financial services worldwide, and many of the most interesting developments are taking place in Bermuda. To get a variety of views on these changes, Global Reinsurance hosted a roundtable discussion at Waterloo House in Hamilton. Those taking part were Michael Butt, director, XL Capital; Robert Cooney, president and ceo of Max Re; John Engestrőm of Tempest Re; Mary Hennessey, president and ceo of Overseas Partners Ltd. (OPL); Shin-ichiro Okada, president and ceo of Tokio Millennium Re; Dick Press, senior vice president, Wellington Management Company and Jan Woloniecki of Attride-Stirling & Woloniecki, barristers and attorneys. Lee Coppack was the moderator.
Publication: Roundtable Date: May 1, 2000
Alternative investments help propel Max Re
Robert J. Cooney, chief executive officer of Maximus Capital Holdings Ltd., the parent of Bermuda-based reinsurance startup Max Re Ltd., thinks he knows a gem of a business strategy when he sees it. And who better to spot a gem of strategy for a reinsurance startup than a reinsurance executive with a focus in geology from Canada’s Mt. Allison College in Sackville, New Brunswick? (He also has an MBA from Queens University in Kingston, Ontario.)
Publication: National Underwriter: Property & Casualty/Risk & Benefits Management Edition Date: March 6, 2000
Max Re binds first contracts
New Bermuda reinsurer, Maximus Reinsurance Holdings Ltd., has had a quick start since it opened for business January 1, attracting more than a half a billion dollars in equity capital. And those behind the company predict significant emerging opportunities for life reinsurers in Bermuda. The structured finite risk writer had seen 42 submissions and bound two transactions involving $80 million in premium in its first three months of operation.
Publication: The Royal Gazette: Business Date: March 1, 2000
Max Re receives thumbs-up from ratings service - New reinsurer gets big vote of confidence from AM Best.
One of Bermuda’s newest reinsurance companies ahs been ranked as having excellent financial strength by one of the world’s top investment ratings services. Max Re was set up only a few months ago as the brain child of former XL Insurance guru Bob Cooney, and the business has already raised hundreds of millions of dollars.
Publication: The Royal Gazette: Business Date: January 6, 2000
Max Re embraces investment risk
Alternative Insurance Capital: Issue 101 New Bermudian reinsurer Max Re has raised US$331mn from an equity placing and plans to provide alternative and traditional capacity backed up by a more aggressive investment strategy. One of the new company?s founding investors, hedge fund management company Moore Capital, will handle part of Max Re?s investment portfolio.
Publication: Alternative Insurance Capital: Issue 101 Date: January 1, 2000