Max Re Capital Reports Record Net Income; Conference Call Today

Bermuda-based Max Re Capital Ltd. reported net income for the three months ended December 31, 2006, of $95.4 million, or $1.51 per fully diluted share, versus a net loss of $12.6 million, or $0.22 per fully diluted share, for the three months ended December 31, 2005. Net operating income, which excludes capital transactions, for the period was $93.9 million, or $1.49 per fully diluted share, versus a net operating loss of $9.0 million, or $0.16 per fully diluted share, for the three months ended December 31, 2005.

For the year ended December 31, 2006, the Company had net income of $216.9 million, or $3.43 per fully diluted share, compared to $9.5 million, or $0.18 per fully diluted share, for the year ended December 31, 2005. Net operating income for the year was $222.7 million, or $3.52 per fully diluted share, compared to $10.2 million, or $0.19 per fully diluted share, for the year ended December 31, 2005.

Chairman and CEO W. Marston Becker commented: “Our success in 2006 is largely attributable to our employees’ combined energies and discipline, which produced strong underwriting performance across all of our business units. Our balanced specialty insurance and reinsurance focus together with good investment returns produced a year of record earnings and our fourth consecutive year of net profits. With the pending establishment of our U.S. platform, we will be well-positioned to continue our success in 2007.”

Gross premiums written for the three months ended December 31, 2006, were $147.5 million, of which $146.6 million came from property and casualty underwriting and $0.9 million from life and annuity underwriting, compared to $257.2 million, of which $251.3 million came from property and casualty underwriting and $5.9 million came from life and annuity underwriting, for the three months ended December 31, 2005. Net premiums earned for the three months ended December 31, 2006, were $159.0 million versus $256.7 million for the same period of 2005.

Gross premiums written for the year ended December 31, 2006, were $865.2 million versus $1,246.0 million for the year ended December 31, 2005. Property and casualty reinsurance, property and casualty insurance and life and annuity reinsurance accounted for 49 percent, 46 percent and 5 percent, respectively, of gross premiums written for the year ended December 31, 2006, versus 49 percent, 29 percent and 22 percent, respectively, for the same period in 2005. Net premiums earned in the year ended December 31, 2006, decreased 36.9

Max Re will hold an investment community conference call today, February 12, at 10 o’clock a.m. Eastern Time, to discuss the Company’s fourth-quarter and 2006 full-year financial results with interested investors and shareholders.

CEO Becker and CFO Keith S. Hynes will represent Max Re on the call. Access can be obtained via a toll-free number (US callers): 1-800-299-0148 International callers: +1-617-801-9711 Access Code (all callers): 39205666

Please dial in ten minutes prior to the start of the call.

A replay will be available from approximately 12:00 noon EST on February 12, 2007 until 12:00 noon EST on March 12, 2007. To listen to the replay, US-based callers may dial 1-888-286-8010; international callers may use +1-617-801-6888; the access code for all callers is 15805920.