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Max Re Capital Completes Excess General Liability Team

11 11 2003

HAMILTON, Bermuda: February 10, 2003 - Max Re Capital Ltd. (Nasdaq: MXRE)(BSX: MXRE.BH) announced today that its subsidiary, Max Re Ltd., has completed the core of its new excess general liability team with the hiring of Bernard W. Anckner and Michael S. Morgan as Senior Vice Presidents-Underwriters. They join Angelo M. Guagliano, Executive Vice President and Chief Underwriting Officer, who heads up the Company's Insurance Operations. The group underwrote excess liability business in Bermuda together for over seven years at XL Insurance (Bermuda) Ltd., and collectively has sixty-five years of casualty underwriting experience.

"We are pleased to be entering the excess general liability business with such a distinguished and experienced team of underwriters. Clients should expect rapid underwriting response and an innovative approach," said Robert J. Cooney, Chairman, President and CEO.

The Company's insurance division will have US$25 million in available capacity and expects to focus initially on healthcare (long-term care facilities and hospitals), transportation, industrial, and pharmaceutical clients, in addition to other excess liability opportunities. The division intends to underwrite first-party product recall insurance for consumer product manufacturers, and anticipates establishing a professional lines underwriting team in the second quarter of 2003 to round out its initial product offerings.

Max Re Capital Ltd., through its principal operating subsidiaries, Max Re Ltd., and Max Re Europe Limited, offers customized risk transfer 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.