-----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, TCJRv/MkCDU9SyjvHVH9dAIb77bQeyYIbUt+E40wROhEasXU2p2fhZI9kIBLO5+q yMNYHnHOnb0hOMZCr+UIkw== 0000909518-04-001025.txt : 20041229 0000909518-04-001025.hdr.sgml : 20041229 20041229111107 ACCESSION NUMBER: 0000909518-04-001025 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20041229 DATE AS OF CHANGE: 20041229 GROUP MEMBERS: CAPITAL Z FINANCIAL SERVICES PRIVATE FUND II LP GROUP MEMBERS: CAPITAL Z MANAGEMENT, LLC GROUP MEMBERS: CAPITAL Z PARTNERS, LP GROUP MEMBERS: CAPITAL Z PARTNERS, LTD FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CAPITAL Z FINANCIAL SERVICES FUND II CENTRAL INDEX KEY: 0001179674 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: SIX INTERNATIONAL DR STREET 2: STE 190 CITY: RYE BROOK STATE: NY ZIP: 10573-1068 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: 041229819 BUSINESS ADDRESS: STREET 1: 26 VICTORIA STREET CITY: HAMILTON STATE: D0 ZIP: HM FX BUSINESS PHONE: 4412965858 MAIL ADDRESS: STREET 1: P O BOX HM 1282 CITY: HAMILTON BERMUDA STATE: D0 ZIP: HM FX SC 13D/A 1 mv12-28_13da1.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 - -------------------------------------------------------------------------------- (Name, address and telephone number of person authorized to receive notices and communications) November 23, 2003 - -------------------------------------------------------------------------------- (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 6,481,858(1) BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - --------------------------------------------------- --------- -------------------------------------------------------------------- 8 SHARED VOTING POWER - --------------------------------------------------- --------- -------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 6,481,858(1) - --------------------------------------------------- --------- -------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,527,217 - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES [X] - ---------- ----------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 25.8% - ---------- ----------------------------------------------------------------------------------------------------------------------- 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 $13.48. 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 34,526(1) BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - --------------------------------------------------- --------- -------------------------------------------------------------------- 8 SHARED VOTING POWER - --------------------------------------------------- --------- -------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 34,526(1) - --------------------------------------------------- --------- -------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,527,217 - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES [X] - ---------- ----------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 25.8% - ---------- ----------------------------------------------------------------------------------------------------------------------- 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 $13.48. 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 6,516,384(1) - --------------------------------------------------- --------- -------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - --------------------------------------------------- --------- -------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 6,516,384(1) - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,527,217 - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES [X] - ---------- ----------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 25.8% - ---------- ----------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - ---------- ----------------------------------------------------------------------------------------------------------------------- 1. Includes 6,481,858 and 34,526 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 $13.48. 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 6,516,384(1) - --------------------------------------------------- --------- -------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - --------------------------------------------------- --------- -------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 6,516,384(1) - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,527,217 - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES [X] - ---------- ----------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 25.8% - ---------- ----------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ---------- ----------------------------------------------------------------------------------------------------------------------- 1. Includes 6,481,858 and 34,526 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 $13.48. 5 ========== ======================================================================================================================= 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only) CAPITAL Z MANAGEMENT, LLC - ---------- ----------------------------------------------------------------------------------------------------------------------- 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 10,833(1) BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH - --------------------------------------------------- --------- -------------------------------------------------------------------- 8 SHARED VOTING POWER - --------------------------------------------------- --------- -------------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 10,833(1) - --------------------------------------------------- --------- -------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - ---------- ----------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,527,217 - ---------- ----------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES [X] - ---------- ----------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 25.8% - ---------- ----------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - ---------- -----------------------------------------------------------------------------------------------------------------------
1. Includes an option to purchase 10,000 Common Shares at a exercise price of $20.38 per share, of which, options to purchase 3,333 Common Share are currently, or within 60 days will be, exercisable. 6 This Amendment No. 1 amends the Statement of Schedule 13D (the "Initial Statement on Schedule 13D") filed on June 27, 2003 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."), Capital Z Partners, Ltd., a Bermuda corporation ("Capital Z Ltd.") and Capital Z Management, LLC, a Delaware limited liability company ("Capital Z Management", collectively, the "Reporting Persons"). This Amendment No. 1 incorporates by reference all of the information contained in the Initial Statement on Schedule 13D except to the extent that the information contained herein amends and supplements the information contained on the Initial Statement on Schedule 13D. Capitalized terms used in this Amendment without definition have the meanings ascribed to them in the Initial Statement on Schedule 13D. ITEM 4. PURPOSE OF TRANSACTION. The Reporting Persons consummated the transactions described herein in order to monetize a portion of their investment in the Company. 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 continue to have active participation in the management of the Company through representation on the Board of Directors. Except as set forth in this Item 4 (including the matters described in Item 6 in the Initial Statement on Schedule 13D 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. ITEM 5. INTEREST IN SECURITIES OF ISSUER. (a) - (b) The information on the cover pages is incorporated herein by reference. Capital Z Management may be deemed to be part of a group together with Capital Z Fund II, Capital Z Private Fund II, Capital Z L.P. and Capital Z Ltd. and therefore be deemed to beneficially own the shares beneficially owned by Capital Z Fund II, Capital Z Private Fund II, Capital Z L.P. and Capital Z Ltd. but no Reporting Person affirms the existence of any such group. Such group would beneficially own 6,527,217 Common Shares, assuming conversion of all Preferred Shares held by such group at a conversion price of $13.48, which would represent 25.8% of the total outstanding Common Shares. Capital Z Management disclaims any beneficial ownership of any shares owned or deemed to be beneficially owned by Capital Z Fund II, Capital Z Private Fund II, Capital Z L.P. and Capital Z Ltd. Capital Z Fund II, Capital Z Private Fund II, Capital Z L.P. and Capital Z Ltd. each disclaim beneficial ownership of any shares owned by Capital Z Management. 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 14,429,885 Common Shares outstanding as of November 17, 2004, and assuming that all outstanding Preferred Shares held be the Reporting Persons are converted into Common Shares. 7 (c) On November 23, 2004, Capital Z Fund II sold 356,379 Common Shares and Capital Z Private Fund II sold 1,898 Common Shares pursuant to the registration statement of Form S-3 filed by the Company and declared effective on November 23, 2004. The Common Shares were sold at a price per share of $23.75, before any underwriting discounts and commissions. Credit Suisse First Boston acted as the bookrunning lead manager for the offering. Pursuant to the terms of the Preferred Shares as set forth in Section 7(d) of the Description of Stock, the conversion price of the Preferred Shares was adjusted as of September 30, 2004 to $13.48. Other than the transactions described above, the Reporting Persons have not effected any transactions in respect of the Common Shares or the Preferred Shares within the past 60 days. (d) None. (e) Not applicable. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. 1. Joint Filing Agreement, dated December 27, 2004. 8 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 27, 2004. CAPITAL Z FINANCIAL SERVICES FUND II, L.P. By: Capital Z Partners, Ltd., it 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., it 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., it 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., it ultimate general partner By: /s/ David A. Spuria --------------------------------------------------- David A. Spuria General Counsel, Vice President of Administration and Secretary CAPITAL Z MANAGEMENT, LLC. By: /s/ David A. Spuria --------------------------------------------------- David A. Spuria General Counsel 9 EX-99 2 mv12-28_ex1.txt 1 EXHIBIT 1 JOINT FILING AGREEMENT This will confirm the agreement by and among all the undersigned that the Schedule 13D filed on or about this date with respect to the beneficial ownership of the undersigned of shares of common stock, par value $1.00 per share, of PXRE Group Ltd. is being filed on behalf of each of the undersigned. This agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Dated: December 27, 2004 CAPITAL Z FINANCIAL SERVICES FUND II, L.P. By: Capital Z Partners, Ltd., it 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., it 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., it 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., it ultimate general partner By: /s/ David A. Spuria --------------------------------------------------- David A. Spuria General Counsel, Vice President of Administration and Secretary By: /s/ David A. Spuria --------------------------------------------------- David A. Spuria General Counsel -----END PRIVACY-ENHANCED MESSAGE-----