N. James Tees and Sarene A. Bourdages Named Executive Vice Presidents of Max Re Capital Ltd.

HAMILTON, Bermuda -- Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE BH) today announced that N. James Tees, previously the Company's Senior Vice President, Treasurer and Secretary, has been named Executive Vice President and Chief Risk Officer, effective immediately.

Max Re Capital also announced that Sarene A. Bourdages, previously the Company's Senior Vice President and General Counsel, has been promoted to Executive Vice President and General Counsel, also effective immediately.

W. Marston Becker, Chairman and Chief Executive Officer of Max Re Capital, said: "I'm pleased to congratulate Jim and Sarene, who are already important members of our senior management team, on these well-deserved promotions."

Mr. Tees joined Max Re Capital in April 2000, and most recently served as the Company's Senior Vice President and Treasurer. From 1991 to 2000, he served as Vice President and Controller for Stockton Holdings Limited, a reinsurance business pursuing a diversified, global investment strategy. Mr. Tees, a CPA, began his career in 1980 at the public accounting firm of Coopers & Lybrand, where he was a senior audit manager. He is a member of both the American and Pennsylvania Institute of Certified Public Accountants. In addition to his responsibilities in his new role, Mr. Tees will continue to manage Max Re's relations with investors, banks and rating agencies.

Ms. Bourdages joined Max Re Capital in November 2002. From 1999 to 2002, she was an associate at Akin Gump Strauss Hauer & Feld, LLP in New York. From 1996 to 1999, she worked in international tax consulting at KPMG LLP. She earned her Juris Doctor and Master of Laws (International and Comparative Law) from Duke University School of Law in 1996 and her Bachelor of Arts in French and Political Science from the University of Missouri-Columbia in 1993. Ms. Bourdages is a member of the New York Bar.

Max Re Capital Ltd., through its principal operating subsidiaries, Max Re Ltd., Max Insurance Europe Limited and Max Re Europe Limited, provides insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers.

This release includes statements about future expectations, plans and prospects of the Company that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those suggested by such statements, including the risk that the SEC's view of the conclusions reached by the Audit and Risk Management Committee of the Company's Board of Directors in connection with the internal review of three finite risk retrocessional contracts written in 2001 and 2003, which caused the Company to restate its audited financial statements for the years ended December 31, 2005, 2004, 2003, 2002 and 2001 and unaudited financial statements for the periods ended March 31, 2006 and June 30, 2006, may differ, perhaps materially, and result in material changes to information contained in the Company's past SEC filings, including financial statements and financial information. For further information regarding cautionary statements and factors affecting future results, please refer to the Company's Quarterly Report on Form 10-Q/A for the period ended September 30, 2006 and other documents filed by the Company with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.