Fitch Reaffirms ‘A’ Rating for Max Re

February 14, 2003

Bermuda-based Max Re Capital Ltd. announced that Fitch Ratings has reaffirmed the A (Strong) rating of its principal operating subsidiaries, Max Re Ltd. and Max Re Europe Limited. The Rating Outlook is Stable.

Bermuda-based Max Re Capital Ltd. announced that Fitch Ratings has reaffirmed the A (Strong) rating of its principal operating subsidiaries, Max Re Ltd. and Max Re Europe Limited. The Rating Outlook is Stable.

The ratings reflect Max Re’s favorable reputation in its chosen markets, discipline and flexibility in underwriting risk, and limited investment portfolio downside risk. Partially offsetting these positives are execution risk as Max Re is still a relatively new company, and an overall higher investment risk strategy compared to the industry and peers.

Max Re is a Bermuda-based multi-line reinsurance company that was formed in July 1999 and commenced operations in January 2000. The company is the principal subsidiary of Max Re Capital Ltd., a Bermuda-based holding company formed in conjunction with Max Re.

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