13F-HR 1 mv5-1110_czm13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2010 Check here if Amendment [ ]; Amendment Number: ____ This Amendment (Check only one.): [_] is a restatement. [_] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Capital Z Management, LLC Address: 230 Park Avenue South, 11th Floor New York, NY 10003 Attn: Craig Fisher Form 13F File Number: 028-13351 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Craig Fisher Title: Secretary Phone: (212) 965-2328 Signature, Place, and Date of Signing: /s/ Craig Fisher New York, NY May 11, 2010 ---------------- ------------ ------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [_] 13F NOTICE. (Check here if no holdings reported are in this re- port, and all holdings are reported by other reporting manager(s).) [_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 4 Form 13F Information Table Value Total: 250,283 (thousands) List of Other Included Managers: NONE

CAPITAL Z MANAGEMENT, LLC FORM 13F FOR QUARTER ENDED ~~DECEMBER~~MARCH 31, ~~2009~~2010 ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8: INVESTMENT DISCRETION VOTING AUTHORITY SHARES (b) Shares as Fair Shares or Defined (c) Managers Title of Cusip Market Principal (a) in Shared See (a) (b) (c) Name of Issuer Class Number Value Amount Sole Instr.V Other Instr. V Sole Shared None -------------- ----- ------ ----- ------ ---- ------- ----- -------- ---- ------ ---- Universal American Corp. Common 913377107 ~~163~~215,~~451~~141,~~761~~634 13,970,236 13,970,236 13,970,236 stock NewStar Financial, Inc. Common 65251F105 2135,~~591~~141,~~548~~346 5,508,048 5,508,048 5,508,048 stock ~~Argo Group International Common G0464B107 12,623,040 433,186 433,186 433,186 Holdings, Ltd. stock Endurance Specialty Common G30397106 271,407 7,290 7,290 7,290 Holdings, Ltd. stock~~

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