EX-99.1 2 dex991.htm INVESTOR PRESENTATION SLIDES Investor presentation slides
A Merger of Equals
March 17, 2010 
Specialty Insurance & Reinsurance
Exhibit 99.1

2
Cautionary Note Regarding Forward-Looking Statements:
This presentation includes statements about future economic performance, finances, expectations, plans and prospects of Max and Harbor Point, both individually and on a
consolidated basis, that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. For further
information regarding cautionary statements and factors affecting future results of Max, please refer to the most recent Annual Report on Form 10-K (as amended by Max’s Form 
10-K/A on March 12, 2010), Quarterly Reports on Form 10-Q filed subsequent to the Annual Report and other documents filed by Max with the Securities Exchange Commission
(“SEC”) and, in the case of Harbor Point, please refer to the joint proxy statement/prospectus included in the registration statement on Form S-4 filed by Max with the SEC.  These
documents are also available free of charge, in the case of Max, by directing a request to Max through Joe Roberts, Chief Financial Officer, or Susan Spivak Bernstein, Senior Vice
President, Investor Relations, at 441-295-8800 and, in the case of Harbor Point, by directing a request to Gayle Gorman, Senior Vice President, at 441-294-6743.  Neither Max nor
Harbor Point undertakes any obligation to update or revise publicly any forward-looking statement whether as a result of new information, future developments or otherwise.
This presentation contains certain forward-looking statements within the meaning of the U.S. federal securities laws. Statements that are not historical facts, including statements about
our beliefs, plans or expectations, are forward-looking statements. These statements are based on Max’s or Harbor Point’s current plans, estimates and expectations. Some forward-
looking statements may be identified by use of terms such as “believe,” “anticipate,” “intend,” “expect,” “project,” “plan,” “may,” “should,” “could,” “will,” “estimate,” “predict,” “potential,”
“continue,” and similar words, terms or statements of a future or forward-looking nature. In light of the inherent risks and uncertainties in all forward-looking statements, the inclusion of
such statements in this presentation should not be considered as a representation by Max, Harbor Point or any other person that Max’s or Harbor Point’s objectives or plans, both
individually and on a consolidated basis, will be achieved. A non-exclusive list of important factors that could cause actual results to differ materially from those in such forward-looking
statements includes the following: (a) the occurrence of natural or man-made catastrophic events with a frequency or severity exceeding expectations; (b) the adequacy of loss
reserves and the need to adjust such reserves as claims develop over time; (c) the failure of any of the loss limitation methods the parties employ; (d) any lowering or loss of financial
ratings of any wholly owned operating subsidiary; (e) the effect of competition on market trends and pricing; (f) cyclical trends, including with respect to demand and pricing in the
insurance and reinsurance markets; (g) changes in general economic conditions, including changes in interest rates and/or equity values in the United States of America and
elsewhere; and (h) other factors set forth, in the case of Max, in its recent reports on Form 10-K, Form 10-Q and other documents of Max on file with the SEC and, in the case of
Harbor Point, in the joint proxy statement/prospectus included in the registration statement on Form S-4 filed by Max with the SEC. 
Risks and uncertainties relating to the proposed amalgamation include the risks that: (1) the parties will not obtain the requisite shareholder or regulatory approvals for the transaction;
(2) the anticipated benefits of the transaction will not be realized; (3) the parties may not be able to retain key personnel; (4) the conditions to the closing of the proposed amalgamation
may not be satisfied or waived; and (5) the outcome of any legal proceedings to the extent initiated against Max or Harbor Point or its respective directors and officers following the
announcement of the proposed amalgamation is uncertain. These risks, as well as other risks of the combined company and its subsidiaries, may be different from what the companies
expect and each party’s management may respond differently to any of the aforementioned factors.  These risks, as well as other risks associated with the amalgamation, are more
fully discussed in the joint proxy statement/prospectus included in the registration statement on Form S-4 filed by Max with the SEC.  Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date on which they are made.
Additional Information about the Proposed Amalgamation and Where to Find It:
Participants in the Solicitation:
Max and its directors and executive officers may be deemed to be participants in any solicitation of Max’s shareholders in connection with the proposed amalgamation.  Information
about Max’s directors and executive officers is available in Max’s Form 10-K/A filed with the SEC on March 12, 2010.
John Berger, Chief Executive Officer and President, and Andrew Cook, Chief Financial Officer, of Harbor Point, may also be deemed to be participants in any solicitation of Max’s
shareholders in connection with the proposed amalgamation. Information about Mr. Berger and Mr. Cook is available in the joint proxy statement/prospectus included in the registration
statement on Form S-4 filed by Max with the SEC.
This
presentation
relates
to
a
proposed
amalgamation
between
Max
and
Harbor
Point.
On
March
12,
2010,
Max
filed
with
the
SEC
a
registration
statement
on
Form
S-4,
which
included
a
preliminary joint proxy statement/prospectus. This presentation is not a substitute for the definitive joint proxy statement/prospectus that Max will file with the SEC or any other document
that
Max
filed
or
may
file
with
the
SEC
or
that
Max
or
Harbor
Point
may
send
to
its
shareholders
in
connection
with
the
proposed
amalgamation.
INVESTORS
AND
SECURITY
HOLDERS
ARE URGED TO READ THE PRELIMINARY JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE
SEC
OR
SENT
TO
SHAREHOLDERS,
INCLUDING
THE
DEFINITIVE
JOINT
PROXY
STATEMENT/PROSPECTUS
THAT
WILL
BE
PART
OF
THE
REGISTRATION
STATEMENT ON
FORM
S-4,
AS
THEY
BECOME
AVAILABLE
BECAUSE
THEY
CONTAIN
OR
WILL
CONTAIN
IMPORTANT
INFORMATION
ABOUT
THE
PROPOSED
AMALGAMATION. 
All such documents are, or when filed will be, available in the case of Max, free of charge at the SEC’s website (www.sec.gov) or by directing a request to Max through Joe Roberts,
Chief
Financial
Officer,
or
Susan
Spivak
Bernstein,
Senior
Vice
President,
Investor
Relations,
at
441-295-8800
and,
in
the
case
of
Harbor
Point,
by
directing
a
request
to
Gayle
Gorman,
Senior Vice President, at 441-294-6743.

3
Alterra means “high ground”
—
a place of security
Alterra
Capital Holdings Limited
Bermuda
Ireland
United States
Lloyd’s
Latin America

4
Alterra
–
A Winning Combination
Merger of Equals of two strong organizations
Enhances position with clients and brokers
Combines “best in class" reinsurance group with a global specialty platform
Provides diversified and stable earnings over time
Established platforms in all major insurance markets
Delivers flexibility to optimize portfolio composition
Larger capital base with approximately $3 billion in equity
Enhances financial flexibility
Strong and deep management and underwriting teams
Committed to growth in book value
Creates Value for All Shareholders

5
Structure
Stock for stock merger of equals
Exchange Ratio
3.7769 shares of Max for each Harbor Point share
Fixed exchange ratio
Pro Forma
Ownership 
52% by Harbor Point shareholders (fully diluted)
48% by Max shareholders (fully diluted)
Extraordinary
Dividend
$2.50 per share cash dividend (~$300 million) to all shareholders post-closing
Subject to combined board approval
Management
Marty Becker – President, Chief Executive Officer and Director
John Berger – Chief Executive Officer of Reinsurance and Vice Chairman of Board
Board of Directors
14 member Board of Directors with 7 directors from each of Harbor Point and Max
Michael O’Reilly, Non-Executive Chairman
Approvals
Shareholder approvals
Customary regulatory approvals
Expected Closing
Second quarter 2010
Transaction Overview

6
Combining Strong Management With Deep Experience
Name
                      Position
Marty Becker
President, Chief Executive Officer, Director
John Berger
Chief Executive Officer of Reinsurance, Vice Chairman of Board
Peter Minton
Chief Operating Officer 
Joe Roberts
Chief Financial Officer
Andrew Cook
Chief Integration Officer and EVP, Global Development 
Carol Rivers
General Counsel
Angelo Guagliano
Chief Executive Officer, Insurance 
David Kalainoff
Chief Underwriting Officer, U.S. Reinsurance
Adam Mullan
Chief Executive Officer, Max at Lloyd’s 
Wayne Paglieri
Chief Operating Officer, Reinsurance
Greg Richardson
Chief Underwriting Officer, Bermuda Reinsurance
Steve Vaccaro
Chief Executive Officer, Max Specialty
Tom Wafer
President, U.S. Reinsurance
 

7
World Class Board Led by Michael O’Reilly
Name
Affiliations
Michael O’Reilly
Chairman
Retired Vice Chairman and CFO of The Chubb
Corporation
John Berger
Vice Chairman
President and CEO of Harbor Point.  Former
President and CEO of Chubb Re and F&G Re
James Carey
Deputy Chairman
Former Chairman of Paris Re.  Senior Principal of
Stone Point and a member of the Investment
Committees of the Trident Funds
Thomas Forrester
Retired CFO of The Progressive Corporation
Meryl Hartzband
Former Director of ACE Limited and Travelers. 
Chief Investment Officer of Stone Point and a
member of the Investment Committees of the
Trident Funds
Stephan Newhouse
Retired President of Morgan Stanley and Chairman
of Morgan Stanley International Inc.
Andy Rush
Founder and Senior Managing Director of Diamond
Castle Holdings LLC.  Former Managing Director at
DLJ Merchant Banking
Name
Affiliations
Gordon Cheesbrough
Deputy Chairman
Managing Partner of Blair Franklin Capital Partners,
Inc.  Former President and CEO of Altamira
Investment Services Inc.  Former Chairman and
CEO of Scotia Capital Markets
Marty Becker
CEO
Chairman and CEO of Max Capital Group Ltd. 
Former Chairman and CEO of Orion Capital
Corporation
Bruce Connell
Former EVP and Group Underwriting Officer of XL
Capital Ltd.
Willis King
Chairman of First Protective Insurance Company
James MacNaughton
Former Senior Advisor, Managing Director and
Global Partner of Rothschild Inc.
Mario Torsiello
President and Chief Executive Officer, Torsiello
Capital Advisors Inc.
James Zech
President of High Ridge Capital, LLC.  President
and CEO of Kinloch Holdings, Inc.
Max
Harbor Point

8
$2.1
$1.9
$1.7
$1.6
$1.6
$1.5
$1.2
$7.1
$6.1
$5.0
$4.0
$4.0
$4.0
$3.2
$3.2
$3.2
$3.0
$2.6
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
PRE
RE
AXS
TRH
VR
ACGL
AWH
RNR
AHL
ENH
PTP
Harbor Point
MRH
AGII
MXGL
Ariel
FSR
Combination Enhances Market Profile
Combination provides greater size and scale
Enhances valuation and ratings profile
Provides greater financial flexibility
Enhanced position with clients and brokers
Platform / underwriters are in place
Ability to more efficiently manage capital
Excess capital to support underwriting
opportunities or returned to shareholders
____________________
(1)
Pro forma for expected post-closing dividend of ~$300 million ($2.50 per share).  Before purchase accounting adjustments.
( $ in billions)
Common Equity (12/31/09)
(1)

9
Global Reach Through Established Platforms
Reinsurance
Insurance
Lloyd’s
U.S. Specialty Insurance
 
Major
Classes
Agriculture
Aviation
Excess liability
Medical malpractice
Professional liability
Property 
Marine and energy
Whole account
Workers’ comp
Life and annuity
Aviation
Excess liability
Professional liability
Property 
Personal accident
Financial institutions
Professional liability
Property 
International casualty
treaty reinsurance
Excess liability
Marine
Property
Miscellaneous
professional liability
Operating
Regions
United States
Latin America
Canada
European Union
Japan
Australia
New Zealand
United States
European Union
United Kingdom
Japan
Denmark
Latin America
United States
Offices
Bermuda
Dublin
Bogotá
New Jersey
Bermuda
Dublin
Hamburg
London
Leeds
Tokyo
Copenhagen
Rio de Janeiro
New York
Los Angeles 
Philadelphia
Richmond
Atlanta
Dallas
San Francisco

10
15%
36%
49%
Harbor Point –
“Best in Class”
Franchise
2009 GPW: $608 million
Formed
in
2005
with
“A”
A.M.
Best
rating
No legacy exposures
Longstanding franchise led by John Berger
Chubb Re management team and book of business
Diversified reinsurer with an excellent track record
Strong and experienced Board
Michael O’Reilly, formerly Vice Chairman & CFO of
The Chubb Corporation, will be Chairman of Alterra
Sophisticated, knowledgeable shareholder group
Stone Point Capital and The Chubb Corporation are
largest investors
Casualty
Property
Specialty
2009
Net Premiums Written
$601.9
Combined Ratio
80.6%
Cash and Investments (12/31)
$2,585.0
Shareholders' Equity (12/31)
$1,889.7
Tangible Equity (12/31)
$1,631.8
Net Operating Income
$180.9
ROE (operating)
10.1%
Tangible ROE (operating)
11.8%

11
Strong operational flexibility, well positioned to support opportunistic growth over time
Harbor Point
Max
____________________
(1) Pro forma for expected post-closing dividend of ~$300 million ($2.50 per share).  Before purchase accounting adjustments.
Conservative Operating Leverage
(1)
vs. 0.61x average for
peer group
As of December 31, 2009
($ millions)
Gross Premiums Written
$1,375.0
$607.5
$1,982.5
Net Premiums Written
$894.5
$601.9
$1,496.4
Retention
65%
99%
75%
Shareholders' Equity
$1,564.6
$1,889.7
$3,154.1
Combined Ratio
88.1%
80.6%
85.0%
Net Operating Income
$208.9
$180.9
$389.8
ROE (operating)
14.7%
10.1%
12.7%
NPW / Equity
0.57x
0.32x
0.47x

12
Strong Financial Position
Well-positioned balance sheet with conservative financial leverage
Harbor Point
Max
(1)
vs. 16.0% average for
peer group
____________________
(1) Pro forma for expected post-closing dividend of ~$300 million ($2.50 per share).  Before purchase accounting adjustments.
As of December 31, 2009
($ millions)
Cash and Investments
$5,259.1
$2,585.0
$7,543.9
Loss & LAE Reserves
$4,550.6
$707.8
$5,258.4
Debt
$90.5
$200.0
$290.5
Shareholders' Equity
$1,564.6
$1,889.7
$3,154.1
Total Debt / Capitalization
5.5%
9.6%
8.4%

13
53%
47%
52%
48%
53%
47%
Diversified and Balanced Business Mix
Harbor Point
2009 GPW = $1,983 million
A compelling strategic fit, with limited overlap
2009 GPW = $608
million
Max
2009 GPW  = $1,375 million
____________________
Note:
Before
intercompany
eliminations
of
gross
premiums
written
of
approximately
$36
million.
55%
22%
14%
7%
2%
36%
31%
21%
9%
3%
Short-tail
Long-tail
Short-tail
Long-tail
Short-tail
Long-tail
Insurance
Reinsurance
U.S. Specialty
Lloyd’s
Life & Annuity
Insurance
Reinsurance
U.S. Specialty
Lloyd’s
Life & Annuity
100%
Reinsurance

14
38%
62%
Alterra
Will Have a Diversified Portfolio of Business
Long-Tail
Short-Tail
2009 GPW  = $1,983 million
Line of Business
____________________
Note:
Before
intercompany
eliminations
of
gross
premiums
written
of
approximately
$36
million.
(1) Includes Reinsurance segment (55.3%), Life & Annuity reinsurance (2.2%) and reinsurance written through Lloyd’s platform (4.2%).
78%
16%
6%
30%
4%
2%
5%
15%
3%
21%
3%
6%
5%
5%
1%
North America
Europe
Other
Other Short-Tail
Agriculture
Marine & Energy
Property
Aviation
Auto
Professional Liability
Medical Malpractice
General Casualty
Workers’
Comp /
Clash
Life
Other Long-Tail
Reinsurance
Insurance
(1)

15
Complementary Portfolio of Business: Reinsurance
Harbor Point
Max -
Reinsurance
2009 GPW  = $489 million
2009 GPW  = $608 million
2009 GPW  = $1,097 million
Property
Casualty
Specialty
10%
28%
9%
20%
5%
10%
2%
5%
6%
3%
2%
Property
Workers’
Compensation
General
Casualty
Auto
Professional
Liability
Marine & Energy
Aviation
Agriculture
Other Specialty
Property
General
Casualty
Professional
Marine & Energy
Aviation
Agriculture
Other Specialty
Property
Workers’
Compensation
General
Casualty
Medical
Malpractice
Professional
Liability
Marine &
Energy
Aviation
Agriculture
Other Specialty
Auto
WCC / Clash
Credit
Business lines written by Max and Harbor Point are similar
Businesses are complementary and leverage different areas of expertise
Harbor Point tends to focus on larger accounts than Max
____________________
Note: Before intercompany eliminations of gross premiums written.
Credit
Medical
Malpractice

16
$7.8 billion
Conservative Investment Posture
Harbor Point
Max
Fixed Income
Other
Investments
Cash / Short
Term
Fixed Income
Other
Investments
Cash / Short
Term
Fixed Income
Other
Investments
Cash / Short
Term
81%
6%
13%
71%
4%
25%
78%
5%
17%
As of December 31, 2009
$2.6 billion
$5.3 billion

17
High Quality Fixed Income Portfolio
$7.4 billion
Conservatively positioned 
Average rating of “AA”
69% in cash and short-term investments,
U.S. Government and Agencies, and 
AAA securities
Duration of 4.1 years
U.S. Gov’t
and
Agencies
Cash and Short-
Term Investments
AAA
AA
A
BBB
BBB or Lower
18%
21%
30%
8%
18%
2%
3%
As of December 31, 2009

18
Compelling Transaction for Alterra
Shareholders
Max
shareholders
merge
with
a
“best
in
class”
reinsurance
franchise
Harbor Point shareholders merge with a global specialty insurer and reinsurer
Capital
of
~$3
billion
enhances
market
position
with
clients
and
brokers
Ability
to
fully
capitalize
on
market
opportunities
in
a
soft
or
hard
market
Capital benefit –
$300 million expected post-closing dividend
Key Harbor Point shareholders committed to this transaction
Negligible impact on book value and 2010E ROE guidance of 13%
Alterra
shareholders
will
benefit
from
stronger,
more
stable
book
value
growth
over
time

19
Alterra means “high ground”
–
a place of security
Alterra
Capital Holdings Limited
Bermuda
Ireland
United States
Lloyd’s
Latin America

20
Appendix

21
Shares Outstanding
____________________
Note: Before the impact of the expected post-closing dividend of ~$300 million ($2.50 per share).
(1)
Based on exchange ratio of 3.7769 shares of Max for each Harbor Point share.
(2)
Includes restricted shares/units.
As of December 31, 2009
Millions, except per share amounts
Harbor Point
(1)
Max
Primary Shares Outstanding
(2)
56.3
62.1
118.3
Warrant Shares
2.3
8.8
11.1
Weighted average strike price
$15.67
$22.62
$21.18
Option Shares
1.7
2.2
3.9
Weighted average strike price
$22.32
$26.64
$24.73

22
Alterra
Ownership
____________________
Note: As of December 31, 2009.  Max shareholdings based on public filings.
(1)
Includes restricted shares/units.
(2)
Includes options and warrants on an if-converted basis.
Harbor Point
Max
Shareholder
Primary
(1)
Diluted
(2)
Primary
(1)
Diluted
(2)
Primary
(1)
Diluted
(2)
Trident III (Stone Point Capital)
0.0%
0.0%
13.6%
17.3%
7.2%
9.5%
Louis Bacon and Moore Capital Management LLC
17.0%
19.5%
0.0%
0.0%
8.1%
8.8%
The Chubb Corporation
0.0%
0.0%
12.2%
16.1%
6.4%
8.8%
JP Morgan Partners
0.0%
0.0%
12.2%
10.3%
6.4%
5.7%
Fidelity Management & Research
6.8%
6.4%
0.0%
0.0%
3.2%
2.9%
DLJ Merchant Banking Partners
0.0%
0.0%
6.1%
5.2%
3.2%
2.8%
Morgan Stanley & Co.
0.0%
0.0%
6.1%
5.2%
3.2%
2.8%
Diamond Castle Partners
0.0%
0.0%
6.1%
5.2%
3.2%
2.8%
Institutional Investor
0.0%
0.0%
6.1%
5.2%
3.2%
2.8%
T. Rowe Price Associates, Inc.
6.0%
5.6%
0.0%
0.0%
2.8%
2.5%
Others --
None More than 2.5% of Alterra
70.3%
68.6%
37.7%
35.6%
53.2%
50.5%
Total
100.0%
100.0%

23
____________________
(1)
Includes restricted shares/units.
(2)
Reflects the net value based on the treasury stock method using Max’s closing share price as of March 3, 2010 of $24.27, or the value implied by such share price.
Transaction Values
($ in millions, except per share amounts)
Implied Multiple of 12/31/09 Book Value (Diluted)
Implied Multiple of 12/31/09 Tangible Book Value (Diluted)
Transaction Values
0.89x
0.80x
Max
Harbor Point
0.92x
0.93x
Max
Harbor Point
Harbor Point
Max
Max share price (03/03/10)
$24.27
$24.27
Exchange ratio
3.7769
Implied transaction value per share of HP
$91.67
Equity market value
(1)
$1,355.9
$1,506.4
$2,862.3
Plus: Unvested restriced
stock units
9.9
0.0
9.9
Plus: Net impact of options
(2)
6.4
0.0
6.4
Plus: Net impact of warrants
(2)
19.8
14.6
34.4
Fully diluted equity market value
$1,392.0
$1,521.0
$2,913.0

24
Calculation of Book Value Per Share
As of December 31, 2009
($ in thousands, except shares and per share amounts)
1.9% dilutive
to Max
0.4% dilutive
to Max
____________________
Note:
Book
value
per
share
figures
are
“non-GAAP
financial
measures”
as
defined
in
Regulation
G.
For
more
information,
see
the
joint
proxy
statement/prospectus
filed
with the SEC by Max on March 11, 2010.
(1)
Includes restricted shares/units.
(2)
Reflects the net value based on the treasury stock method using Max’s closing share price as of December 31, 2009 of $22.30, or the value implied by such share price.
(3)
Includes
the
impact
of
purchase
accounting
adjustments.
Excludes
the
impact
of
the
expected
post-closing
dividend
of
~$300
million
($2.50
per
share)
and
merger-
related transaction costs.
(4)
Reflects the elimination of Harbor Point goodwill of $251.7 million under purchase accounting.
Harbor Point
Max
(3)
Translation into
Max Shares
at 3.7769
Shares outstanding
Basic shares
(1)
55,867,125
16,433,945
62,069,367
117,936,492
Warrants (net)
(2)
683,163
607
2,229
685,392
Stock options (net)
(2)
221,656
0
0
221,656
Unvested restricted stock units
406,514
0
0
406,514
Diluted shares outstanding
57,178,458
16,434,552
62,071,596
119,250,054
Book value per share
Shareholders' equity
$1,564,633
$1,889,700
$3,202,604
(4)
Goodwill and intangible assets
(48,686)
(257,929)
Tangible shareholders' equity
$1,515,947
$1,631,771
$3,147,718
Diluted book value per share
$27.36
$114.98
$26.86
Diluted tangible book value per share
$26.51
$99.29
$26.40

25
Harbor Point –
Financial Highlights
Shareholders’
Equity ($ in millions)
Premiums Written ($ in millions)
Combined Ratio
2009 Gross Premiums Written
Total = $608 million
36%
49%
15%
49.1%
38.7%
33.3%
36.3%
44.3%
69.9%
47.3%
43.7%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
2006
2007
2008
2009
86.0%
92.8%
103.2%
80.6%
Casualty
Property
Specialty
$642.6
$672.5
$511.7
$607.5
$601.9
$506.8
$567.9
$590.4
$0
$100
$200
$300
$400
$500
$600
$700
2006
2007
2008
2009
$1,889.7
$1,691.5
$1,579.0
$1,461.9
$0
$400
$800
$1,200
$1,600
$2,000
2006
2007
2008
2009
NPW
GPW
Loss & LAE Ratio
Expense Ratio

26
Property
Casualty
Specialty
Total
Harbor Point Has A Well-Diversified Portfolio of Business
15%
36%
49%
75%
20%
5%
86%
14%
23%
31%
4%
16%
26%
2009 GPW: $296 million
2009 GPW: $221 million
2009 GPW: $91 million
2009 GPW: $608 million
Quota
Share
Per Risk
Catastrophe
Excess of Loss
Crop
Quota Share
Marine/Energy
Credit
Multi-line
Aviation
Property
Casualty
Specialty
$220.9
$225.3
$313.4
$220.4
$0
$100
$200
$300
$400
2006
2007
2008
2009
$295.9
$246.6
$282.3
$296.3
$0
$100
$200
$300
$400
2006
2007
2008
2009
$90.8
$39.8
$76.8
$126.0
$0
$100
$200
$300
$400
2006
2007
2008
2009
$607.5
$511.7
$672.5
$642.6
$0
$100
$200
$300
$400
$500
$600
$700
$800
2006
2007
2008
2009

27
Max –
Financial Highlights
Premiums Written ($ in millions)
2009 Gross Premiums Written
Shareholders’
Equity ($ in millions)
Combined Ratio
Total = $1,375 million
U.S. Specialty
Max at Lloyd’s
Life & Annuity
Reinsurance
Bermuda / Dublin
Insurance
Bermuda / Dublin
Reinsurance
$1,564.6
$1,280.3
$1,583.9
$1,390.1
$0
$400
$800
$1,200
$1,600
$2,000
2006
2007
2008
2009
$865.2
$1,078.3
$1,254.3
$1,375.0
$634.7
$796.6
$840.2
$894.5
$0
$300
$600
$900
$1,200
$1,500
2006
2007
2008
2009
NPW
GPW
18.7%
24.2%
23.0%
25.7%
62.4%
68.9%
64.0%
67.7%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
2006
2007
2008
2009
88.2%
86.4%
91.9%
88.1%
21%
9%
3%
31%
36%
Loss & LAE Ratio
Expense Ratio

28
Max Has a Strong Market Position in Specialty Classes …
Bermuda / Dublin Insurance
(31% of GPW)
Bermuda / Dublin Reinsurance
(36% of GPW)
16%
27%
42%
15%
Professional
Liability
Property
Excess
Liability
2009 GPW: $428 million
2009 GPW: $489 million
Aviation
Excess Liability
Property
Aviation
Workers Comp.
Professional Liability
Other
Med. Mal.
Marine &
Energy
Agriculture
$427.8
$389.4
$382.9
$396.6
$300
$400
$500
2006
2007
2008
2009
$489.0
$419.5
$345.2
$423.6
$300
$400
$500
2006
2007
2008
2009
17%
7%
6%
4%
14%
15%
18%
16%
3%

29
…With an Attractive Position in the U.S. Market and Lloyd’s
Max at Lloyd’s
(9% of GPW)
U.S. Specialty
(21% of GPW)
Launched in 2007
Nationwide niche E&S underwriter
91% non-admitted
2009 combined ratio = 99.5%
Acquired in November 2008
Direct and reinsurance
3 syndicates under management
2009 combined ratio = 86.3%
18%
2%
18%
15%
47%
31%
21%
1%
47%
2009: $285 million
2009: $129 million
Professional
Liability
Property
Marine
General
Casualty
Property
Aviation
Fin. Institutions
Prof. Liability
Accident
& Health