SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $1.00 PER SHARE
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(Title of Class of Securities)
G73018106
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(CUSIP Number)
Capital Z Management, LLC
54 Thompson Street
New York, New York 10012
Attention: David A. Spuria, Esq.
(212) 965-0800
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(Name, address and telephone number of person
authorized to receive notices and communications)
November 23, 2003
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(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