SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13D-2(A)
PXRE GROUP LTD.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $1.00 PER SHARE
--------------------------------------------------------------------------------
(Title of Class of Securities)
G73018106
--------------------------------------------------------------------------------
(CUSIP Number)
Capital Z Management, LLC
54 Thompson Street
New York, New York 10012
Attention: David A. Spuria, Esq.
(212) 965-0800
Reservoir Capital Partners, L.P.
c/o Reservoir Capital Group, L.L.C.
650 Madison Avenue, 26th Floor
New York, New York 10022
Attention: General Counsel
(212) 610-9000
and
Richard E. Rainwater
777 Main Street, Suite 2250
Fort Worth, TX 76102
(817) 820-6600
--------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
December 10, 2001
--------------------------------------------------------------------------------
(Date of event which requires filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), (f) or (g), check the following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
========== ==================================================================================================
1 NAME OF REPORTING PERSON
---------- --------------------------------------------------------------------------------------------------
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
CAPITAL Z FINANCIAL SERVICES FUND II, L.P.
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00 - CONTRIBUTIONS FROM PARTNERS
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 4,754,788(1)
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
4,754,788(1)
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---------- --------------------------------------------------------------------------------------------------
1. Assumes conversion of all Preferred Shares, par value $1.00 per share
("Preferred Shares"), held by the Reporting Person to Common Shares, par value
$1.00 per share ("Common Shares"), at a conversion price of $15.69 per share.
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Reservoir Capital
Partners, L.P., Reservoir Capital Master Fund, L.P., Reservoir Capital Group,
L.L.C., Reservoir Capital Associates, L.P., Reservoir Capital Management, L.L.C.
or Richard E. Rainwater.
2
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
CAPITAL Z FINANCIAL SERVICES PRIVATE FUND II, L.P.*
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00 - CONTRIBUTIONS FROM PARTNERS
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 25,327(1)
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
25,327(1)
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---------- --------------------------------------------------------------------------------------------------
1. Assumes conversion of all Preferred Shares held by the Reporting Person to
Common Shares at a conversion price of $15.69 per share.
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Reservoir Capital
Partners, L.P., Reservoir Capital Master Fund, L.P., Reservoir Capital Group,
L.L.C. Reservoir Capital Associates, L.P., Reservoir Capital Management, L.L.C.
or Richard E. Rainwater.
3
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
CAPITAL Z PARTNERS, L.P.*
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
NOT APPLICABLE
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
4,780,115(1)
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
4,780,115(1)
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---------- --------------------------------------------------------------------------------------------------
1. Includes 4,754,788 and 25,327 Common Shares that may be owned by Capital Z
Financial Services II, L.P. and Capital Z Financial Services Private Fund II,
L.P., respectively, upon conversion of Preferred Shares at a conversion price of
$15.69 per share (as described in Item 5 below).
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Reservoir Capital
Partners, L.P., Reservoir Capital Master Fund, L.P., Reservoir Capital Group,
L.L.C. Reservoir Capital Associates, L.P., Reservoir Capital Management, L.L.C.
or Richard E. Rainwater.
4
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
CAPITAL Z PARTNERS, LTD.*
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
NOT APPLICABLE
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
4,780,115(1)
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
4,780,115(1)
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
---------- --------------------------------------------------------------------------------------------------
1. Includes 4,754,788 and 25,327 Common Shares that may be owned by Capital Z
Financial Services II, L.P. and Capital Z Financial Services Private Fund II,
L.P., respectively, upon conversion of Preferred Shares (as described in Item 5
below).
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Reservoir Capital
Partners, L.P., Reservoir Capital Master Fund, L.P., Reservoir Capital Group,
L.L.C., Reservoir Capital Associates, L.P., Reservoir Capital Management, L.L.C.
or Richard E. Rainwater.
5
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
RESERVOIR CAPITAL PARTNERS, L.P.
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00 - CONTRIBUTIONS FROM PARTNERS
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 2,855,997(1)
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
2,855,997(1)
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---------- --------------------------------------------------------------------------------------------------
1. Assumes conversion of all Preferred Shares held by the Reporting Person to
Common Shares at a conversion price of $15.69 per share.
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Capital Z Financial
Services Fund II, L.P., Capital Z Financial Services Private Fund II, L.P.,
Capital Z Partners, L.P., Capital Z Partners, Ltd. or Richard E. Rainwater.
6
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
RESERVOIR CAPITAL MASTER FUND, L.P.
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00 - CONTRIBUTIONS FROM PARTNERS
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 480,746(1)
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
480,746(1)
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---------- --------------------------------------------------------------------------------------------------
1. Assumes conversion of all Preferred Shares held by the Reporting Person to
Common Shares at a conversion price of $15.69 per share.
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Capital Z Financial
Services Fund II, L.P., Capital Z Financial Services Private Fund II, L.P.,
Capital Z Partners, L.P., Capital Z Partners, Ltd. or Richard E. Rainwater.
7
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
RESERVOIR CAPITAL GROUP, L.L.C.
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
NOT APPLICABLE
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
3,337,093(1)
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
3,337,093(1)
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---------- --------------------------------------------------------------------------------------------------
1. Includes 2,727,852 and 458,891 Common Shares that may be owned by Reservoir
Capital Partners, L.P. and Reservoir Capital Master Fund, L.P., respectively,
upon conversion of Preferred Shares at a conversion price of $15.69 per share
(as described in Item 5 below) and 128,145, 21,855 and 350 Common Shares owned
Reservoir Capital Partners, L.P., Reservoir Capital Master Fund, L.P. and
Reservoir Capital Associates, L.P., respectively.
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Capital Z Financial
Services Fund II, L.P., Capital Z Financial Services Private Fund II, L.P.,
Capital Z Partners, L.P., Capital Z Partners, Ltd. or Richard E. Rainwater.
8
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
RESERVOIR CAPITAL ASSOCIATES, L.P.
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
NOT APPLICABLE
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 350
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
350
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(1)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---------- --------------------------------------------------------------------------------------------------
1. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Capital Z Financial
Services Fund II, L.P., Capital Z Financial Services Private Fund II, L.P.,
Capital Z Partners, L.P., Capital Z Partners, Ltd. or Richard E. Rainwater.
9
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
RESERVOIR CAPITAL MANAGEMENT, L.L.C.
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
NOT APPLICABLE
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
3,337,093(1)
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
3,337,093(1)
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,710,579(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---------- --------------------------------------------------------------------------------------------------
1. Includes 2,727,852 and 458,891 Common Shares that may be owned by Reservoir
Capital Partners, L.P. and Reservoir Capital Master Fund, L.P., respectively,
upon conversion of Preferred Shares at a conversion price of $15.69 per share
(as described in Item 5 below) and 128,145, 21,855 and 350 Common Shares owned
Reservoir Capital Partners, L.P., Reservoir Capital Master Fund, L.P. and
Reservoir Capital Associates, L.P., respectively..
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Capital Z Financial
Services Fund II, L.P., Capital Z Financial Services Private Fund II, L.P.,
Capital Z Partners, L.P., Capital Z Partners, Ltd. or Richard E. Rainwater.
10
========== ==================================================================================================
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
RICHARD E. RAINWATER
---------- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
---------- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
---------- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
---------- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ]
---------- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------- --------- -----------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 1,593,372(1)
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------- --------- -----------------------------------------------
8 SHARED VOTING POWER
--------------------------------------------------- --------- -----------------------------------------------
9 SOLE DISPOSITIVE POWER
1,593,372(1)
--------------------------------------------------- --------- -----------------------------------------------
10 SHARED DISPOSITIVE POWER
---------- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,560,229(2)
---------- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES [X]
---------- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
45.30%
---------- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
---------- --------------------------------------------------------------------------------------------------
1. Assumes conversion of all Preferred Shares held by the Reporting Person to
Common Shares at a conversion price of $15.69 per share.
2. The Reporting Person disclaims beneficial ownership of all Common Shares or
Preferred Shares that may be owned or deemed owned by any of Capital Z Financial
Services Fund II, L.P., Capital Z Financial Services Private Fund II, L.P.,
Capital Z Partners, L.P., Capital Z Partners, Ltd., Reservoir Capital Partners,
L.P., Reservoir Capital Master Fund, L.P., Reservoir Capital Group, L.L.C.,
Reservoir Capital Associates, L.P. or Reservoir Capital Management, L.L.C.
11
ITEM 1. SECURITY AND ISSUER.
This Statement relates to the Common Shares, par value $1.00 per
share (the "Common Shares"), of PXRE Group Ltd., a Bermuda corporation (the
"Company").
The Company's principal executive office is located at 12 Church
Street, Suite 231, Hamilton HM 11, Bermuda.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is being filed jointly on behalf of Capital Z
Financial Services Fund II, L.P., a Bermuda limited partnership ("Capital Z Fund
II"), Capital Z Financial Services Private Fund II, L.P. ("Capital Z Private
Fund II"), Capital Z Partners, L.P., a Bermuda limited partnership ("Capital Z
L.P."), and Capital Z Partners, Ltd., a Bermuda corporation ("Capital Z Ltd.",
and together with Capital Z Fund II, Capital Z L.P., the "Capital Z Reporting
Persons"), Reservoir Capital Partners Master Fund, L.P. ("Reservoir Master
Fund"), Reservoir Capital Partners, L.P. ("Reservoir Partners"), Reservoir
Capital Group, L.L.C. ("Reservoir Group"), Reservoir Capital Management, L.L.C.
("Reservoir Management") and Reservoir Capital Associates, L.P. ("Reservoir
Associates") and together with Reservoir Master Fund, Reservoir Partners,
Reservoir Group and Reservoir Management, the "Reservoir Reporting Persons") and
Richard E. Rainwater ("Rainwater").
Each of the Capital Z Reporting Persons, Reservoir Reporting Persons
and Rainwater are referred to as a "Reporting Person" and together, they are
referred to as the "Reporting Persons".
Each of Capital Z Fund II, Capital Z Private Fund II, Reservoir
Partners, Reservoir Master Fund and Richard E. Rainwater are referred to as a
"Purchaser" and together they are referred to as the "Purchasers".
Capital Z Fund II and Capital Z Private Fund II is each a limited
partnership that invests in the securities of financial-service companies and
related businesses. Capital Z L.P. is a limited partnership which acts as the
sole general partner of Capital Z Fund II and Capital Z Private Fund II. Capital
Z Ltd. is a corporation which acts as the sole general partner of Capital Z L.P.
Reservoir Management, an investment management firm, is a Delaware
limited liability company and the managing member of Reservoir Group. Reservoir
Group, a subsidiary of Reservoir Management, is a Delaware limited liability
company. Reservoir Group is an investment management firm and serves as the
general partner in Reservoir Partners, Reservoir Associates and Reservoir Master
Fund. Reservoir Associates is a Delaware private investment partnership whose
general partner is Reservoir Group. Reservoir Associates is a Delaware private
investment partnership whose general partner is Reservoir Group. Reservoir
Master Fund is a private investment partnership organized under the laws of the
Cayman Islands. Reservoir Master Fund's general partner is Reservoir Group.
Rainwater, a United States citizen, is an individual who engages in
investments for his own account.
Information regarding the control persons and executive officers of
the Capital Z Reporting Persons is set forth on Schedule I attached hereto,
which Schedule is hereby incorporated by reference. Except as set forth on
Schedule I, all such persons are citizens of the United States.
Information regarding the control persons and executive officers of
the Reservoir Reporting Persons is set forth on Schedule II attached hereto,
which Schedule is hereby incorporated by reference. Except as set forth on
Schedule II, all such persons are citizens of the United States.
The principal business address of each Capital Z Reporting Person is
54 Thompson Street, New York, New York 10012.
12
The principal business address of each Reservoir Reporting Person is
650 Madison Avenue, 26th Floor, New York, New York 10022.
The principal address of Rainwater is 777 Main Street, Suite 2250,
Fort Worth, Texas 76102.
None of the entities or persons identified on Schedule I or Schedule
II hereto has, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors). None of the
Reporting Persons has been convicted in a criminal proceeding during the last 5
years.
None of the entities or persons identified on Schedule I or Schedule
II hereto has, during the last five years, been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
None of the Reporting Persons has, during the last 5 years, been a party to any
civil proceeding as a result of which he or it was subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any
violations with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS.
Capital Z Private Fund II and Capital Z Fund II agreed to purchase,
pursuant to that certain Share Purchase Agreement, dated as of December 10, 2001
(the "Share Purchase Agreement"), by and among the Company and the Purchasers
and subject to certain closing conditions contained therein, an aggregate of
7,500 Preferred Shares for an aggregate purchase price of $75,000,000.
Reservoir Master Fund and Reservoir Partners agreed to purchase,
pursuant to the Share Purchase Agreement and subject to certain closing
conditions contained therein, an aggregate of 5,000 Preferred Shares for an
aggregate purchase price of $50,000,000.
Rainwater agreed to purchase, pursuant to the Share Purchase
Agreement and subject to certain closing conditions contained therein, 2,500
Preferred Shares for a purchase price of $25,000,000.
None of the Reporting Persons intends to borrow any funds in
connection with the purchase of Preferred Shares.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons consummated the transactions described herein
in order to acquire an interest in the Company for investment purposes. The
Reporting Persons intend to review continuously their position in the Company.
Depending upon further evaluations of the business prospects of the Company and
upon other developments, including, but not limited to, general economic and
business conditions and stock market conditions, the Reporting Persons may
retain or from time to time increase their holdings or dispose of all or a
portion of their holdings subject to any applicable legal and contractual
restrictions on their ability to do so in privately negotiated transactions,
open market purchases or otherwise. The Reporting Persons also intend to
actively participate in the management of the Company through representation on
the Board of Directors.
In addition, the matters set forth in Item 6 below are incorporated
in this Item 4 by reference as if fully set forth therein.
Except as set forth in this Item 4 (including the matters described
in Item 6 below which are incorporated in this Item 4 by reference), the
Reporting Persons have no present plans or proposals that relate to or that
would result in any of the actions specified in clauses (a) through (j) of Item
4 of Schedule 13D of the Securities Exchange Act of 1934, as amended.
13
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
(a) - (b)
Each Capital Z Reporting Person may, if the transactions contemplated
in the Share Purchase Agreement are consummated, be deemed to beneficially own
4,780,115 Common Shares by virtue of Capital Z Fund II's and Capital Z Private
Fund II's ownership of 4,754,788 and 25,327 Common Shares (on an as-converted
basis), respectively. Each of the Capital Z Reporting Persons has the shared
power to vote or direct the vote, and to dispose or to direct the disposition,
of such shares. Such shares represent, in the aggregate, approximately 22.3% of
the outstanding total Common Shares. Due to voting limitations set forth in the
Bye-laws of the Company which will affect the voting power of shares held by the
Reservoir Reporting Persons, the shares held by the Capital Z Reporting Persons
will represent, in the aggregate, approximately 23.8% of the total voting power
of the Common Shares.
Each Reservoir Reporting Person may, if the transactions contemplated
in the Share Purchase Agreement are consummated, be deemed to beneficially own
3,337,093 Common Shares by virtue of Reservoir Capital's, Reservoir Master
Fund's and Reservoir Associates' ownership of 2,855,997, 480,746 and 350 Common
Shares (on an as-converted basis), respectively. Currently, Reservoir Capital,
Reservoir Master Fund and Reservoir Associates own 128,145, 21,855 and 350
Common Shares, respectively. Each of the Reservoir Reporting Persons has the
shared power to vote or direct the vote, and to dispose or to direct the
disposition, of such shares. Such shares represent, in the aggregate,
approximately 15.6% of the outstanding total Common Shares. Due to voting
limitations set forth in the Bye-laws of the Company, the shares held by the
Reservoir Reporting Persons will represent, in the aggregate, approximately 9.9%
of the total voting power of the Common Shares.
Rainwater may, if the transactions contemplated in the Share Purchase
Agreement are consummated, be deemed to beneficially own 1,593,371 Common Shares
(on an as-converted basis). Such shares represent, in the aggregate,
approximately 7.4% of the outstanding total Common Shares. Due to voting
limitations set forth in the Bye-laws of the Company which will affect the
voting power of shares held by the Reservoir Reporting Persons, the shares held
by Rainwater will represent, in the aggregate, approximately 7.9% of the total
voting power of the Common Shares.
The aggregate number of Common Shares represented by this Statement
represent approximately 45.30% of the outstanding Common Shares. Due to voting
limitations set forth in the Bye-laws of the Company, such Common Shares will
represent, in the aggregate, 41.6% of the total voting power of the Common
Shares.
All calculations made herein are made in accordance with Rule
13d-3(d) of the Securities Exchange Act of 1934, as amended and based on the
11,878,017 Common Shares outstanding as of December 7, 2001, and assuming the
Preferred Shares are converted into Common Shares.
(c) None of the Reporting Persons has effected any
transactions in shares of Common Stock, Convertible Common Shares or Preferred
Shares during the past 60 days.
(d) None.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Upon the terms and conditions set forth in the Share Purchase
Agreement, the Description of Stock and Investment Agreement (attached hereto as
Exhibit 1, Exhibit 2 and Exhibit 3, respectively, and incorporated herein by
reference), the Purchasers will purchase the Common Shares covered by this
Statement.
14
Share Purchase Agreement
The following description of the Share Purchase Agreement is a
summary thereof and does not purport to be complete and is qualified in its
entirety by reference to the Share Purchase Agreement (which is attached as
Exhibit 1 hereto and incorporated by reference).
Pursuant to the Share Purchase Agreement, the Company agreed to sell
to the Purchasers, and the Purchasers agreed to purchase from the Company, a
total of 15,000 Preferred Shares for a price of $10,000 per share and an
aggregate purchase price of $150,000,000.
The sale and purchase of the Preferred Shares (the "Closing") will
take place upon the satisfaction of certain conditions set forth in the Share
Purchase Agreement, including the obtaining of approvals from the Connecticut
Department of Insurance and the Bermuda Monetary Authority.
Under the terms of the Share Purchase Agreement, the Company is
obligated to seek and obtain appropriate stockholder approval by the holders of
the Company's Common Shares, at a meeting of its stockholders, including
approval of (i) the issuance of the Preferred Shares and the Convertible Common
Shares issuable upon conversion thereof, (ii) the creation of Convertible Common
Shares, (iii) an increase in the size of the Board of Directors from nine
members to eleven members and (iv) the establishment of Class IV Directors.
Pursuant to the Share Purchase Agreement, the Board of Directors of the Company
shall recommend such approval, and the Company shall solicit such approval.
In the event that the transactions contemplated by the Share Purchase
Agreement are not consummated as a result of a breach by the Company of certain
of its obligations thereunder, a failure to obtain shareholder approval of the
transactions or acceptance by the Board of Directors of the Company of an
unsolicited proposal by a third party, then the Company is obligated to pay to
the Purchasers a termination fee of $7,000,000.
Description of Stock
The following description of the Description of Stock (the
"Description of Stock") is a summary thereof and does not purport to be complete
and is qualified in its entirety by reference to the Description of Stock (which
is attached as Exhibit 2 hereto and incorporated by reference).
The Preferred Shares shall, with respect to dividend rights and
rights upon a Liquidation Event (as defined below), rank prior to any other
class or series of capital or preferred stock already established or that may be
established by the Board of Directors of the Company and shall rank pari passu
with each other.
The holders of the Preferred Shares shall be entitled to receive
quarterly dividends with respect to each Preferred Share equal to eight percent
(8%) per annum, payable for the first three years in additional Preferred
Shares. In the event that such payment in Preferred Shares would result in the
Purchasers and their affiliates owning more than 49.9% of the capital stock of
the Company on a fully diluted basis, then the Company, at its option, may pay
such dividends in cash. After the third anniversary of the Closing, dividends
are payable in cash.
The Preferred Shares shall be convertible, at the option of the
holder, into shares of Convertible Common Stock at any time ("Optional
Conversion"). Upon the third anniversary of the Closing, if not previously
converted by the holders thereof, 10,000 Preferred Shares will be converted
("First Mandatory Conversion") to Class A Common Shares, Class B Common Shares
or Class C Common Shares (the "Convertible Common Shares"). Upon the sixth
anniversary of the Closing, all remaining Preferred Shares will be converted
into Convertible Common Shares ("Second Mandatory Conversion", and together with
the First Mandatory Conversion the "Mandatory Conversion"). The Convertible
Common Shares will be converted to Common Shares upon transfer of such shares by
the Purchasers to non-affiliated third parties.
15
Upon the First Mandatory Conversion, the Preferred Shares subject to
conversion will be convertible into the number of fully paid and non-assessable
Convertible Common Shares determined by dividing the Liquidation Preference (as
defined below) by the Current Conversion Price (as defined in the Description of
Stock), if the Current Conversion Price is equal to or less than the Fair Market
Value (as defined in the Description of Stock) of the Common Shares as of the
Conversion Date (the "Conversion Date FMV"). If the Conversion Date FMV is
greater than the Current Conversion Price, the Current Conversion Price used in
the quotient above will be adjusted to equal the sum of (x) the product obtained
by multiplying the Conversion Date FMV by 0.8 plus (y) the product obtained by
multiplying the Current Conversion Price as of the Conversion Date by 0.2. Upon
any Second Mandatory Conversion, the remaining Preferred Shares will be
convertible into the number of fully paid and non-assessable Convertible Common
Shares determined by dividing the Liquidation Preference by the Current
Conversion Price. Notwithstanding the foregoing, if upon any Optional Conversion
or Mandatory Conversion the Purchasers and their affiliates would, in the
aggregate, own more than 49.9% of the capital stock of the Company on a fully
diluted basis, the Company may, at its option, to the extent necessary to
prevent the Purchasers from owning more than 49.9% of the capital stock on a
fully diluted basis, make a cash payment in lieu of a payment of Convertible
Common Shares equal to the Fair Market Value of the Common Shares into which
such Convertible Common Shares would be converted. Together with such payment,
the Company must make an additional payment to cover certain taxes incurred by
the Purchasers as result of receiving such cash payment.
The Preferred Shares are originally convertible at a Conversion Price
of $15.69 (the "Conversion Price"). The Conversion Price is subject to weighted
average anti-dilution protection if the Company issues capital stock at less
than Fair Market Value.
Other than with respect to the election of directors (described
below), the holder of each Preferred Share shall have the right to one vote for
each Common Share into which such Preferred Shares could then be converted, and
with respect to such vote, such holder shall have full voting rights and powers
equal to the voting rights and powers of the holders of Common Shares, and shall
be entitled to vote, together with holders of Common Shares, with respect to any
question upon which holders of Common Shares have the right to vote; provided
that the Purchasers and their affiliates are subject pursuant to application of
Bye-Law 20(4) of the Company to a voting limitation of 49.9% of the aggregate
voting power of the outstanding capital stock of the Company; provided further
that the Capital Z Reporting Persons and their affiliates shall not be subject
to the 9.9% voting limitation set forth in the Bye-laws of the Company.
In addition, the consent of the Preferred Shares is required for
certain actions by the Company. The consent of a majority of each series of
Preferred Shares, voting separately, is required for any actions that would have
certain adverse effects on such series of Preferred Shares or the related
Convertible Common Shares. In addition, (i) if the Purchasers and their
affiliates shall own 40% of the Preferred Shares (including the related
Convertible Common Shares and Common Shares underlying such Convertible Common
Shares) purchased by them, then the consent of a majority of each series of
Preferred Shares and related Convertible Common Shares, voting together as a
separate class, or (ii) if the Purchasers and their affiliates shall own less
than 40% of the Preferred Shares (including the related Convertible Common
Shares and Common Shares underlying such Convertible Common Shares) purchased by
them, but with respect to any series of Preferred Shares, a majority of such
series of Preferred Shares (including the related Convertible Common Shares and
Common Shares underlying such Convertible Common Shares) shall be held by the
original Purchasers and their affiliates, then the consent of a majority of such
series of Preferred Shares and the related Convertible Common Shares, voting
together as a separate class, and shall be required for, among other things, the
following actions by the Company: (i) certain redemption offers to purchase,
tender offers or other acquisitions of the Company's capital stock; (ii) certain
sales of the Company; (iii) transfer of incurrence of certain indebtedness; and
(iv) payment of certain dividends.
Holders of Preferred Shares and Convertible Common Shares shall vote
together, separate from holders of Common Shares, with respect to the election
of directors, and shall be entitled to vote for Class IV Directors (as defined
in the Description of Stock) as follows: (i) so long as Reservoir Partners and
Reservoir Master Fund and their affiliates and limited partners own at least 30%
of the series of Preferred Shares (including the related Convertible Common
Shares) purchased by them under the Purchase Agreement, one director will be
16
elected by the vote of a majority of such series of Preferred Shares and the
related Convertible Common Shares, voting together as a single class; (ii) so
long as Capital Z Fund II and Capital Z Private Fund II and their affiliates and
limited partners own at least 50% of the series of Preferred Shares (including
the related Convertible Common Shares) purchased by them under the Purchase
Agreement, two directors will be elected by the vote of a majority of such
series Preferred Shares and the related Convertible Common Shares, voting
together as a single class; (iii) so long as Capital Z Fund II and Capital Z
Private Fund II and their affiliates and limited partners own at least 20% but
less than 50% of the series of Preferred Shares (including the related
Convertible Common Shares) purchased by them under the Purchase Agreement, one
director will be elected by the vote of a majority of such series of Preferred
Shares and the related Convertible Common Shares, voting together as a single
class; and (iv) so long as Rainwater and his affiliates shall own at least 60%
of the series of Preferred Shares (including the related Convertible Common
Shares) purchased by him under the Purchase Agreement, one director will be
elected by a vote of the majority of such series of Preferred Shares and related
Convertible Common Shares, voting together as a single class.
In the event of any liquidation, dissolution or winding-up of the
Company (each a "Liquidation Event"), the holders of Preferred Shares shall be
entitled to receive for each outstanding Preferred Share, in preference to the
holders of any junior security, an amount equal to the sum of (x) $10,000 and
(y) any accrued and unpaid dividends (the "Liquidation Preference").
Investment Agreement
The following description of the Investment Agreement is a summary
thereof and does not purport to be complete and is qualified in its entirety by
reference to the Investment Agreement (which is attached as Exhibit 3 hereto and
incorporated by reference).
Upon the Closing, the Company and the Purchasers shall enter into the
Investment Agreement. Under the Investment Agreement, the Purchasers, their
affiliates and any persons or entities acquiring Preferred Shares or Convertible
Common Shares will be prevented from (i) acquiring any material asset of the
Company or (ii) acquiring additional Common Shares, except upon conversion of
the Convertible Common Shares. For a period of five years following the Closing,
the Purchasers, their affiliates and any persons or entities acquiring Preferred
Shares or Convertible Common Shares will be prevented from (i) selling short or
engaging in hedging transactions (except for Allowed Hedging Transactions (as
defined in the Investment Agreement) with respect to any capital stock of the
Company or (ii) directly or indirectly initiate any proxy contest that seeks
control of the Company.
Following the first anniversary of the Closing, the Purchasers (and
the other persons and entities that become party to the Investment Agreement)
will have certain registration rights with respect to the Common Shares
underlying the Preferred Shares.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Share Purchase Agreement, dated December 10, 2001, by and between
PXRE Group Ltd. and the Purchasers named therein.
2. Description of Stock.
3. Investment Agreement, by and between PXRE Group Ltd. and the
Investors named therein.
4. Joint Filing Agreement, dated December 20, 2001, by and among
Capital Z Financial Services Fund II, L.P., Capital Z Financial Services Private
Fund II, L.P., Capital Z Partners, L.P., Capital Z Partners, Ltd., Reservoir
Capital Partners, L.P., Reservoir Capital Master Fund, L.P., Reservoir Capital
17
Group, L.L.C., Reservoir Capital Associates, L.P., Reservoir Capital Management,
L.L.C. and Richard E. Rainwater.
5. Statutory Durable Power of Attorney.
18
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this Statement is true, complete,
and correct.
Date: December 20, 2001.
CAPITAL Z FINANCIAL SERVICES FUND II, L.P.
By: Capital Z Partners, Ltd., its ultimate general partner
By: /s/ David A. Spuria
---------------------------------------------------
David A. Spuria
General Counsel, Vice President of
Administration and Secretary
CAPITAL Z FINANCIAL SERVICES PRIVATE FUND II, L.P.
By: Capital Z Partners, Ltd., its ultimate general partner
By: /s/ David A. Spuria
---------------------------------------------------
David A. Spuria
General Counsel, Vice President of
Administration and Secretary
CAPITAL Z PARTNERS, L.P.
By: Capital Z Partners, Ltd., its ultimate general partner
By: /s/ David A. Spuria
---------------------------------------------------
David A. Spuria
General Counsel, Vice President of
Administration and Secretary
CAPITAL Z PARTNERS, LTD.
By: Capital Z Partners, Ltd., its ultimate general partner
By: /s/ David A. Spuria
---------------------------------------------------
David A. Spuria
General Counsel, Vice President of
Administration and Secretary
19
RESERVOIR CAPITAL PARTNERS, L.P.
By: Reservoir Capital Group, L.L.C., its sole general
partner
By: /s/ Craig Huff
---------------------------------------------------
Craig Huff
Managing Director
RESERVOIR CAPITAL GROUP, L.L.C.
By: /s/ Craig Huff
---------------------------------------------------
Craig Huff
Managing Director
RESERVOIR CAPITAL MASTER FUND, L.P.
By: Reservoir Capital Group, L.L.C., its sole general partner
By: /s/ Craig Huff
---------------------------------------------------
Craig Huff
Managing Director
RESERVOIR CAPITAL ASSOCIATES, L.P.
By: Reservoir Capital Group, L.L.C., its sole general partner
By: /s/ Craig Huff
---------------------------------------------------
Craig Huff
Managing Director
RESERVOIR CAPITAL MANAGEMENT, L.L.C.
By: /s/ Craig Huff
---------------------------------------------------
Craig Huff
Managing Director
Richard E. Rainwater
By: /s/ Kenneth A. Hersh
---------------------------------------------------
Kenneth A. Hersh
Attorney-in-fact
20
SCHEDULE I
CONTROL PERSONS AND EXECUTIVE OFFICERS
OF THE CAPITAL Z REPORTING PERSONS
The names, present principal occupations and business addresses of
the control persons and executive officers of the Capital Z Reporting Persons
are set forth below. The control person's or executive officer's business
address is that of the Reporting Person. Unless otherwise indicated, each
occupation set forth opposite an individual's name refers to the Reporting
Person. Each of the named individuals is a citizen of the United States of
America except for Laurence Cheng who is a citizen of Canada. Capital Z
Partners, Ltd. is the ultimate general partner and control person of Capital Z
Financial Services Fund II, L.P. and Capital Z Financial Services Private Fund
II, L.P.
Robert A. Spass
Chairman of the Board
Laurence W. Cheng
Chief Executive Officer and Director
Bradley E. Cooper
Senior Vice President and Director
Mark K. Gormley
Senior Vice President and Director
Scott M. Delman
Senior Vice President and Director
David A. Spuria
General Counsel, Vice President of Administration and Secretary
Roland V. Bernardon
Chief Financial Officer, Treasurer and Assistant Secretary
21
SCHEDULE
CONTROL PERSONS AND EXECUTIVE OFFICERS
OF THE RESERVOIR REPORTING PERSONS
The names, present principal occupations and business addresses of
the control persons and executive officers of Reservoir Management and Reservoir
Group are set forth below. The control person's or executive officer's business
address is that of the Reporting Person. Unless otherwise indicated, each
occupation set forth opposite an individual's name refers to the Reporting
Person. Each of the named individuals is a citizen of the United States of
America. Reservoir Group is the general partner and control person of Reservoir
Partners, Reservoir Associates and Reservoir Master Fund.
RESERVOIR CAPITAL MANAGEMENT, L.L.C.
David H. Stern
President and Chief Executive Officer and Senior Managing Member; President and
Chief Executive Officer of Reservoir Capital Group, L.L.C.
Craig A. Huff
Managing Member and Managing Director;
Managing Director of Reservoir Capital
Group, L.L.C.
Gregg M. Zeitlin
Managing Member and Managing Director;
Managing Director of Reservoir Capital
Group, L.L.C.
Aaron Goldberg
Chief Financial Officer and Treasurer; Chief Financial Officer and Treasurer of
Reservoir Capital Group, L.L.C.
RESERVOIR CAPITAL GROUP, L.L.C.
Daniel H. Stern
President and Chief Executive Officer; see information under Reservoir Capital
Management, L.L.C.
Craig A. Huff
Managing Director; see information under
Reservoir Capital Management, L.L.C.
Gregg M. Zeitlin
Managing Director; see information under
Reservoir Capital Management, L.L.C.
Aaron Goldberg
Chief Financial Officer and Treasurer; see information under Reservoir Capital
Management, L.L.C.
22
Exhibits
1. Share Purchase Agreement, dated December 10, 2001, by and between
PXRE Group Ltd. and the Purchasers named therein.
2. Description of Stock.
3. Investment Agreement, by and between PXRE Group Ltd. and the
Investors named therein.
4. Joint Filing Agreement, dated December 20, 2001, by and among
Capital Z Financial Services Fund II, L.P., Capital Z Financial Services Private
Fund II, L.P., Capital Z Partners, L.P., Capital Z Partners, Ltd., Reservoir
Capital Partners, L.P., Reservoir Capital Master Fund, L.P., Reservoir Capital
Group, L.L.C., Reservoir Capital Associates, L.P., Reservoir Capital Management,
L.L.C. and Richard E. Rainwater.
5. Statutory Durable Power of Attorney.
23