Max Re Announces $450 Million Multi-year Credit Facility

June 7, 2005

Bermuda-based Max Re Capital Ltd. has entered into a five- year $350 million secured letter of credit and a three-year $100 million unsecured revolving credit/letter of credit facility with a consortium of leading financial institutions.

Bermuda-based Max Re Capital Ltd. has entered into a five- year $350 million secured letter of credit and a three-year $100 million unsecured revolving credit/letter of credit facility with a consortium of leading financial institutions.

“The facility was arranged by Banc of America Securities LLC, who acted as sole lead arranger and book manager, with Bank of America, National Association, as administrative agent, and Cititbank, NA and ING Bank N.V. as syndication agents.,” said the announcement. “The lenders under the facility are: Bank of America, National Association, Citbank, NA, ING Bank N.V., Barclays Bank PLC, The Bank of New York, HSBC Bank USA, National Association, Wachovia Bank, National Association and Webster Bank, National Association.”

Chairman and CEO Robert J. Cooney commented: “We are pleased to have entered into this facility with such strong financial partners and are appreciative of the long-term commitment they have extended to us. This facility provides Max Re with significant financial flexibility, liquidity, and letter of credit capacity to support our operations.”

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