Kruse to Retire from Max Re

June 30, 2005

Bermuda-based Max Re Capital Ltd. announced that Philip R. Kruse, Executive VP – Life & Annuity, will be retiring from the company as of June 30, 2005 to spend more time with his family.

Bermuda-based Max Re Capital Ltd. announced that Philip R. Kruse, Executive VP – Life & Annuity, will be retiring from the company as of June 30, 2005 to spend more time with his family.

Kruse was a founding member of Max Re and was instrumental in the development of the company’s Life & Annuity Operations.

Max Re Chairman, President and CEO, Robert J. Cooney, commented: “It was with regret that I received news of Phil’s intention to retire. However, I respect his decision, and on behalf of the Board and his many colleagues and friends at Max Re, I wish him the very best in his retirement.”

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