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MaxRe Capital Ltd. Initiates Fund of Funds Fee

04 November 2002

Hamilton, Bermuda, November 1, 2002. Max Re Capital Ltd. (NASDAQ: MXRE) (BSX: MXRE.BH) today announced that its Board of Directors approved the initiation of a fund of funds fee to be paid to Moore Capital Management, Inc. beginning on January 1, 2003, for the investment management services provided to Max Re Diversified Strategies Ltd. ("MDS"). The fee will be 0.70% of assets held by MDS in alternative investments funds unaffiliated with Moore Capital Management, Inc., plus 7½% of the return achieved by MDS in excess of 10%.

Mr. Robert J. Cooney, Chairman, President & CEO stated, " Moore Capital Management, Inc. has provided fund of funds services to the Company at no charge for the first three years of the Company's operations, and will now begin providing these services on a discounted basis."

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.