Max Re Director Resigns, Dividend Declared

February 2, 2004

Bermuda-based Max Re Capital Ltd. announced the resignation of Mr. Stephan Bub from the Company’s Board of Directors.

Bermuda-based Max Re Capital Ltd. announced the resignation of Mr. Stephan Bub from the Company’s Board of Directors.

The Board also declared a quarterly dividend of US$0.03 per common share, payable on February 23, 2004, to shareholders of record on February 13, 2004.

The company’s announcement said Bub had resigned, as he wished to “pursue other interests.” He had been a director since May 2001. Robert J. Cooney, Chairman, President & CEO, stated, “We are sorry to see Stephan leave. He has made a valuable contribution to the Company during the period he has been with us. We wish him well in his future endeavors.”

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