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MaxRe Capital Announces Director Changes

04 November 2002

HAMILTON, Bermuda: November 1, 2002 €” Max Re Capital Ltd. (NASDAQ: MXRE)(BSX: MXRE.BH) today announced the retirement of Mr. Peter J. Rackley from its Board of Directors. Mr. Rackley, Chairman and Group Executive Officer of Western International Financial Group Ltd., is retiring from the Board positions where he has represented Western International Financial Group, Ltd.'s interests. He has been a Director of the Company since December 1999.

Mr. John L. Marion, President & Managing Director of Western General Insurance Ltd. will replace Mr. Rackley on the Board of Directors of Max Re Capital Ltd.

In addition, Mr. Glenn Dubin resigned from Max Re Capital Ltd.'s Board of Directors to devote his full energies to the management of Highbridge Capital Management, LLC, a global equity arbitrage concern he co-founded in 1992. Mr. Dubin has been a Director of the Company since September 1999.

Mr. Robert J. Cooney, Chairman, President & CEO stated " Both Peter and Glenn have made significant contributions to the Company, and their presence on our Board will be greatly missed. We are pleased to welcome John Marion to our Board."

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.