Max Re Announces Three New Appointments

May 16, 2003

Bermuda’s Max Re Capital Ltd. announced the appointment of three new officers.

David Kalainoff has been named Executive VP and Chief Underwriting Officer for “Traditional Reinsurance Operations” of the group’s principal operating subsidiary, Max Re Ltd. He joins Max Re from Transatlantic Reinsurance Company, where he headed Specialty Casualty Treaty Operations.

James C. (“Jim”) Gray has joined Max Re as Senior VP, General Manager of Professional Liability. Prior to joining the company he was with XL Capital Ltd. as the Global Practice Leader for XL Professional in Hartford, Connecticut.

Jonathan Evans was named to assist Jim Gray as VP, Professional Lines. He joins Max Re from ACE Bermuda Insurance Ltd., where he served as Vice President in the Professional Lines division.

Max Re’s Chairman, President and CEO Robert J. Cooney, commented: “It is gratifying that Max Re has once again been able to attract professional underwriters of the highest caliber and reputation. David, Jim and Jonathan each bring to our team new skills and talents that will support the Company’s traditional reinsurance and insurance activities.”

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