Exhibit 99.1

MAX RE CAPITAL REPORTS RECORD NET INCOME FOR 2006

HAMILTON, BERMUDA, February 10, 2007—Max Re Capital Ltd. (NASDAQ: MXRE; BSX: MXRE BH) today reported net income for the three months ended December 31, 2006, of $95.4 million, or $1.51 per fully diluted share, versus a net loss of $12.6 million, or $0.22 per fully diluted share, for the three months ended December 31, 2005. Net operating income, which represents net income adjusted for net realized gains and losses on sales of fixed maturities, for the three months ended December 31, 2006, was $93.9 million, or $1.49 per fully diluted share, versus a net operating loss of $9.0 million, or $0.16 per fully diluted share, for the three months ended December 31, 2005. For the year ended December 31, 2006, the Company had net income of $216.9 million, or $3.43 per fully diluted share, compared to $9.5 million, or $0.18 per fully diluted share, for the year ended December 31, 2005. For the year ended December 31, 2006, the Company had net operating income of $222.7 million, or $3.52 per fully diluted share, compared to $10.2 million, or $0.19 per fully diluted share, for the year ended December 31, 2005.

W. Marston Becker, Chairman and Chief Executive Officer of Max Re Capital, said: “Our success in 2006 is largely attributable to our employees’ combined energies and discipline, which produced strong underwriting performance across all of our business units. Our balanced specialty insurance and reinsurance focus, together with good investment returns produced a year of record earnings and our fourth consecutive year of net profits. With the pending establishment of our U.S. platform, we will be well-positioned to continue our success in 2007.”

Gross premiums written for the three months ended December 31, 2006, were $147.5 million, of which $146.6 million came from property and casualty underwriting and $0.9 million from life and annuity underwriting, compared to $257.2 million, of which $251.3 million came from property and casualty underwriting and $5.9 million came from life and annuity underwriting, for the three months ended December 31, 2005. Net premiums earned for the three months ended December 31, 2006, were $159.0 million versus $256.7 million for the same period of 2005. Gross premiums written for the year ended December 31, 2006, were $865.2 million versus $1,246.0 million for the year ended December 31, 2005. Property and casualty reinsurance, property and casualty insurance and life and annuity reinsurance accounted for 49 percent, 46 percent and 5 percent, respectively, of gross premiums written for the year ended December 31, 2006, versus 49 percent, 29 percent and 22 percent, respectively, for the same period in 2005. Net premiums earned in the year ended December 31, 2006 decreased 36.9 percent to $665.0 million, versus $1,053.5 million for the same period in 2005. The decline in gross premiums written and net premiums earned for the year ended December 31, 2006, principally relates to decreased life and annuity business written and earned and lower additional premiums recorded on prior-year contracts in 2006 compared to 2005.

Net investment income for the three months ended December 31, 2006, increased to $40.8 million from $31.2 million for the same period in 2005 and is attributable to a year-over-year increase in cash and fixed-maturity balances and higher yields on fixed-maturity investments. Net investment income for the year ended December 31, 2006, increased $43.2 million, to $150.0 million, versus $106.8 million for the same period in 2005. Net gains on alternative investments for the three months ended December 31, 2006, were $66.5 million, or a 5.31 percent rate of return, versus net losses on alternative investments of $13.7 million, or a negative 1.11 percent rate of return, for the same period in 2005. For the year ended December 31, 2006, alternative investments have returned 6.96 percent, versus 3.34 percent for the same period in 2005. Invested assets were $4.5 billion as of December 31, 2006, with an allocation of approximately 77 percent to cash and fixed maturities and 23 percent to alternative investments.

Losses and benefits were $117.9 million for the three months ended December 31, 2006, versus $247.0 million for the same period in 2005. The decrease in 2006 is principally attributable to lower losses associated with lower premiums earned and the absence of natural catastrophe losses of $23.4 million included in the three months ended December 31, 2005. Losses and benefits for the year ended December 31, 2006, were $498.0 million versus $1,039.5 million for the same period in 2005. The decrease for the year

ended December 31, 2006, is principally attributable to the decrease in life and annuity underwriting, favorable development on prior-year general liability insurance reserves in 2006 compared to adverse development on prior year casualty reinsurance reserves in 2005, and the absence of significant natural catastrophe losses in 2006.

Acquisition costs for the three months ended December 31, 2006, were $19.6 million compared to $16.3 million for the three months ended December 31, 2005. The increase reflects the higher net premiums earned in 2006 compared to 2005 after adjusting net premiums earned in 2005 for additional premiums recorded on prior year contracts.

Interest expense for the three months ended December 31, 2006, was $7.5 million versus $6.8 million for the same period in 2005. Interest expense for the year ended December 31, 2006, was $13.8 million versus $22.8 million for the same period in 2005. The decrease for the year principally reflects favorable development of $12.0 million on a reinsurance contract that was recorded as a deposit liability.

General and administrative expenses for the three months ended December 31, 2006, were $27.7 million compared to $14.1 million for the same period in 2005. General and administrative expenses for the year ended December 31, 2006, were $87.4 million compared to $56.2 million for the same period in 2005. The increase in general and administrative expenses for the three months and the year ended December 31, 2006 principally reflects increased personnel costs, including costs related to senior management changes and additional costs related to the previously disclosed internal investigation.

Shareholders’ equity was $1,390.1 million at December 31, 2006. Book value per share at December 31, 2006, was $23.06 per share, versus $20.16 at December 31, 2005. Annualized operating return on average shareholders’ equity for the year ended December 31, 2006 was 17.3 percent.

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.

Contacts
N. James Tees	Roy Winnick
Executive Vice President	Kekst and Company
jimt@maxre.bm	roy-winnick@kekst.com
1-441-296-8800	1-212-521-4842

MAX RE CAPITAL LTD.

CONSOLIDATED BALANCE SHEETS

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

	December 31, 2006			December 31, 2005
	(Unaudited)
ASSETS
Cash and cash equivalents	$	441,895		$	314,031
Fixed maturities, available for sale at fair value		3,028,108			2,682,864
Alternative investments, at fair value		1,065,874			1,226,324
Accrued interest income		38,922			32,632
Premiums receivable		390,889			398,666
Losses and benefits recoverable from reinsurers		538,009			453,641
Funds withheld		15,385			16,932
Deferred acquisition costs		49,064			69,015
Prepaid reinsurance premiums		104,443			83,493
Receivable for securities redeemed		136,563			4,565
Other assets		39,832			23,001
Total assets	$	5,848,984		$	5,305,164
LIABILITIES
Property and casualty losses	$	2,335,109		$	2,006,032
Life and annuity benefits		895,560			854,224
Deposit liabilities		204,389			225,328
Funds withheld from reinsurers		254,723			271,992
Unearned property and casualty premiums		436,476			442,976
Reinsurance balances payable		79,506			90,781
Accounts payable and accrued expenses		103,160			78,111
Bank loan		150,000			150,000
Total liabilities		4,458,923			4,119,444
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; 60,276,560 (2005 - 58,829,354) shares issued and outstanding		60,277			58,829
Additional paid-in capital		950,862			921,384
Loans receivable from common share sales		—			(465	)
Unearned stock grant compensation		(17,570	)		(14,574	)
Accumulated other comprehensive income		(21,688	)		4,981
Retained earnings		418,180			215,565
Total shareholders’ equity		1,390,061			1,185,720
Total liabilities and shareholders’ equity	$	5,848,984		$	5,305,164
Book Value Per Share	$	23.06		$	20.16

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 December 31						Years Ended December 31
	2006			2005			2006			2005
REVENUES
Gross premiums written	$	147,452		$	257,188		$	865,197		$	1,246,031
Reinsurance premiums ceded		(60,140	)		(68,346	)		(230,546	)		(198,974	)
Net premiums written	$	87,312		$	188,842		$	634,651		$	1,047,057
Earned premiums	$	217,004		$	318,222		$	875,244		$	1,247,584
Earned premiums ceded		(58,023	)		(61,480	)		(210,236	)		(194,085	)
Net premiums earned		158,981			256,742			665,008			1,053,499
Net investment income		40,836			31,179			150,030			106,835
Net gains (losses) on alternative investments		66,531			(13,731	)		84,750			39,885
Net realized gains (losses) on sale of fixed maturities		1,451			(3,570	)		(5,798	)		(743	)
Other income		189			1,047			1,021			4,635
Total revenues		267,988			271,667			895,011			1,204,111
LOSSES AND EXPENSES
Losses and benefits		117,860			247,028			497,969			1,039,465
Acquisition costs		19,564			16,309			78,933			76,224
Interest expense		7,514			6,848			13,832			22,764
General and administrative expenses		27,664			14,102			87,389			56,153
Total losses and expenses		172,602			284,287			678,123			1,194,606
NET INCOME (LOSS)		95,386			(12,620	)		216,888			9,505
Change in net unrealized appreciation of fixed maturities		(10,378	)		(9,704	)		(30,441	)		(13,364	)
Foreign currency translation adjustment		(80	)		(568	)		3,772			(3,882	)
COMPREHENSIVE INCOME (LOSS)	$	84,928		$	(22,892	)	$	190,219		$	(7,741	)
Basic earnings (loss) per share	$	1.60		$	(0.22	)	$	3.64		$	0.20
Diluted earnings (loss) per share	$	1.51		$	(0.22	)	$	3.43		$	0.18
Diluted net operating earnings (loss) per share	$	1.49		$	(0.16	)	$	3.52		$	0.19
Weighted average shares outstanding—basic		59,717,958			56,133,014			59,655,636			48,685,954
Weighted average shares outstanding—diluted		63,510,091			56,133,014			63,258,800			52,556,015

MAX RE CAPITAL LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(Expressed in thousands of United States Dollars)

	Years ended December 31,
	2006			2005
Preferred shares
Balance, beginning of period	$	—		$	—
Balance, end of period		—			—
Common shares
Balance, beginning of period		58,829			45,826
Issue of shares		1,449			13,338
Repurchase of shares		(1	)		(335	)
Balance, end of period		60,277			58,829
Additional paid-in capital
Balance, beginning of period		921,384			643,444
Issue of common shares		27,122			297,117
Direct equity offering expenses		—			(13,134	)
Stock option expense		2,373			982
Repurchase of shares		(17	)		(7,025	)
Balance, end of period		950,862			921,384
Loans receivable from common share sales
Balance, beginning of period		(465	)		(10,515	)
Loans repaid		465			10,050
Balance, end of period		—			(465	)
Unearned stock grant compensation
Balance, beginning of period		(14,574	)		(13,294	)
Stock grants awarded		(17,068	)		(11,294	)
Amortization		14,072			10,014
Balance, end of period		(17,570	)		(14,574	)
Accumulated other comprehensive income (loss)
Balance, beginning of period		4,981			22,227
Holding losses on fixed maturities arising in period		(36,239	)		(14,107	)
Net realized losses included in net income		5,798			743
Currency translation adjustments		3,772			(3,882	)
Balance, end of period		(21,688	)		4,981
Retained earnings
Balance, beginning of period		215,565			215,015
Net income		216,888			9,505
Dividends paid		(14,273	)		(8,955	)
Balance, end of period		418,180			215,565
Total shareholders’ equity	$	1,390,061		$	1,185,720

MAX RE CAPITAL LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Expressed in thousands of United States Dollars)

	Years Ended December 31
	2006			2005
OPERATING ACTIVITIES
Net income	$	216,888		$	9,505
Adjustments to reconcile net income to net cash from operating activities:
Amortization of unearned stock based compensation		16,445			10,996
Amortization of premium on fixed maturities		6,052			9,293
Accretion of deposit liabilities		(6,513	)		4,652
Net realized (gains) losses on sale of fixed maturities		5,798			743
Alternative investments		160,626			(107,787	)
Accrued interest income		(6,290	)		(8,375	)
Premiums receivable		7,777			(135,952	)
Losses and benefits recoverable from reinsurers		(84,368	)		(113,518	)
Funds withheld		1,547			667
Deferred acquisition costs		19,951			(14,245	)
Prepaid reinsurance premiums		(20,950	)		(4,156	)
Receivable for securities redeemed		(131,998	)		(4,565	)
Other assets		(16,831	)		3,383
Property and casualty losses		329,077			550,933
Life and annuity benefits		41,336			188,123
Funds withheld from reinsurers		(17,269	)		(13,068	)
Unearned property and casualty premiums		(6,500	)		(4,657	)
Reinsurance balances payable		(11,275	)		40,523
Accounts payable and accrued expenses		25,049			(17,967	)
Cash from operating activities		528,552			394,528
INVESTING ACTIVITIES
Purchase of fixed maturities		(1,108,748	)		(1,789,339	)
Sales of fixed maturities		555,918			1,181,516
Redemptions of fixed maturities		165,119			58,061
Cash used in investing activities		(387,711	)		(549,762	)
FINANCING ACTIVITIES
Net proceeds from issuance of common shares		11,503			286,027
Repurchase of common shares		(18	)		(7,360	)
Dividends		(14,273	)		(8,955	)
Additions to deposit liabilities		25,587			9,772
Payment of deposit liabilities		(40,013	)		(55,575	)
Notes and loans repaid		465			10,050
Cash from (used in) financing activities		(16,749	)		233,959
Effect of exchange rate on cash		3,772			(3,882	)
Net increase in cash and cash equivalents		127,864			74,843
Cash and cash equivalents, beginning of period		314,031			239,188
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	441,895		$	314,031

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid totaled $12,384 and $10,269 for the years ended December 31, 2006 and 2005, respectively.

Taxes paid totaled $1,430 and $1,058 for the years ended December 31, 2006 and 2005, respectively.

MAX RE CAPITAL LTD.

SCHEDULE OF SUPPLEMENTAL DATA - YEAR ENDED DECEMBER 31, 2006 (Unaudited)

Year to Date Segment Information:	Property & Casualty									Life & Annuity Reinsurance			Corporate			Consolidated
(in 000’s US$)	Reinsurance			Insurance			Total
Gross premiums written	$	423,555		$	396,594		$	820,149		$	45,048		$	—		$	865,197
Reinsurance premiums ceded		(35,267	)		(194,549	)		(229,816	)		(730	)		—			(230,546	)
Net premiums written	$	388,288		$	202,045		$	590,333		$	44,318		$	—		$	634,651
Earned premiums	$	456,283		$	373,913		$	830,196		$	45,048		$	—		$	875,244
Earned premiums ceded		(33,470	)		(176,036	)		(209,506	)		(730	)		—			(210,236	)
Net premiums earned		422,813			197,877			620,690			44,318			—			665,008
Net investment income		38,613			14,852			53,465			29,013			67,552			150,030
Net gains on alternative investments		20,167			5,168			25,335			22,901			36,514			84,750
Net realized losses on sales of fixed maturities		—			—			—			—			(5,798	)		(5,798	)
Other income		—			—			—			—			1,021			1,021
Total revenues		481,593			217,897			699,490			96,232			99,289			895,011
Losses and benefits		296,036			124,183			420,219			77,750			—			497,969
Acquisition costs		77,330			(136	)		77,194			1,739			—			78,933
Interest expense		(3,828	)		—			(3,828	)		5,233			12,427			13,832
General and administrative expenses		23,484			15,641			39,125			3,038			45,226			87,389
Total losses and expenses		393,022			139,688			532,710			87,760			57,653			678,123
Net income (loss)	$	88,571		$	78,209		$	166,780		$	8,472		$	41,636		$	216,888
Loss Ratio (a)		70.0	%		62.8	%		67.7	%
Combined Ratio (b)		93.9	%		70.6	%		86.4	%

SCHEDULE OF SUPPLEMENTAL DATA - THREE MONTHS TO DECEMBER 31, 2006 (Unaudited)

Quarter Segment Information:	Property & Casualty									Life & Annuity Reinsurance			Corporate		Consolidated
(in 000’s US$)	Reinsurance			Insurance			Total
Gross premiums written	$	26,074		$	120,516		$	146,590		$	862		$	—	$	147,452
Reinsurance premiums ceded		(1,614	)		(58,353	)		(59,967	)		(173	)		—		(60,140	)
Net premiums written	$	24,460		$	62,163		$	86,623		$	689		$	—	$	87,312
Earned premiums	$	116,403		$	99,739		$	216,142		$	862		$	—	$	217,004
Earned premiums ceded		(8,999	)		(48,851	)		(57,850	)		(173	)		—		(58,023	)
Net premiums earned		107,404			50,888			158,292			689			—		158,981
Net investment income		9,159			4,609			13,768			7,378			19,690		40,836
Net gains on alternative investments		16,826			4,406			21,232			19,218			26,081		66,531
Net realized gains on sales of fixed maturities		—			—			—			—			1,451		1,451
Other income		—			—			—			—			189		189
Total revenues		133,389			59,903			193,292			27,285			47,411		267,988
Losses and benefits		71,076			40,869			111,945			5,915			—		117,860
Acquisition costs		19,970			(690	)		19,280			284			—		19,564
Interest expense		2,656			—			2,656			1,571			3,287		7,514
General and administrative expenses		6,527			4,874			11,401			869			15,394		27,664
Total losses and expenses		100,229			45,053			145,282			8,639			18,681		172,602
Net income (loss)	$	33,160		$	14,850		$	48,010		$	18,646		$	28,730	$	95,386
Loss Ratio (a)		66.2	%		80.3	%		70.7	%
Combined Ratio (b)		90.8	%		88.5	%		90.1	%

(a) The loss ratio is calculated by dividing losses and benefits by net premiums earned.

(b) The combined ratio is calculated by dividing the sum of losses and benefits, acquisition costs and general and administrative expenses by net premiums earned.

MAX RE CAPITAL LTD.

SCHEDULE OF SUPPLEMENTAL DATA—DECEMBER 31, 2006 (Unaudited)

					Periodic Rate of Return
Selected Investment Return Data:	Fair Value*		Investment %’s		Last 3 Months		Year to Date		Last 60 months**
Cash and Fixed Maturities	$	3,470,003	76.5	%	0.96	%	3.78	%	4.68	%
Commodity Trading Advisers	$	27,858	0.6	%	11.32	%	8.32	%	6.17	%
Distressed Securities		210,633	4.6	%	6.40	%	16.32	%	18.49	%
Diversified Arbitrage		169,226	3.7	%	5.56	%	-1.71	%	6.73	%
Emerging Markets		108,534	2.4	%	4.41	%	9.97	%	15.59	%
Event-Driven Arbitrage		169,857	3.7	%	5.31	%	8.15	%	11.12	%
Fixed Income Arbitrage		25,748	0.6	%	1.59	%	12.64	%	7.07	%
Global Macro		60,382	1.3	%	2.84	%	4.03	%	8.64	%
Long / Short Credit		81,023	1.8	%	6.96	%	15.32	%	10.29	%
Long / Short Equity		180,605	4.0	%	6.77	%	4.07	%	6.03	%
Opportunistic		29,515	0.7	%	4.77	%	24.73	%	15.42	%
MDS		1,063,381	23.4	%	5.22	%	6.30	%	8.47	%
Reinsurance Private Equity		2,493	0.1	%	7.80	%	31.64	%	-2.36	%
Alternative Investments	$	1,065,874	23.5	%	5.31	%	6.96	%	7.98	%
Total Investments	$	4,535,877	100.0	%	2.15	%	4.73	%	5.81	%

* Expressed in thousands of United States Dollars

** Annualized