Fitch Assigns ‘A’ IFS Rating for Max Insurance Europe; Outlook Stable

April 7, 2004

Fitch Ratings has assigned an ‘A’ insurer financial strength rating to Max Insurance Europe Ltd., a Dublin-based insurance subsidiary of Max Re Ltd. formed in mid-2003 to underwrite traditional insurance business in Europe. The Rating Outlook is Stable.

The rating is based on the explicit operating and balance sheet support provided by Max Re Ltd. through both reinsurance support and a capital maintenance agreement.

Max Re is a Bermuda-based multi-line reinsurance and insurance company that was formed in July 1999 and commenced operations in January 2000.

The company offers alternative risk transfer and traditional products in the property/casualty market as well as longer-tail business that consists of highly structured risk transfer products in the property/casualty and life and annuity markets.

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