-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JvKftC39NRVdMxfFpFkj/GNHolRi1vdr3HDARKIxMBn3Rl0J7nCfem8S60Ng8lyx Dqv68TDlzOl0TmSSVO2Dqw== 0000909518-02-000527.txt : 20020715 0000909518-02-000527.hdr.sgml : 20020715 20020715102531 ACCESSION NUMBER: 0000909518-02-000527 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20020715 GROUP MEMBERS: CAP Z FIN SVCS PRVT FUND II LP GROUP MEMBERS: CAPITAL Z PARTNERS LP GROUP MEMBERS: CAPITAL Z PARTNERS LTD GROUP MEMBERS: RER REINSURANCE GROUP MEMBERS: RESERVOIR CAP ASSOC LP GROUP MEMBERS: RESERVOIR CAP MASTER FUND LP GROUP MEMBERS: RESERVOIR CAPITAL GROUP LLC GROUP MEMBERS: RESERVOIR CAPITAL MGT LLC GROUP MEMBERS: RESERVOIR CAPITAL PARTNERS LP FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CAPITAL Z FINANCIAL SERVICES FUND II LP CENTRAL INDEX KEY: 0001075567 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: ONE CHASE MANHATTAN PLAZA CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2128988700 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PXRE GROUP LTD CENTRAL INDEX KEY: 0001091748 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 980214719 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-57013 FILM NUMBER: 02702466 BUSINESS ADDRESS: STREET 1: CLARENDON HOUSE STREET 2: 12 CHURCH STREET MAILTON HM CX CITY: BERMUDA STATE: D0 ZIP: 00000 BUSINESS PHONE: 4412965858 MAIL ADDRESS: STREET 1: CLARENDON HOUSE STREET 2: 12 CHURCH STREET HAMILTON HM CX CITY: BERMUDA STATE: D0 ZIP: 00000 SC 13D/A 1 mv7-8_13da.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- SCHEDULE 13D (RULE 13D-101) (AMENDMENT NO. 1) 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 RER Reinsurance Holdings, L.P. 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) April 17, 2002 - -------------------------------------------------------------------------------- (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 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 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 RER Reinsurance Holdings, L.P. 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 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 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 RER Reinsurance Holdings, L.P. 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 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 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 RER Reinsurance Holdings, L.P. 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 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 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 RER Reinsurance Holdings, L.P. 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 2,179,490(1) BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH --------- ------------------------------------------------- 8 SHARED VOTING POWER --------- ------------------------------------------------- 9 SOLE DISPOSITIVE POWER 2,179,490(1) --------- ------------------------------------------------- 10 SHARED DISPOSITIVE POWER - ---------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 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 RER Reinsurance Holdings, L.P. 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 366,941(1) BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH --------- ------------------------------------------------- 8 SHARED VOTING POWER --------- ------------------------------------------------- 9 SOLE DISPOSITIVE POWER 366,023(1) --------- ------------------------------------------------- 10 SHARED DISPOSITIVE POWER - ---------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 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 RER Reinsurance Holdings, L.P. 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 2,546,781(1) --------- ------------------------------------------------- 9 SOLE DISPOSITIVE POWER --------- ------------------------------------------------- 10 SHARED DISPOSITIVE POWER 2,546,781(1) - ---------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - ---------- ---------------------------------------------------------------------------------------------------- 1. Includes 2,051,345 and 345,086 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 RER Reinsurance Holdings, L.P. 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 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 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 RER Reinsurance Holdings, L.P. 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 2,546,781(1) --------- ------------------------------------------------- 9 SOLE DISPOSITIVE POWER --------- ------------------------------------------------- 10 SHARED DISPOSITIVE POWER 2,546,781(1) - ---------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - ---------- ---------------------------------------------------------------------------------------------------- 1. Includes 2,051,345 and 345,086 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 RER Reinsurance Holdings, L.P. 10 ========== ==================================================================================================== 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only) RER REINSURANCE HOLDINGS, 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 TEXAS - --------------------------------------------------- --------- ------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF SHARES 1,529,637(1) BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH --------- ------------------------------------------------- 8 SHARED VOTING POWER --------- ------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,529,637(1) --------- ------------------------------------------------- 10 SHARED DISPOSITIVE POWER - ---------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,920,267(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 41.46% - ---------- ---------------------------------------------------------------------------------------------------- 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 This Amendment No. 1 amends the Statement on Schedule 13D dated December 20, 2001 (the "Initial Statement on Schedule 13D") filed by 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 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"). Capitalized terms used in this Amendment without definition have the meanings ascribed to them in the Initial Statement on Schedule 13D. This Amendment is being filed by each of the foregoing persons, other than Rainwater, and by RER Reinsurance Holdings, Inc. ("RER", collectively the "Reporting Persons"). ITEM 5. INTEREST IN SECURITIES OF ISSUER. (a) - (c) On April 5, 2002, Reservoir Partners and Reservoir Master Fund entered into a Transfer and Joinder ("Transfer and Joinder Agreement") agreement with SAB Capital Partners, LP, SAB Capital Partners II, LP and SSAB Overseas Fund, Ltd. (collectively, "SAB") pursuant to which Reservoir Partners transferred an aggregate of 676,507 Common Shares (on an as-converted basis) and Reservoir Master Fund transferred an aggregate of 113,805 Common Shares (on an as-converted basis) to SAB (the "SAB Transfer"). As a result of the SAB Transfer each Reservoir Reporting Person may be deemed to beneficially own 2,546,781 Common Shares by virtue of Reservoir Capital's, Reservoir Master Fund's and Reservoir Associates' ownership of 2,179,490, 366,941 and 350 Common Shares (assuming all preferred shares are converted), respectively. Reservoir Management and Reservoir Group have 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 11.8% 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. Effective as of April 1, 2002, Richard E. Rainwater ("Rainwater") entered into an Assignment and Assumption Agreement (the "RER Assignment") with RER Reinsurance Holdings, L.P., a Texas limited partnership ("RER) of which Rainwater is the sole general partner. Pursuant to the RER Assignment, Rainwater transferred the right to acquire 1,529,637 Common Shares (on an as-converted basis) to RER. Rainwater, as the sole general partner of RER, has the sole power to vote or direct the vote, and to dispose or to direct the disposition of, such Common Shares. Subsequent to the RER Assignment, RER acquired all of such 1,529,637 Common Shares (on an as-converted basis). Effective as of April 1, 2002, Rainwater also entered into an Assignment and Assumption Agreement (the "Stavis Assignment") with Robert Stavis ("Stavis"), an individual resident of the State of New York. Pursuant to the Stavis Assignment, Rainwater transferred the right to acquire 63,735 Common Shares (on an as-converted basis) to Stavis. Stavis has the sole power to vote or direct the vote, and to dispose or to direct the disposition of, such Common Shares. Subsequent to the Stavis Assignment, Stavis acquired all of such 63,735 Common Shares (on an as-converted basis). As a consequence of the RER Assignment and the Stavis Assignment, Rainwater no longer owns any of the Common Shares; provided, however, that Rainwater is deemed to beneficially own all of RER's 1,529,637 Common Shares by virtue of his capacity as the general partner of such partnership. 12 The aggregate number of Common Shares represented by this Statement represent approximately 41.46% of the outstanding 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 11,955,732 Common Shares outstanding as of May 10, 2002, and assuming the Preferred Shares are converted into Common Shares. (d) None. (e) Not applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. The following description of Transfer and Joinder Agreement is qualified in is entirety by reference to by Transfer and Joinder Agreement (which is attached hereto as Exhibit 1 and incorporated by reference). Pursuant to the Transfer and Joinder Agreement, SAB purchased from Reservoir Partners and Reservoir Master Fund, and Reservoir Partners and Reservoir Master Fund sold to SAB an aggregate of 790,312 Common Shares (on an as-converted basis). In addition, SAB became a member of the Investment Agreement. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. 1. Transfer and Joinder Agreement by and among Reservoir Capital, Reservoir Master Fund and SAB. 13 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: July 15, 2002. CAPITAL Z FINANCIAL SERVICES FUND II, L.P. By: Capital Z Partners, Ltd., it ultimate general partner By: /s/ Robert Spass --------------------------------------------------- Robert Spass Chairman CAPITAL Z FINANCIAL SERVICES PRIVATE FUND II, L.P. By: Capital Z Partners, Ltd., it ultimate general partner By: /s/ Robert Spass --------------------------------------------------- Robert Spass Chairman CAPITAL Z PARTNERS, L.P. By: Capital Z Partners, Ltd., it ultimate general partner By: /s/ Robert Spass --------------------------------------------------- Robert Spass Chairman CAPITAL Z PARTNERS, LTD. By: Capital Z Partners, Ltd., it ultimate general partner By: /s/ Robert Spass --------------------------------------------------- Robert Spass Chairman 14 RESERVOIR CAPITAL PARTNERS, L.P. By: Reservoir Capital Group, L.L.C., its sole general partner By: /s/ Craig Huff --------------------------------------------------- Craig Huff President RESERVOIR CAPITAL GROUP, L.L.C. By: /s/ Craig Huff --------------------------------------------------- Craig Huff President RESERVOIR CAPITAL MASTER FUND, L.P. By: Reservoir Capital Group, L.L.C., its sole general partner By: /s/ Craig Huff --------------------------------------------------- Craig Huff President RESERVOIR CAPITAL ASSOCIATES, L.P. By: Reservoir Capital Group, L.L.C., its sole general partner By: /s/ Craig Huff --------------------------------------------------- Craig Huff President RESERVOIR CAPITAL MANAGEMENT, L.L.C. By: /s/ Craig Huff --------------------------------------------------- Craig Huff President RER Reinsurance Holdings, L.P. By: /s/ Richard E. Rainwater by Melissa Parrish --------------------------------------------------- Richard E. Rainwater, General Partner by Melissa Parrish, Attorney-in-fact 15 Exhibits 1. Transfer and Joinder Agreement, dated April 5, 2002. 16 EX-99 3 mvex-1.txt Exhibit 1 TRANSFER AND JOINDER AGREEMENT This Transfer and Joinder Agreement, (the "AGREEMENT"), by Reservoir Capital Partners, L.P. ("RCP"), Reservoir Capital Master Fund, L.P. ("RCMF"; and, together with RCP, the "TRANSFERORS"), SAB Capital Partners, LP ("SAB"), SAB Capital Partners II, LP ("SAB II") and SAB Overseas Fund, Ltd. ("SAB OVERSEAS"; and, together with SAB and SAB II, the "TRANSFEREES"), is dated as of April 5, 2002. WHEREAS, the Transferors have purchased certain Series B-1 Preferred Shares (the "SERIES B-1 PREFERRED SHARES") of the PXRE Group Ltd., a Bermuda company (the "COMPANY") and certain Series B-2 Shares (the "SERIES B-2 PREFERRED SHARES") of the Company pursuant to that certain Share Purchase Agreement between the Company and the Purchasers named therein, dated December 10, 2001 (the "PURCHASE AGREEMENT"); WHEREAS, pursuant to the Purchase Agreement, the Transferors are party to that certain Investment Agreement, dated as of April 4, 2002, between the Company and the Investors named therein (the "INVESTMENT AGREEMENT"); WHEREAS, the Transferors desire to transfer an aggregate of 826.666 shares of Series B-1 Preferred Shares and 413.334 shares of Series B-2 Preferred Shares to the Transferees (the "TRANSACTION"), as more fully described on Schedule A hereto; WHEREAS, pursuant to Section 2.1 of the Investment Agreement any transfer of Series B-1 Preferred Shares or Series B-2 Preferred Shares must be a Permitted Transfer (as defined therein): WHEREAS, pursuant to Section 2.1 of the Investment Agreement, any transferee of Series B-1 Preferred Shares or Series B-2 Preferred Shares must execute a joinder agreement to the Investor's Rights Agreement and become a party thereto; WHEREAS, Transferees desires to become a party to the Investment Agreement. NOW, THEREFORE,: 1. The foregoing recitals are incorporated herein by reference. 2. The undersigned agree to be bound by the terms and conditions of, and to become a party to, the Investment Agreement as an "Investor" thereunder, the form of which has been previously provided, as if the undersigned had been a party to such agreement as of the date thereof. 3. Each Tranferee hereby represents and warrants, severally and not jointly, to the Transferors that: a. the Transaction is being effected in accordance with Bermuda law and the Bye-Laws of the Company; b. the Transaction is being effected in accordance with Rule 144 of the Securities Act of 1933 (the "Act"), as amended, or pursuant to another available exemption the Act; c. the Transaction (i) will not result in any Person (as defined in the Investment Agreement) "controlling" (as such term is defined in ss.38a-129(3) of the Connecticut Insurance Law) the Company; (ii) is approved by the Connecticut Department of Insurance; or (iii) the Connecticut Department of Insurance has consented to a Disclaimer of Affiliation (as defined by applicable Connecticut insurance regulations); d. the Transaction does not result in the Company or any subsidiary of the Company being deemed a controlled foreign corporation, for any purposes other than the inclusion of Related Person Insurance Income (as used in the Investment Agreement), and does not result in the Transferee or any other Person being considered a United States Shareholder within the meaning of Section 951(b) of the Internal Revenue Code of the United States (the "Code"), without regard to Section 953(c) of the Code and without application of Bye-law 20(4) of the Company's Bye-Laws; e. the Transferee is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and it has the right, power, and authority to execute, deliver, and fully perform its obligations under this Agreement; f. this Agreement has been duly executed and is a binding and valid agreement enforceable against the Transferee in accordance with its terms; g. the Transferee has full right, power and authority to enter into and perform this Agreement and the Investment Agreement and the execution, delivery and performance of this Agreement does not conflict with, or constitute a default under any Contract (as defined in the Purchase Agreement) to which the Transferee is a party or result in a violation of Transferee's organizational documents or any order, judgment or decree of any court or Governmental or Regulatory Authority (as defined in the Purchase Agreement), having jurisdiction over the Transferee or any of its properties and no consent, authorization or order of, or filing or registration with any Governmental or Regulatory Authority is required by the Transferee for the execution, delivery or performance of this Agreement. ; 2 h. the Transferee is (i) an "accredited investor" as such term is defined in Regulation D under Act; i. the Transferee is acquiring the Series B-1 Shares and Series B-2 Shares for its own account as principal, for investment purposes only, and not for or with a view to the resale, distribution or granting of a participation therein, in whole or in part, in violation of the Act or the securities laws of any State applicable to such Transferee; and j. the Transferee acknowledges that it is familiar with the limitations which are imposed by the Act on any transfer of an interest in the Series B-1 Shares and the Series B-2 Shares and the Transferee understands and acknowledges that it may have to bear the economic risk of its investment in the Series B-1 Shares and the Series B-2 Shares for an indefinite period of time unless such securities are subsequently registered under the Act or an exemption therefrom is available; the Transferee hereby agrees that the Series B-1 Shares and the Series B-2 Shares will not be transferred other than (i) pursuant to a registration under the Act or pursuant to an exemption therefrom, (ii) in compliance with any applicable state securities laws, (iii) as permitted under the Investment Agreement and (iv) with prior Bermuda Approval (as defined in the Investment Agreement). 4. It shall be a condition to the consummation of the Transaction that the Bermuda Monetary Authority shall have granted approval for the transfer to the Transferees of the Series B-1 Preferred Shares and the Series B-2 Preferred Shares. 5. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any jurisdiction other than the State of New York. 6. The Transferees agree that PXRE Group, Ltd. shall be a third-party beneficiary of the representations and warranties contained in paragraph 3 of this Agreement. [The remainder of this page is intentionally left blank.] 3 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the day and year first above written. SAB CAPITAL PARTNERS, LP By: SAB Capital Advisors, LLC By: /s/ Scott Bommer ------------------------------------- Name: Scott Bommer Title: Managing Member SAB CAPITAL PARTNERS II, LP By: SAB Capital Advisors, LLC By: /s/ Scott Bommer ------------------------------------- Name: Scott Bommer Title: Managing Member SAB OVERSEAS FUND, LTD. By: SAB Overseas Management, LP By: /s/ Scott Bommer ------------------------------------- Name: Scott Bommer Title: Managing Member RESERVOIR CAPITAL PARTNERS, L.P. By: Reservoir Capital Group, L.L.C. By: /s/ Gregg Zeitlin ------------------------------------- Name: Gregg Zeitlin Title: Managing Director RESERVOIR CAPITAL MASTER FUND, L.P. By: Reservoir Capital Group, L.L.C. By: /s/ Gregg Zeitlin ------------------------------------- Name: Gregg Zeitlin Title: Managing Director Acknowledged and Accepted: PXRE GROUP, LTD. By: /s/Jeffrey L. Radke -------------------------- Name: Jeffrey L. Radke Title: EVP 4 EXHIBIT A To SAB Capital Partners: From Reservoir Capital Partners Series B-1 Shares: 396.667 Series B-2 Shares: 198.333 ------- TOTAL TO SAB: 595.000 To SAB Capital Partners II: From Reservoir Capital Partners Series B-1 Shares: 12.667 Series B-2 Shares: 6.333 ------ TOTAL TO SAB : 19.000 To SAB Overseas Fund, Ltd. From Reservoir Capital Partners: Series B-1 Shares: 298.293 Series B-2 Shares: 149.147 From Reservoir Capital Master Fund: Series B-1 Shares: 119.040 Series B-2 Shares: 59.520 ------- TOTAL TO SAB OVERSEAS 626.000 5 -----END PRIVACY-ENHANCED MESSAGE-----