Exhibit 99.3

MAX RE CAPITAL LTD. REPORTS SECOND

QUARTER NET INCOME OF $0.81 PER DILUTED SHARE:

Hamilton, Bermuda, August 4, 2003—Max Re Capital Ltd. (NASDAQ: MXRE) today reported net income for the three months ended June 30, 2003 of $30.8 million, or net income of $0.81 per diluted share, compared to a net loss of $5.0 million, or a net loss of $0.13 per diluted share, for the three months ended June 30, 2002. Net operating income before minority interest, which represents net income before minority interest reduced by net realized gains on sale of fixed maturities, for the three months ended June 30, 2003 was $36.0 million, or net operating income of $0.79 per diluted share, compared with a net operating loss before minority interest of $8.4 million, or a net operating loss of $0.18 per diluted share, for the three months ended June 30, 2002. For the six months ended June 30, 2003, the Company had net income of $45.4 million, or net income of $1.19 per diluted share, compared to a net loss of $2.4 million, or a net loss of $0.06 per diluted share, for the six months ended June 30, 2002. For the six months ended June 30, 2003, the Company had net operating income before minority interest of $50.7 million, or net operating income of $1.12 per diluted share, compared to a net operating loss of $5.5 million, or a net operating loss $0.12 per diluted share, for the six months ended June 30, 2002.

Robert J. Cooney, Chairman, President and Chief Executive Officer, commented, “Our second quarter results are indicative of an attractive underwriting period and a recovering investment environment. The Company’s shift to increased risk underwriting and steadfast commitment to a diversified investment strategy that includes fixed income securities and alternative assets was rewarded this quarter. Our alternative investment portfolio has achieved record results during the last six month period and, coupled with increasing profits from property and casualty alternative risk and traditional reinsurance underwriting, has resulted in the Company producing record net operating income for the first six months of 2003.”

Gross premiums written for the three months ended June 30, 2003 was $165.8 million, coming entirely from property and casualty underwriting, compared to $121.5 million, also coming from property and casualty underwriting, for the three months ended June 30, 2002. Net premiums earned for the three months ended June 30, 2003 were $143.3 million compared to $65.3 million for the same period of 2002. Current year to date premiums written are $596.3 million compared to $465.4 million for the first six months of 2002. Net premiums earned for the first six months of 2003 are $287.0 million compared to $150.8 million for the same period in 2002.

Net investment income, excluding realized and unrealized gains and losses, for the three months ended June 30, 2003, increased to $15.1 million, compared to $13.4 million for the same period in 2002. Net investment income for the six months ended June 30, 2003 increased $3.8 million, to $29.6 million, compared to $25.8 million for the same period in 2002. Net gains on alternative investments for the three months ended June 30, 2003 were $45.2 million, or a 5.84% return, for the quarter, compared to net gains on alternative investments of $2.9 million, or a 0.44% return, for the same period of 2002. For the six months ended June 30, 2003, alternative investments have returned 9.12%, compared to 0.85% for the same period in 2002. Invested assets were $2.3 billion as of June 30, 2003, with an allocation of approximately 65% to cash and fixed maturities and 35% to alternative investments.

Total revenue for the three months ended June 30, 2003 increased 139% to $206.3 million, compared to $86.2 million of total revenue for the same period in 2002. Growth in revenue is principally attributable to a 119% increase in net premiums earned and to significantly improved performance on the alternative investments for the three months ended June 30, 2003 compared to the same period in 2002. The increase in net premiums earned and the improved performance on the alternative investments also account for the increase in total revenues year to date through June 30, 2003 compared to the same period in 2002.

Losses, benefits and experience refunds were $114.4 million for the three months ended June 30, 2003 compared to $66.9 million for the same period in 2002. The increase in losses, benefits and experience refunds is principally attributable to the increase in premiums written and earned. Loss experience on contracts in force developed as expected during the quarter with only one significant adverse adjustment, which amounted to $3.5 million, relating to a life and annuity contract written in a prior year. Losses, benefits and experience refunds for the six months ended June 30, 2003 were $228.8 million compared to $134.4 million for the same period in 2002.

General and administrative expenses for the three months ended June 30, 2003 were $10.8 million compared to $4.7 million for the same period in 2002. General and administrative expenses for the six months ended June 30, 2003 were $19.0 million compared to $10.6 million for the same period in 2002. The growth in general and administrative expenses resulted principally from expenses associated with establishing the Company’s insurance operations and expanding the Company’s traditional reinsurance staff. General and administrative expenses for the six months ended June 30, 2003 were 6.61% of net premiums earned compared to 7.03% of net premiums earned for the six months ended June 30, 2002.

Minority interest and shareholders’ equity was $776.6 million at June 30, 2003. Combined book value per share at June 30, 2003, including conversion of the non-voting Max Re Ltd. common shares, was $17.18 per share, compared to $15.75 at December 31, 2002.

Max Re Capital Ltd., through its principal operating subsidiary, Max Re Ltd., 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 operating 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	N. James Tees
Executive Vice President & CFO	Senior Vice President & Treasurer
441-296-8800	441-296-8800
keithh@maxre.bm	jimt@maxre.bm

MAX RE CAPITAL LTD.

CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of United States Dollars, except per share and share amounts)

	June 30, 2003			December 31, 2002
	(Unaudited)
ASSETS
Cash and cash equivalents	$	106,851		$	92,103
Fixed maturities, available for sale at fair value		1,389,463			1,279,564
Alternative investments, at fair value		818,030			653,165
Accrued interest income		12,748			12,304
Premiums receivable		388,779			190,214
Losses recoverable from reinsurers		215,719			212,241
Funds withheld		64,170			55,276
Deferred acquisition costs		129,175			79,447
Deferred charges		10,312			32,086
Prepaid reinsurance premiums		59,529			25,408
Other assets		17,998			11,633
Total assets	$	3,212,774		$	2,643,441
LIABILITIES
Property and casualty losses and experience refunds	$	807,281		$	778,069
Life and annuity benefits and experience refunds		391,691			405,008
Reinsurance balances payable		253,197			194,436
Deposit liabilities		237,967			115,513
Unearned property and casualty premiums		573,601			323,672
Accounts payable and accrued expenses		22,417			16,019
Bank loan		150,000			100,000
Total liabilities		2,436,154			1,932,717
Minority interest		126,861			116,565
SHAREHOLDERS' EQUITY
Preferred shares (par value $1.00) 20,000,000 shares authorized; no shares issued or outstanding		—			—
Common shares (par value $1.00) 200,000,000 shares authorized; 38,087,279 (2002—37,998,779) shares issued and outstanding		38,087			37,999
Additional paid-in capital		527,567			526,582
Loans receivable from common share sales		(11,965	)		(12,575	)
Unearned stock grant compensation		(5,254	)		(2,656	)
Accumulated other comprehensive income		61,740			49,108
Retained earnings (deficit)		39,584			(4,299	)
Total shareholders’ equity		649,759			594,159
Total liabilities, minority interest and shareholders’ equity	$	3,212,774		$	2,643,441

MAX RE CAPITAL LTD.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)

(Expressed in thousands of United States Dollars, except shares and per share amounts)

	Three Months Ended June 30						Six Months Ended June 30
	2003			2002			2003			2002
REVENUES
Gross premiums written	$	165,767		$	121,538		$	596,313		$	465,432
Reinsurance premiums ceded		(39,186	)		(14,879	)		(71,039	)		(50,778	)
Net premiums written	$	126,581		$	106,659		$	525,274		$	414,654
Earned premiums	$	161,377		$	76,186		$	319,441		$	171,960
Earned premiums ceded		(18,072	)		(10,887	)		(32,408	)		(21,188	)
Net premiums earned		143,305			65,299			287,033			150,772
Net investment income		15,061			13,389			29,568			25,804
Net gains on alternative investments		45,212			2,905			67,014			5,570
Net realized gains on sale of fixed maturities		509			2,439			2,999			2,588
Other income		2,212			2,144			4,215			4,040
Total revenues		206,299			86,176			390,829			188,774
LOSSES AND EXPENSES
Losses, benefits and experience refunds		114,371			66,875			228,834			134,388
Acquisition costs		35,690			14,818			74,427			39,010
Interest expense		8,953			5,753			14,934			7,724
General and administrative expenses		10,785			4,723			18,981			10,598
Total losses and expenses		169,799			92,169			337,176			191,720
INCOME (LOSS) BEFORE MINORITY INTEREST		36,500			(5,993	)		53,653			(2,946	)
Minority interest		(5,651	)		990			(8,241	)		545
NET INCOME (LOSS)		30,849			(5,003	)		45,412			(2,401	)
Change in net unrealized appreciation of fixed maturities		13,360			14,010			12,632			1,536
COMPREHENSIVE INCOME (LOSS)	$	44,209		$	9,007		$	58,044		$	(865	)
Basic earnings (loss) per share	$	0.81		$	(0.13	)	$	1.19		$	(0.06	)
Diluted earnings (loss) per share	$	0.81		$	(0.13	)	$	1.19		$	(0.06	)
Diluted net operating earnings (loss) per share	$	0.79		$	(0.18	)	$	1.12		$	(0.12	)
Weighted average shares outstanding—basic		38,129,213			39,799,258			38,118,783			39,661,853
Weighted average shares outstanding—diluted		45,302,798			46,955,512			45,252,263			46,917,333

MAX RE CAPITAL LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)

(Expressed in thousands of United States Dollars)

	Six months ended June 30
	2003			2002
Preferred shares
Balance, beginning of period	$	—		$	—
Balance, end of period		—			—
Common shares
Balance, beginning of period		37,999			39,582
Issue of shares		363			262
Repurchase of shares		(275	)		(246	)
Balance, end of period		38,087			39,598
Additional paid-in capital
Balance, beginning of period		526,582			543,438
Issue of common shares		4,004			3,736
Stock option expense		127			—
Repurchase of shares		(3,146	)		(3,270	)
Balance, end of period		527,567			543,904
Loans receivable from common share sales
Balance, beginning of period		(12,575	)		(12,575	)
Loans granted		—			—
Loans repaid		610			—
Balance, end of period		(11,965	)		(12,575	)
Unearned stock grant compensation
Balance, beginning of period		(2,656	)		(2,894	)
Stock grants awarded		(3,740	)		(971	)
Amortization		1,142			587
Balance, end of period		(5,254	)		(3,278	)
Accumulated other comprehensive income
Balance, beginning of period		49,108			13,475
Holding gains on fixed maturities arising in period		17,971			3,541
Net realized gains included in net income		(2,999	)		(2,588	)
Allocation to minority interest		(2,340	)		583
Balance, end of period		61,740			15,011
Retained earnings (deficit)
Balance, beginning of period		(4,299	)		3,044
Net income		45,412			(2,401	)
Dividends paid		(1,529	)		(1,589	)
Balance, end of period		39,584			(946	)
Total shareholders’ equity	$	649,759		$	581,714

MAX RE CAPITAL LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Expressed in thousands of United States Dollars)

	Six Months ended June 30
	2003			2002
OPERATING ACTIVITIES
Net income (loss)	$	45,412		$	(2,401	)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Minority interest share of income (loss)		8,241			(545	)
Amortization of unearned stock based compensation		1,269			587
Amortization of discount on fixed maturities		2,490			165
Net gains on alternative investments		(67,014	)		(5,570	)
Net realized gains on sale of fixed maturities		(2,999	)		(2,588	)
Accrued interest income		(444	)		749
Premiums receivable		(198,565	)		(160,465	)
Losses recoverable from reinsurers		(27,578	)		(17,874	)
Funds withheld		(8,894	)		4,535
Deferred acquisition costs		(50,461	)		(56,236	)
Deferred charges		2,345			4,901
Prepaid reinsurance premiums		(38,165	)		(29,591	)
Other assets		(6,365	)		(1,346	)
Property and casualty losses and experience refunds		189,877			44,059
Life and annuity benefits and experience refunds		(13,317	)		(11,186	)
Reinsurance balances payable		58,761			33,459
Unearned property and casualty premiums		276,892			293,472
Accounts payable and accrued expenses		6,398			4,784
Cash from operating activities		177,883			98,909
INVESTING ACTIVITIES
Purchase of fixed maturities		(268,630	)		(306,709	)
Sales (purchases) of alternative investments, net		(98,018	)		(8,023	)
Sales of fixed maturities		147,879			192,704
Redemptions of fixed maturities		26,500			53,630
Cash used in investing activities		(192,269	)		(68,398	)
FINANCING ACTIVITIES
Net proceeds from issuance of common shares		627			3,027
Repurchases of common shares		(3,421	)		(3,517	)
Proceeds from bank loan		50,000			100,000
Dividends and distributions		(1,529	)		(1,589	)
Distributions to / conversion of minority shareholders		(285	)		(3,315	)
Deposit liabilities, net		(16,868	)		37,100
Notes and loans repaid		610			—
Cash from financing activities		29,134			131,706
Net increase in cash and cash equivalents		14,748			162,217
Cash and cash equivalents, beginning of period		92,103			98,322
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	106,851		$	260,539

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid totaled $1,560 and $939 for the six months ended June 30, 2003 and 2002, respectively.

A non cash item that was an amendment to a reinsurance contract resulted in the following changes in the six months ended June 30, 2003: decreased property and casualty losses and experience refunds by $160,665, decreased unearned property and casualty premiums by $26,963, decreased deferred charges by $19,429, decreased losses recoverable from reinsurers by $24,100, decreased prepaid reinsurance premiums by $4,044, decreased deferred acquisitions costs by $733 and increased deposit liabilities by $139,322.

MAX RE CAPITAL LTD.

SCHEDULE OF SUPPLEMENTAL DATA—JUNE 30, 2003

Computation of Combined Book Value per Common Share:
	$		Shares	Per Share
Shareholders’ Equity	649,758,496		38,087,279	$	17.06
Minority Interest	126,861,277		7,119,332
Total Combined Equity	776,619,773		45,206,611	$	17.18
Selected Performance Measurements:	Quarter Ended		As of
	06/30/2003		06/30/2003	12/31/2002
Return on Average Combined Equity	7.21	%
Invested Assets to Combined Equity			3.00		2.87
General & Administrative Expense Ratio	6.61	%

Year to Date Segment Information:	Property & Casualty															Life & Annuity			Corporate		Consolidated
(in 000's US$)	Structured			Traditional			Alternative			Traditional			Total
	Reinsurance			Reinsurance			Risk			Insurance
Gross premiums written	$	206,112		$	176,095		$	162,307		$	51,799		$	596,313		$	—		$	—	$	596,313
Reinsurance premiums ceded		(36,689	)		(12,638	)		(9,000	)		(12,712	)		(71,039	)		—			—		(71,039	)
Net premiums written	$	169,423		$	163,457		$	153,307		$	39,087		$	525,274		$	—		$	—	$	525,274
Earned premiums	$	137,463		$	85,286		$	87,936		$	8,756		$	319,441		$	—		$	—	$	319,441
Earned premiums ceded		(23,015	)		(1,997	)		(4,453	)		(2,943	)		(32,408	)		—			—		(32,408	)
Net premiums earned		114,448			83,289			83,483			5,813			287,033			—			—		287,033
Net investment income		—			—			—			—			—			—			29,568		29,568
Net gains on alternative investments		—			—			—			—			—			—			67,014		67,014
Net realized gains on sales of fixed maturities		—			—			—			—			—			—			2,999		2,999
Other income		2,084			—			—			—			2,084			—			2,131		4,215
Total revenues		116,532			83,289			83,483			5,813			289,117			—			101,712		390,829
Losses, benefits and experience refunds		93,635			53,100			59,755			4,434			210,924			17,910			—		228,834
Acquisition costs		38,524			18,119			17,003			290			73,936			491			—		74,427
Interest expense		10,637			—			291			—			10,928			2,446			1,560		14,934
General and administrative expenses		1,592			1,360			1,253			3,157			7,362			2,765			8,854		18,981
Total losses and expenses		144,388			72,579			78,302			7,881			303,150			23,612			10,414		337,176
Net income (loss) before minority interest	$	(27,856	)	$	10,710		$	5,181		$	(2,068	)	$	(14,033	)	$	(23,612	)	$	91,298	$	53,653
Loss Ratio					63.8	%		71.6	%		76.3	%
Combined Ratio					87.1	%		93.8	%		135.6	%
Gross deposits	$	65,346		$	—		$	—		$	—		$	65,346		$	—		$	—	$	65,346
Net deposits	$	49,900		$	—		$	—		$	—		$	49,900		$	—		$	—	$	49,900

MAX RE CAPITAL LTD.

SCHEDULE OF SUPPLEMENTAL DATA—JUNE 30, 2003

					Periodic Rate of Return
	Market		Investment		Quarter		Year-to-		Last		Last
Selected Investment Return Data:	Value*		%’s		Ended		Date		12 Months		36 months**
Cash and Fixed Maturities	$	1,496,314	64.7	%	2.28	%	3.48	%	9.38	%	8.87	%
Global Macro	$	96,608	4.2	%	11.28	%	13.55	%	19.58	%	15.94	%
Long / Short Equity		65,316	2.8	%	5.01	%	7.52	%	8.28	%	2.61	%
Convertible Arbitrage		89,321	3.9	%	1.31	%	6.51	%	14.65	%	13.43	%
Diversified Arbitrage		145,231	6.3	%	2.82	%	5.62	%	10.37	%	12.05	%
Distressed Securities		89,212	3.8	%	14.65	%	20.64	%	25.61	%	7.82	%
Opportunistic		18,605	0.8	%	-5.49	%	-5.49	%	-0.70	%	3.10	%
Emerging Markets		56,476	2.4	%	10.38	%	14.23	%	15.63	%	4.65	%
Fixed Income Arbitrage		77,117	3.3	%	4.39	%	7.01	%	18.38	%	5.96	%
Event-Driven Arbitrage		45,870	2.0	%	8.21	%	11.52	%	11.78	%	9.80	%
Commodity Trading Advisers		53,120	2.3	%	10.55	%	13.80	%	11.10	%	3.57	%
MDS		736,876	31.8	%	6.08	%	9.13	%	13.33	%	8.87	%
Insurance Underwriting		81,154	3.5	%	3.74	%	9.20	%	18.49	%	7.14	%
Alternative Investments	$	818,030	35.3	%	5.84	%	9.12	%	13.87	%	9.21	%
Total Investments	$	2,314,344	100.0	%	3.53	%	5.43	%	10.93	%	8.94	%
Comparative returns
Merrill Lynch Master Bond Index					2.53	%	3.95	%	10.72	%	10.13	%
Standard & Poors 500 Stock Index					15.39	%	11.75	%	0.25	%	-11.19	%
80% Lehman Index and 20% S&P Index					5.03	%	5.53	%	8.99	%	5.87	%

* Expressed in thousands of United States Dollars

** Annualized