Max Re Capital Names Bernard W. Anckner and Michael S. Morgan to Complete EGL Team

February 11, 2003

Bermuda’s Max Re Capital Ltd. announced that its subsidiary, Max Re Ltd., has named Bernard W. Anckner and Michael S. Morgan as Senior Vice Presidents-Underwriters, completing the core of its new Excess General Liability team.

The two join Angelo M. Guagliano, Executive VP and Chief Underwriting Officer, who heads up the Company’s Insurance Operations. “The group underwrote excess liability business in Bermuda together for over seven years at XL Insurance (Bermuda) Ltd., and collectively has sixty-five years of casualty underwriting experience,” said the bulletin.

“We are pleased to be entering the excess general liability business with such a distinguished and experienced team of underwriters,” stated Robert J. Cooney, Max Re’s Chairman, President and CEO. “Clients should expect rapid underwriting response and an innovative approach.”

The announcement indicated that Max Re’s insurance division will have $25 million in available capacity and “expects to focus initially on healthcare (long-term care facilities and hospitals), transportation, industrial, and pharmaceutical clients, in addition to other excess liability opportunities.” It will also underwrite “first-party product recall insurance for consumer product manufacturers and anticipates establishing a professional lines underwriting team in the second quarter of 2003 to round out its initial product offerings.”

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