Max Re Posts $36.4 Million Q4 Net; $120.6 Million Full-year

February 3, 2004

Bermuda-based Max Re Capital Ltd. reported net income for the three months ended December 31, 2003 of $36.4 million, or net income of $0.76 per diluted share, compared to net income of $11.0 million, or net income of $0.29 per diluted share, for the three months ended December 31, 2002.

Bermuda-based Max Re Capital Ltd. reported net income for the three months ended December 31, 2003 of $36.4 million, or net income of $0.76 per diluted share, compared to net income of $11.0 million, or net income of $0.29 per diluted share, for the three months ended December 31, 2002.

“Net operating income before minority interest, which represents net income before minority interest reduced by net realized gains on sale of fixed maturities, for the three months ended December 31, 2003 was $31.7 million, or net operating income of $0.66 per diluted share, compared with net operating income before minority interest of $10.7 million, or net operating income of $0.24 per diluted share, for the three months ended December 31, 2002,” said the announcement.

For the year ended December 31, 2003, Max Re recorded net income of $120.6 million, or net income of $2.84 per diluted share, compared to a net loss of $5.8 million, or a net loss of $0.15 per diluted share, for the year ended December 31, 2002. For the year ended December 31, 2003, the Company had net operating income before minority interest of $111.6 million, or net operating income of $2.42 per diluted share, compared to a net operating loss before minority interest of $12.5 million, or a net operating loss of $0.27 per diluted share, for the year ended December 31, 2002.

Chairman, President and CEO Robert J. Cooney commented: “All aspects of our business performed well in 2003. We exceeded $1 billion in gross premiums written, our property and casualty business produced an underwriting profit, and our alternative investments returned 16.57 percent. All of these factors led to net operating income before minority interest of $111.6 million.”

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