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Max Re Capital Ltd. Expects Third Quarter Net Operating Loss

04 October 2002

Hamilton, Bermuda: Thursday October 3, 2002 - Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE.BH). The Company announced today that it expects to report a net operating loss for the three months ended September 30, 2002. The operating loss stems principally from the continued low return from the Company's alternative investment portfolio. While the Company's alternative investment portfolio produced a small positive return in the third quarter, it continues to fall short of the level needed to generate net income.

Robert J. Cooney, Chairman, President and CEO stated, "While we are disappointed in the absolute return of our alternative investment portfolio this quarter, it is reassuring that in the continuing, challenging investment climate, our risk management disciplines result in our alternative investment portfolio producing positive quarterly returns. I'm pleased that appreciation of our fixed maturities portfolio and the impact of our share repurchase program will result in an increase in book value per share as of September 30, 2002, compared to June 30, 2002."