Max Re Capital Announces Offering of Common Shares

11 October 2005

Max Re Capital
Ltd. (Nasdaq: MXRE) (BSX: MXRE BH) (the "Company") announced today that it
intends, subject to market and other conditions, to commence a public offering
of 11,000,000 of its common shares, plus up to an additional 1,650,000 of
common shares that are subject to a 30-day option granted to the underwriters
of the offering. Banc of America Securities LLC and Citigroup Corporate and
Investment Banking are acting as joint book-running managers for the offering.
A prospectus supplement relating to the offering will be filed with the
Securities and Exchange Commission. When available, copies of the prospectus
supplement and accompanying base prospectus relating to this offering may be
obtained from Banc of America Securities LLC, Attn: Prospectus Department,
100 West 33rd Street, New York, NY 10001, or via e-mail at
dg.prospectus_distribution@bofasecurities.com , or from Citigroup Corporate
and Investment Banking, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
Brooklyn, New York 11220.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the common
shares in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.

Max Re Capital Ltd. through its principal operating subsidiaries, Max Re
Ltd., Max Insurance Europe Limited and Max Re Europe Limited, offers
customized insurance and reinsurance solutions to property and casualty
insurers, life and health insurers and large corporations.

The above remarks about future expectations, plans and prospects for the
Company are forward-looking statements for purposes of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from those suggested by such statements.
For further information regarding cautionary statements and factors affecting
future results, please refer to the Company's most recent Annual Report on
Form 10-K and other documents filed with the Securities and Exchange
Commission. 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.

Contact Information:
Keith S. Hynes
Executive Vice President & CFO
441-296-8800
keithh@maxre.bm

N. James Tees
Senior Vice President & Treasurer
441- 296-8800
jimt@maxre.bm