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Max Capital Reports Q2 2009 Results

Net income of $43.8 million, or $0.76 per diluted share

Max Capital Group, a provider of specialty insurance and reinsurance products, has reported a net income for the three months ended June 30, 2009 of $43.8 million, or $0.76 per diluted share. This is in comparision to net income of $74.2 million, or $1.26 per diluted share, for the three months ended June 30, 2008.

The net operating income for the three months ended June 30, 2009 was $47.8 million, or $0.83 per diluted share, as compared to net operating income of $80.1 million, or $1.36 per diluted share, for the three months ended June 30, 2008.

For the six months ended June 30, 2009, the company had net income of $88.3 million, or $1.54 per diluted share, as compared to net income of $82.0 million, or $1.38 per diluted share for the six months ended June 30, 2008.

Net operating income for the six months ended June 30, 2009 was $94.7 million, or $1.65 per diluted share, compared to net operating income of $86.4 million, or $1.45 per diluted share, for the six months ended June 30, 2008.

Gross premiums written from property and casualty underwriting for the three months ended June 30, 2009 were $355.5 million, as compared to $275.7 million for the three months ended June 30, 2008.

Gross premiums written from property and casualty underwriting for the six months ended June 30, 2009 were $789.2 million, compared to $581.7 million for the six months ended June 30, 2008.

The claims policy benefits for life and annuity reinsurance for the three months ended June 30, 2009 were $55.4 million, as compared to $108.2 million for the three months ended June 30, 2008.