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Max Re Appoints New Director

Hamilton, Bermuda: 12 February 2002 -Max Re Capital Ltd. (NASDAQ: MXRE: BSX: MXRE.BH) today announced Mr. William R. Goodell, has been appointed to the Board of Directors, upon the resignation of Louis Bacon.

Mr. Goodell has served as an executive at Moore Capital Management, Inc. from January 2001 to the present. Prior to this, from May 1995 to July 2000, Mr. Goodell acted as General Counsel of Tiger Management LLC, an international investment management fund. From 1987 to 1995, Mr. Goodell served as partner at the law firm of King & Spalding in Atlanta Georgia.

Max Re Capital Ltd., through its principal operating subsidiary, Max Re Ltd., offers customized risk financing solutions to life and health insurers, property and casualty insurers, and large corporations.

The above remarks about future expectations, plans and prospects for the Company are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties. The factors that could cause actual results to differ materially from those suggested by such statements include but are not limited to those discussed in the Company's prospectus filed with the Securities and Exchange Commission. Max Re undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.