Max Re Capital Reports Underwriter’s Purchase of Added Common Shares

November 2, 2005

Bermuda-based Max Re Capital Ltd. announced that Bank of America Securities LLC and Citigroup Global Market Inc. have exercised their option to purchase an additional 1,650,000 common shares of Max Re Capital Ltd.

Bermuda-based Max Re Capital Ltd. announced that Bank of America Securities LLC and Citigroup Global Market Inc. have exercised their option to purchase an additional 1,650,000 common shares of Max Re Capital Ltd.

The option to purchase the additional shares was granted in connection with the public offering of common shares of Max Re Capital Ltd. on Oct. 11, 2005. This action raises the total number of shares purchased through the offering to 12,650,000 common shares at a price per common share of $23.50, for total gross proceeds of $297 million.

The company intends to use the proceeds of the offering to increase the capital and surplus of its reinsurance operating subsidiaries to support expanded underwriting capacity, particularly in property and property catastrophe reinsurance lines.

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