strength rating with a stable outlook.

Fitch yesterday gave Max Re an `A' rating.

Max Re is a Bermuda-based multi-line reinsurance/insurance company that was formed in July 1999 and commenced operations in January, 2000.

It is the principal subsidiary of Max Re Capital Ltd., a Bermuda-based insurance holding company formed in conjunction with Max Re. Max Re Capital Ltd. completed an initial offering of stock in December, 1999 and a secondary offering in March 2000.

Of the approximate $511 million of gross proceeds from those two offerings, $480 million was used to initially capitalise Max Re.

Since that time, Max Re's capital has increased to $500 million through earnings and an additional infusion from the parent.