Walker Rainey of Max Europe Holdings Limited Promoted to Executive Vice President

Hamilton, Bermuda: February 20, 2007 - Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE.BH) today announced that Walker Rainey, previously Senior Vice President and Chief Financial Officer of Max Europe Holdings Limited, has been promoted to Executive Vice President and Chief Financial Officer of Max Europe Holdings, effective immediately. Max Europe Holdings Limited is the holding company for Max Re Capital's European operating entities.

W. Marston Becker, Chairman and Chief Executive Officer of Max Re Capital, said: "We're pleased to recognize Walker's many contributions to, and increasingly significant role in, our European operations over the past three and a half years with this well-deserved promotion."

Prior to joining Max Europe Holdings in July 2003, Mr. Rainey spent eleven years with the XL Capital group as Chief Financial Officer of XL Europe in Dublin. Previously, he spent nine years in Bermuda, initially as an Audit Supervisor with Price Waterhouse from 1980 to 1982 and then serving as President of Adams and Porter International Ltd. from 1982 to 1988 and as Executive Vice President and Chief Operating Officer of Rollins Burdick Hunter (Bermuda) Ltd. from 1988 to 1990.

Mr. Rainey is a Fellow of the Institute of Chartered Accountants in Ireland and received his B.Sc. (Hons) in Economics and Accounting in 1976 from Queens University, Belfast, where he was also awarded the Stokes Kennedy Crowley Scholarship as the leading graduate in Accounting. He served for several years as an industry representative on the Department of An Taoiseach´s IFSC Insurance Group in Dublin.

Max Re Capital Ltd., through its principal operating subsidiaries, Max Re Ltd., Max Insurance Europe Limited and Max Re Europe Limited, provides insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers.

This release may include statements about future expectations, plans and prospects of the Company that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements, including the risk that the SEC's view of the conclusions reached by the Audit and Risk Management Committee of the Company's Board of Directors in connection with the internal review of three finite risk retrocessional contracts written in 2001 and 2003, which caused the Company to restate its audited financial statements for the years ended December 31, 2005, 2004, 2003, 2002 and 2001 and unaudited financial statements for the periods ended March 31, 2006 and June 30, 2006, may differ, perhaps materially, and result in material changes to information contained in the Company's past SEC filings, including financial statements and financial information.  For further information regarding cautionary statements and factors affecting future results, please refer to the Company's Quarterly Report on Form 10-Q/A for the period ended September 30, 2006 and other documents filed by the Company with the SEC.  The Company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.