Max Re Announces Expected First Quarter Net Income

Hamilton, Bermuda: 18 April 2002 - Max Re Capital Ltd. (NASDAQ: MXRE: BSX: MXRE.BH) announced today that it expects to report lower than anticipated net income per share of $0.02 to $0.06 for the three months ended March 31, 2002. A return of less than 50 basis points from Max Re Diversified Strategies, Ltd. ("MDS"), the Company's fund of funds portfolio, is the principal reason for the expected quarterly result.

Robert J. Cooney, Chairman, President & CEO stated, "While we are disappointed with the weak

MDS results, we are pleased that favorable reinsurance results positioned us to expect a profit for the first quarter of 2002."

Max Re Capital Ltd. through its principal operating subsidiary, Max Re Ltd., offers customized reinsurance solutions to property and casualty insurers, to life and health 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.