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

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Max Re Capital Ltd. has 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.

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