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Max Capital Group Ltd. Announces New $600 Million Credit Facility

Hamilton, Bermuda: August 8, 2007€”Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL.BH) ("Max Capital" or the "Company") today announced that on August 7, 2007, Max Capital and its Bermuda operating company, Max Bermuda Ltd. ("Max Bermuda"), entered into a credit agreement with Bank of America, N.A. ("BOA"), as fronting bank, as administrative agent, and as letter of credit administrator for the lenders, and various other financial institutions as lenders, including Citibank, N.A., ING Bank N.V., Wachovia Bank, National Association, The Bank of New York, Webster Bank, National Association, and Credit Suisse, Cayman Islands Branch, with respect to a $450 million five-year senior secured credit facility for letters of credit to be issued for the account of Max Bermuda and certain of its insurance subsidiaries and a

$150 million five-year unsecured senior credit facility for letters of credit to be issued for the account of Max Bermuda and certain of its insurance subsidiaries and loans to Max Bermuda and Max Capital. Subject to certain conditions, at the request of Max Bermuda the aggregate commitments of the lenders under the facility may be increased up to a total of $800 million.

W. Marston Becker, Chairman and Chief Executive Officer of Max Capital, said: "We appreciate our relationships with these lenders and value the financial flexibility, liquidity and letter of credit capacity that this facility provides to Max."

This facility replaces Max Capital's and Max Bermuda's credit agreement with BOA and various financial institutions dated as of June 1, 2005. 

Max Capital Group Ltd., through its operating subsidiaries, provides specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers.

This release includes 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 Annual Report on Form 10-K for the year ended December 31, 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.