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Max Re Capital Ltd. Announces Second Quarter Earning Release

Hamilton, Bermuda: Monday July 1, 2002 - Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE.BH)announced today that Robert J. Cooney, Chief Executive Officer, and Keith S. Hynes, Chief Financial Officer will host a conference call to discuss the Company's second quarter financial results with interested investors and shareholders.

Details of the call are as follows:

Date: July 29, 2002

Time: 10:00 am EST

Dial in #: US: 800-997-8642

International: 973-694-6836

Please dial in ten minutes prior to the start of the call.

Replay details:

Available from 1:30 pm July 29, 2002 - 11:59 am August 29, 2002

Dial in#: US: 800-475-6701

International: 320-365-3844

Access Code: 235819

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.