Max Re Capital Ltd. last week announced that its shareholders had voted to change its by-laws to allow the company to exchange its subsidiary's securities for the parent company's shares in a bid to make their reporting clearer.

Max Re has been subject to some unwanted scrutiny about the way it uses hedging to fund some of its reinsurance operations.

With new focus on corporate governance in the United States, the company has come under pressure to make its complex financials more simple and easier to understand.

Immediately following the shareholders' approval Max Re said that Moore Holdings LLC and Capital Z Investments, L.P. exchanged all of the securities of Max Re Ltd. held by it for common shares and warrants to acquire common shares of Max Re Capital Ltd.