Max Re Lowers Q1 Estimates

April 19, 2002

Bermuda’s Max Re Capital Ltd., the principal operating subsidiary of Max Re Ltd., announced 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. Analysts had been expecting profits of around $0.14 per share for the period.

“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,” said the announcement.

Robert J. Cooney, Chairman, President & CEO, commented that “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, lowers, q1, estimates

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