Credit Ratings

On March 4, 2010, the A- ratings of Max Capital's operating subsidiaries, including Max Bermuda and Max Specialty Insurance Company, were placed under review with positive implications following the merger announcement of Max Capital Group Ltd and Harbor Point Limited. The ratings will remain under review until AM Best has completed its evaluation of the merger. Until that time ratings reports will not be available.

Click here to read AM Best press release

Max Specialty ratings report

View A.M. Best’s Rating Guide

For the latest rating, access www.ambest.com

In January 2000, Max Bermuda Ltd. (formally Max Re Ltd.) was assigned a financial strength rating of A- (Excellent) by A.M. Best Company. Subsequently, this rating was extended to its affiliated companies, Max Re Europe Limited, Max Insurance Europe Limited and Max Specialty Insurance Company. In reaffirming these ratings in December 2008, A.M. Best indicated “These ratings reflect MXGL’s diversified book of insurance and reinsurance products, consistently solid operating results and effective risk management controls. The company’s book of business, which predominately contains long-tail casualty lines, is fully supported by an excellent level of risk-based capitalization.”

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Max's operating companies rated A- by S&P View Standard & Poor’s Summary Analysis View Standard & Poor’s Full Analysis View Standard & Poor’s Research Update

In announcing the A- ratings in August 2009, S&P stated:

• Max Capital Group Ltd. and its operating insurance and reinsurance companies have strong underwriting and operating performance, a strong competitive position as a diversified specialty insurance and reinsurance company, and strong enterprise risk management.
• The company has drastically reduced its alternative investment allocation in 2009, decreased its financial leverage, and improved its capitalization.
• As a result, we are assigning our 'A-' counterparty credit and financial strength ratings on Max Capital Group Ltd.'s operating insurance and reinsurance companies. We also are raising our counterparty credit rating on Max Capital Group Ltd. (NASDAQ:MXGL) to 'BBB' from 'BBB-'.
• The outlook on both of the ratings is stable.

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Fitch, Inc – Financial Strength A (Strong) View Fitch Ratings Report View Fitch’s press release

Max Capital Group companies have been rated A (Strong) by Fitch Ratings since November, 2000. In reaffirming the ratings in August 2009, Fitch stated that “The company's ratings continue to reflect Max Capital's disciplined and flexible approach to managing risk, favorable underwriting results posted in recent years, sizable cash balances and conservative financial leverage.”

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Max Bermuda Ltd rated A3 by Moody's

View Moody's press release

In assigning its rating in April 2007, Moody's stated that Max Bermuda Ltd.´s "A3 insurance financial strength rating is based primarily on its diversified business platform of reinsurance and insurance across both property/casualty and life/annuity insurance sectors, on its profitable operations in each of the past four years that has enabled it to build capital internally, on the overall quality and returns of its investment portfolio, on its good equity capitalization, and on its seasoned management team. Moody´s noted that the company´s products are distributed through a reasonably diversified panel of brokers, thereby mitigating the likelihood of disruption in its business relationships."