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MaxRe Capital Ltd. Announces Securities Purchase Program

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 an additional $25 million share repurchase authorization of its outstanding common shares, the non-voting common shares of its subsidiary Max Re Ltd., and warrants to acquire either of these securities. This repurchase authorization is in addition to the $40 million of repurchase authorizations previously approved by the Board of Directors, and brings the total authorized repurchases to $65 million.

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.