Max Re Establishes Property Underwriting Capability

September 16, 2004

Bermuda-based Max Re Capital Ltd. announced that its subsidiary, Max Re Ltd., has increased its product offerings by the formation of a dedicated property division. The department will provide insurance and reinsurance solutions for large multi-national clients on a worldwide basis.

Louis A. Adanio, Senior VP and Chief Property Underwriter, will head the division, which will focus on commercial, industrial and technical risks. He has over 25 years underwriting experience, primarily with SCOR Reinsurance and most recently with Endurance Specialty in Bermuda.

“We are pleased to offer this complementary product line along side our growing excess general liability and professional lines businesses. Lou brings a wealth of experience that will serve the Company well as we enter this business,” commented Robert J. Cooney, Chairman, President and CEO.

The Company will offer up to $25 million in capacity from its Bermuda headquarters for direct insurance and reinsurance treaties. Max Re Capital Ltd. through its principal operating subsidiaries, Max Re Ltd., and Max Re Europe Limited, offers customized risk transfer solutions to life and health insurers, property and casualty insurers and large corporations.

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