Max Re Posts $17.3 Million Q2 Net

August 1, 2006

Bermuda-based Max Re Capital Ltd. reported net income for the three months ended June 30, 2006 of $17.3 million, or 27 cents per diluted share, compared to net income of $23.3 million, or 47 cents per diluted share, for the three months ended June 30, 2005.

Net operating income, which represents net income adjusted for net realized gains and losses on sales of fixed maturities, for the three months ended June 30, 2006 was $22.6 million, or 36 cents per diluted share, compared with net operating income of $22.5 million, or 45 cents per diluted share, for the three months ended June 30, 2005.

For the six months ended June 30, 2006, the Company had net income of $90.2 million, or $1.42 per diluted share, compared to $61.0 million, or $1.22 per diluted share, for the six months ended June 30, 2005. For the six months ended June 30, 2006, the Company had net operating income of $97.1 million, or $1.53 per diluted share, compared to $59.8 million, or $1.20 per diluted share, for the six months ended June 30, 2005.

Chairman, President and CEO Robert J. Cooney, commented, “Our second quarter results reflect continuing solid underwriting performance and a difficult environment for investment returns. Gross premiums written for the quarter increased 16 percent over the same period in 2005 principally due to additional property business written in 2006. Our favorable net income for the period was partially offset by a decline in the carrying value of fixed maturities leading to a marginal increase in shareholders equity for the six months ended June 30, 2006.”

The full earnings report and a webcast replay of the Company’s earnings conference call may be obtained on its Website at: http://www.maxre.bm.

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