Max Re Changes Sr. Management; Hynes to Retire; Roberts, Tees, Bourdages Assume New Posts

February 12, 2007

Bermuda-based Max Re Capital Ltd. announced that CFO Keith S. Hynes has indicated his intention to retire, effective April 1, 2007. The bulletin noted that Hynes, “who is currently one of the longest-serving insurance company CFOs in Bermuda, will be succeeded by Joe Roberts,” currently Max Re’s Sr. VP and Controller. He will become Executive VP and CFO.

In a separate bulletin Max Re also announced that N. James Tees, previously the Company’s Senior VP, Treasurer and Secretary, has been named Executive Vice President and Chief Risk Officer, effective immediately. Sarene A. Bourdages, previously the Company’s Senior VP and General Counsel, has been promoted to Executive VP and General Counsel, also effective immediately.

Commenting on Hynes retirement, Chairman and CEO W. Marston Becker stated: “On behalf of all of us at Max Re, I want to thank Keith for his loyal and capable service to the Company, and to congratulate Joe on his well-deserved promotion. I also want to express my appreciation to Keith for his key role in helping us build a strong, seasoned financial management team, thereby ensuring a smooth and seamless transition.”

Roberts joined Max Re Capital in May 2002 as Controller. “Since that time, he has led the Company’s Sarbanes-Oxley compliance initiatives and its financial reporting process,” said the announcement. Prior to joining Max Re, he was a vice president for Overseas Partners Re Ltd. From 1994 to 2001 he worked with KPMG, most recently as a senior manager, where he specialized in providing assurance-based services to the financial services sector. From 1987 to 1994, Roberts worked in public accounting in London, primarily with Moore Stephens. He is a member of the Institute of Chartered Accountants in England and Wales.

Commenting on Tees and Bourdages promotions, Becker stated: “I’m pleased to congratulate Jim and Sarene, who are already important members of our senior management team, on these well-deserved promotions.”

Tees joined Max Re in April 2000. From 1991 to 2000, he served as VP and Controller for Stockton Holdings Limited, a reinsurance business pursuing a diversified, global investment strategy. Tees, a CPA, began his career in 1980 at the public accounting firm of Coopers & Lybrand, where he was a senior audit manager. He is a member of both the American and Pennsylvania Institute of Certified Public Accountants. In addition to his responsibilities in his new role, he ” will continue to manage Max Re’s relations with investors, banks and rating agencies,” said the announcement.

Ms. Bourdages joined Max Re in November 2002. From 1999 to 2002, she was an associate at Akin Gump Strauss Hauer & Feld, LLP in New York. From 1996 to 1999, she worked in international tax consulting at KPMG LLP. She earned her Juris Doctor and Master of Laws (International and Comparative Law) from Duke University School of Law in 1996 and her Bachelor of Arts in French and Political Science from the University of Missouri-Columbia in 1993. Ms. Bourdages is a member of the New York Bar.

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