Key Developments For Max Capital Group Ltd.
Max Capital Group Ltd. (MXGL.O) (Nasdaq)
Max Capital Group Ltd. Announces $0.10 Dividend
Max Capital Group Ltd. announced that the Company's Board of Directors declared a dividend of $0.10 per share. The dividend is payable on November 30, 2009, to shareholders of record as of November 16, 2009.
Max Capital Group Ltd. Announces $0.10 Dividend
Max Capital Group Ltd. announced that its Board of Directors declared a dividend of $0.10 per share. The dividend is payable on September 1, 2009, to shareholders of record as of August 18, 2009.
Max Capital Group Ltd.'s Max America Insurance Company Adds California and Is Now An Approved Inland and Ocean Marine Insurer In All Fifty States
Max Capital Group Ltd. announced that, with the addition of California, Max America Insurance Company is now an eligible Inland and Ocean Marine insurer in all fifty states.
Max Capital Group Ltd. Terminates Amalgamation Agreement With IPC Holdings
Max Capital Group Ltd. announced that it has terminated the Agreement and Plan of Amalgamation previously entered into among Max, IPC Holdings, Ltd. and IPC Limited on March 1, 2009, as amended, pursuant to Section 7.1(f) of the agreement. The decision to terminate the agreement was made after IPC's shareholders did not approve required proposals at IPC's annual general meeting of shareholders held on June 12, 2009. Max's stockholders voted in favor of amalgamation at a separate special meeting of shareholders held on June 12, 2009.
Max Capital Group Ltd. And IPC Holdings, Ltd. Agree To Amend Terms of Merger To Include Cash Consideration
Max Capital Group Ltd. announced that it and IPC Holdings, Ltd. have agreed to pay two cash dividends that deliver $2.50 per share to IPC shareholders following the closing of the IPC-Max merger. The first being $1.50 per share in cash payable to IPC shareholders of record as of June 15, 2009, and an additional $1.00 per share in cash payable to shareholders following closing of the transaction. Max shareholders will also receive a cash dividend of $1.00 per share in cash for each share of IPC following the closing of the transaction, which is equal to $0.64 for each share of Max prior to exchange from the closing of the transaction. As previously announced, Max and IPC shareholders will own 42% and 58% on a fully diluted basis of the combined company, respectively, which will have: - Diversification that will enable the company to achieve more consistent earnings and higher returns on equity; - Excess capital to deploy in new businesses or for capital management purposes; - Increased flexibility to take advantage of favorable pricing and underwriting developments; - Highly complementary businesses with limited overlap; - Increased scope and scale of operations with approximately $3 billion of capital and excess capital of $120 million to $220 million, after payment of the contingent cash dividends mentioned above; and - A top notch management team with proven ability to manage a more diversified business.
