Slides from Presentation by Management

INFORMATION CONCERNING

FORWARD LOOKING STATEMENTS

This release includes statements about future economic performance, finances,

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 Annual Report on Form 10-K for the year ended December 31,

2006, Forms 10-Q for the periods ended March 31, 2007, June 30, 2007 and September

30, 2007 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.

Corporate Objective –

Consistent Growth in Book Value

Global underwriter of specialty insurance and reinsurance, with operating

subsidiaries in Bermuda, Ireland and United States

Property & Casualty Insurance -

Bermuda / Dublin

Property & Casualty Reinsurance -

Bermuda / Dublin

Life & Annuity Reinsurance -

Bermuda

U.S. Excess & Surplus Lines Insurance -

U. S.

Growth through opportunistic expansion and addition of product lines

Property Cat Reinsurance operations launched post-KRW in 2005

U.S.-based Excess and Surplus Lines Insurance Company launched in 2007

Portfolio approach to risk through integration of asset / liabilities for all

transactions

Operating ROE >15% in 3 of last 4 fiscal years; 2005 positive ROE with KRW

At September 30, 2007

Total assets

$ 6.5 billion

Total shareholders’

equity

$ 1.5 billion

Book value per share $26.12

Combined ratio (YTD) 86%

Return on equity (YTD) 22% (Annualized)

A Balanced, Global Insurance / Reinsurance Business

Targets

Balanced P&C insurance / reinsurance underwriting

Insurance

60%

Reinsurance

40%

Balanced exposures / focus

Long-tail exposures

60%

Short-tail exposures

40%

Balanced geographic diversification

North America

60%

Europe

40%

Enhanced investment strategy

Traditional Fixed Maturities

80%

Alternative Investments

20%

Diversified Premium Mix: A Key Differentiator

Casualty

Reinsurance

Property

Insurance

Max Capital Group Ltd.

Incumbent (Re) Insurers

Bermuda Underwriters

Class of 2001

White Mountains Re

Lancashire

Ariel Re

AHL

ACGL

AWH

PTP

IPCR

ENH

MRH

PRE

RNR

AXS

TRH

Harbor Point

Validus

Flagstone

ACE

Class of 2005

Source: Bank of America (except Ironshore)

Ironshore

Opportunistic Expansion Of The Company

Structured & Alternative

Life & Annuity

Insurance

Reinsurance

Specialty

MDS allocation %

Book value per share

200

400

600

800

1,000

1,200

1,400

32.2%

31.5%

29.1%

23.5%

21.4%

$26.12

$10

$15

$20

$25

$30

$35

31.8%

2002

2003

2004

2005

2006

Q3 2007*

* Rolling 12 months

Traditional

casualty

reinsurance

Casualty Insurance

–

Bermuda/Dublin

Property Insurance

Property/Cat

reinsurance

$23.50 Common share

offering

U.S. E&S insurance

Max USA $100m senior

debt issue

2007

2004

2005

2006

2002

2003

39.0%

$14.92

Core Strengths / Competitive Advantages

Business strategy focused on niches / specialties

Consistent financial performance and solid balance sheet

Operating ROE exceeding 15% in 3 of past 4 years

2005 Exception –

KRW Hurricanes –

Operating ROE of 1%

Enhanced investment strategy with invested assets / shareholders’

equity

leverage –

3.3:1

State-of-the-art Enterprise Risk Management System

No reinsurance recovery issues since inception through September

30, 2007

Strong financial strength ratings

A.M. Best “A-

(Excellent)”, Fitch “A (Strong)”

and Moody “A3”

Proven Talent With Strong Quantitative Orientation

Experienced & highly quantitative underwriting teams

Lead underwriters average over 20 years in the business

High percentage of employees hold professional designations

FCAA, MAAA and / or ACAA, CPA and / or CA and CFA

Capital allocated to maximize return on every transaction

Every transaction individually modeled

Every transaction priced to target ROE

Underwriters compensated on results

Reinsurance purchased to manage exposures and pricing cycle

Aggregation of cat and clash

Line size

Ceding commission

Sophisticated asset / liability model

Integrated asset and liability risk measurement

Alternative investments allocated by risk duration

Surplus decline is key risk measure

State-of-the art systems, risk controls

P & C Reinsurance

Growth of P&C Insurance / Reinsurance Maximizes ROE

P&C Annual Gross Premiums Written

($ in millions)

P & C Insurance

2003

400

500

600

700

800

900

1,000

100

200

300

1,100

1,200

1,300

P&C Alternative Risk

Non-recurring additional premiums on prior years’

contracts of $182 million

Total P&C Insurance / Reinsurance excluding Alternative Risk and non-

recurring additional premiums on prior years’

contracts (year-on-year change)

2006

2005

2004

$902

$831

$971

(+4%)

(+36%)

(+21%)

$820

$ millions

2007

Rolling 12 months

$740

(-10%)

$805

Max Specialty (expected)

(-2%)

P&C Insurance: Bermuda / Dublin Niche –

Oriented Focus

Target:

Working layer excess business

Larger customer –

Fortune 1000

Customer-oriented approach:

Responsive and innovative

Consider toughest classes of

business

Offer multi-year programs

Flexible in program attachment

points

Work with all leading brokers

Underwritten in Bermuda and Dublin

Combined ratio

2007 YTD

83%

2006

71%

Gross Premiums Written –

2007

Rolling 12 Months

$405 million

By Exposure

Aviation

33%

Excess

Liability

36%

Professional

Liability

15%

Property

16%

P&C Reinsurance: Bermuda / Dublin Diversification &

Flexibility Emphasized

Target:

Working layer excess business /

quota share business

Specialty / niche focus

Customer-oriented approach:

Quick turnaround

Line-specific expertise

Net line underwriter (stability of capacity)

Cross-class capability

Modeling and structuring capabilities

Work with all leading brokers

Underwritten in Bermuda and Dublin

Combined ratio

2007 YTD

83%

2006

94%

Aviation

13%

General Liability

Medical

Malpractice

16%

Other

Professional Liability

14%

Property

29%

Marine & Energy

10%

Whole Account

Workers

Compensation

By Exposure

Gross Premiums Written –

2007

Rolling 12 Months

$335 million

Growth Initiative:

Max Specialty Insurance Company

Nationwide underwriter of property and casualty insurance, focused on

profitable excess and surplus lines niches

Operating on a surplus lines non-admitted basis in 46 States

Approvals pending –

California, Colorado, Louisiana, New Hampshire

Well-known and respected management team with a proven track record of

controlled growth and profitability

Distribution system

Select group of national brokers and regional Managing General Agencies with

whom management has close relationships for 20+ years

Two distinct channels -

brokerage & contract binding –

seeking to provide stability

through all market cycles

Current employees –

approximately 60

Locations –

Richmond, Atlanta & Philadelphia

Affiliated service company office in San Francisco

Inland Marine / Ocean Cargo locations –

NYC & Dallas

Growth Initiative:

Max Specialty Insurance Company

2007 Start-Up:

Gross written premium: Up to $65

million ($25 million net)

Brokerage and Contract Binding

operations commenced April 2007

New products in Q4 –

2007

Inland Marine / Ocean Cargo

Specialty Casualty

Long-term underwriting objectives:

Products priced and underwritten so

net incurred loss ratios do not

exceed 55%

Expense ratios less than 35%

Combined ratio less than 85%

Gross Premiums Written since Inception

April 2007

$22 million

By Type

Brokerage

76%

Contract Binding

24%

Life Reinsurance -

Long-Tail, Reserve Buy-Out

Business

Specialize in:

Investment spread business

In force, closed / ring-fenced

books

Mortality, morbidity & longevity

Predictable cash flows

Asset heavy –

no interest

sensitive liabilities

Strategy:

Leveraging underwriting skills

with low

volatility alternative

investments

Focus on closed block reserve

buy-out

transactions

Almost no IBNR

Differentiated by:

Detailed data focus

Strong actuarial analysis

Bermuda efficiencies

Gross Premiums Written

US$ Millions

$50

$100

$150

$200

$250

$300

$350

2003

2004

2005

$108

$212

$275

$45

2006

2007

Target

2/3

$150

Reserves & Deposits 9/30/2007

$978 million

Annuity 61%

Life 21%

Health 18%

Strong Investment Expertise

Investment Strategy designed to

enhance annualized returns without

materially increasing risk

Target allocation 80% investment

grade fixed income and 20%

alternative asset (low volatility hedge

funds)

MDS includes over 35 different hedge

funds provide diversification and

encompass 9 styles / asset classes

Hedge fund accounting requires

quarterly mark to market to flow

through operating income

Annual Return

60 months

as of September 30, 2007

(1) Alternative Investment Return is 10.24%, which also includes

Reinsurance Private Equity Investments

Max Fixed Maturities

Merrill Lynch Master Bond Index

MDS (Max Fund of Funds)

Max Total Portfolio

Typical Competitor Portfolio

(80% MLMBI / 20% S&P)

S&P 500

MFIX

MLMBI

MDS

SP500

MAX

COMP

14.5

13.5

12.5

11.5

10.5

9.5

8.5

7.5

6.5

5.5

4.5

3.5

2.5

1.5

0.5

3.78

4.18

10.96 (1)

14.72

6.29

6.68

Asset Allocation as of

September 30, 2007

Diversified and Risk Averse Investment Strategy

Standard Deviation

Last 60 Months as of September 30, 2007

Max Fixed Maturities

Merrill Lynch Master Bond Index

MDS (Max Fund of

Funds)

Max Total Portfolio

Typical Competitor

Portfolio

S&P 500

Traditional Investments

78.6%

Target

80%

Alternative Investments

21.4%

Target

20%

12%

Baa

Distressed

Global Macro

Credit Long / Short

Emerging Markets

Fixed Income Arbitrage

Opportunistic

Tsy

/ Agy

19%

Aaa

36%

10%

Event Driven Arbitrage

Equity Long / Short

Diversified

MFIX

MLMBI

MDS

SP500

MAX

COMP

-0.5

-1

-1.5

-2

-2.5

-3

-3.5

-4

-4.5

-5

-5.5

-6

-6.5

-7

-7.5

-8

-8.5

-9

-9.5

-10

-3.34

-3.67

-4.11

-9.72

-3.09

-3.23

De Minimus

Exposure to Sub-prime

Approximately $61 million par value of bonds have exposure to sub-

prime collateral

All are high quality, short average life

$55 million AAA, $6 million AA+

Weighted average life is 2.4 years

Significant and growing over-collateralization

Most with 30-50% over-collateralization

Most issued between 2003 and 2005

Over-collateralization on most is growing, and has increased in the last 3

months

Through September 2007, default and delinquency rates are generally

in the low single digits to low teens range

At September 30, 2007, unrealized loss is approximately $1.4 million

Alternative asset portfolio net short sub-prime at September 30 2007

Based upon stress testing analysis we expect no principal losses

from our sub-prime-backed bonds

Profitable Financial Trends Despite Hurricanes in 2005

Gross Premiums Written

($ in millions)

-3%

10%

15%

20%

$300

$600

$900

$1,200

$1,500

P&C Combined Ratio

30%

60%

Operating Earnings Per Share (Diluted)

Operating ROE

80%

100%

2006

17.3%

2006

$865

86%

Life $45

2006

$3.52

Life $275

1.0%

2005

$1,246

2005

106%

2005

$0.19

2004

Life $212

2004

15.8%

2004

$1,044

94%

$2.70

16.5%

2003

$1,010

2003

100%

2003

$2.58

Life $108

Annualized 2007

YTD 9/30/07

86%

Life $64

YTD 9/30/07

$3.77

$678

22.0%

A Growing, Global Insurance / Reinsurance Company

Invested

Assets

(Ratio

Shareholders’

Equity)

$1,000

$2,000

$3,000

$4,000

Operating Cash Flow

$200

$400

$600

Shareholders’

Equity (Book Value per Share)

$500

$1,000

$1,500

Dividends Per Share

$0.00

$1.00

($ in millions)

$5,000

2006

$529

$1,390

($23.06)

$0.24

$4,536

(3.3:1)

$4,223

2005

$395

2005

$1,186

($20.16)

$0.18

2005

(3.6:1)

$3,514

2004

$607

2004

$903

($19.70)

$0.12

2004

(3.9:1)

$2,637

2003

$397

2003

$763

($16.88)

$0.09

2003

(3.5:1)

9/30/2007

YTD 9/30/07

$1,534

($26.12)

$0.23

$5,120

(3.3:1)

$435

Peer Comparisons: Max Capital –

Consistently Solid ROE’s

Annual Data 2003 to 2006 and Annualized YTD 6/30/2007

0.00%

2.00%

4.00%

6.00%

8.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

Std Deviation of ROE

PTP

IPCR

MRH

ENH

RNR

14.00%

16.00%

18.00%

20.00%

ACGL

AXS

ACE

10.00%

TRH

12.00%

PRE

AWH

AHL

Peer Comparison: Max Capital -

Highest Total Shareholder

Return over last 5 years

Source: Credit Suisse

1, 2 & 5 Year Cumulative TSRs

(1)

1-year

2-year cumulative

1.4%

11.8%

(6.2%)

24.8%

21.8%

21.3%

21.1%

14.7%

12.4%

11.2%

10.7%

4.7%

1.9%

S&P 500

S&P

Insurance

Index

AXS

PTP

PRE

MXGL

ACGL

AHL

RNR

ENH

ORH

IPCR

MRH

(9.0%)

18.4%

19.0%

22.7%

29.0%

36.5%

45.2%

48.9%

61.3%

62.8%

3.8%

27.6%

S&P 500

S&P

Insurance

Index

RNR

AXS

ACGL

ORH

PRE

PTP

ENH

IPCR

MXGL

AHL

MRH

N.A.

73.9%

58.1%

107.8%

76.3%

57.2%

50.9%

163.2%

180.1%

S&P 500

S&P

Insurance

Index

MXGL

ACGL

ORH

PRE

RNR

PTP

IPCR

MRH

AXS

ENH

AHL

7.0%

(9.8%)

5-year cumulative

Note:

The peer set includes Arch Capital Group Ltd. (ACGL), Aspen Insurance Holdings Limited (AHL), Axis Capital Holdings

Limited

(AXS),

Endurance

Speciality

Holding

Ltd.

(ENH),

IPC

Holding

Ltd.

(IPCR),

Montpelier

Holding

(MRH),

Partn

Re Holdings (PRE), Platinum Underwriters Holding Ltd. (PTP), Renaissance Holding (RNR). Data includes only the

companies public during the measurement period.

(1)

Defined as share price appreciation plus reinvested dividends cumulatively over the time period, as of 10/31/07

YTD September 30, 2007 and Year –

End 2006 Results

2006

($ in millions)

YTD

September 30, 2007

Gross Premiums Written

$678

$865

Net Premiums Earned

$455

$665

Net Investment Income

139

150

Net Gains on Alternative Investments

137

Net Realized (Losses) on Sale of Fixed Maturities

(3)

(6)

Other Income

Total Revenues

728

895

Total Losses, Expenses and Income Taxes

487

678

Net Income

$241

$217

Property & Casualty Underwriting

Loss Ratio

62%

68%

Expense Ratio

24%

18%

Combined Ratio

86%

Strong Balance Sheet

December 31, 2006

September 30, 2007

($ in millions)

(1) Includes

$235

million

collateral

transaction

for

our

reinsurance

business.

substance,

Total

Return

Swap

with

sale

MDS

exchange for cash. Cash received from sale of MDS shares is included in Cash & Fixed Maturities. Return from MDS shares is received in exchange for

a payment of interest at LIBOR plus a spread.

Total

Liabilities

Shareholders’

Equity

Cash & Fixed Maturities

$4,026

$3,470

Alternative Investments

1,094

1,066

Premium Receivables

423

391

Losses Recoverable

652

538

Other Assets

337

384

Total Assets

$6,532

$5,849

Property & Casualty Losses

$2,506

$2,335

Life & Annuity Benefits

965

896

Deposit Liabilities

221

204

Funds Withheld

255

Unearned Premium

474

436

Bank Loans / Swap (1)

285

150

Senior Notes

100

Other Liabilities

192

183

Total Liabilites

$4,998

$4,459

Shareholders' Equity

$1,534

$1,390

$6,532

$5,849