Max Re Capital Ltd.

Angelo M. Guagliano, 54, has been the President and Chief Executive Officer and a director of Max Bermuda since June 2007 and a director of Max Europe Holdings, Max Re Europe and Max Insurance Europe since June 2007. Mr. Guagliano joined Max Bermuda in January 2003 as Managing Director and Chief Underwriting Officer Bermuda Insurance Operations. From March 2005 through June 2007, he held the position of President of the Insurance Division and Chief Underwriting Officer. From January 1995 to December 2002, Mr. Guagliano held various management positions at XL Insurance (Bermuda) Ltd., including Executive Vice President, Country Manager and Chief Excess Liability Underwriter and Manager. From 1988 to 1995, Mr. Guagliano worked for Reliance National in New York in their E&S Primary Unit. From 1981 to 1988, Mr. Guagliano worked as a Casualty Facultative Underwriter for Prudential Reinsurance Corporation and as an Excess Liability Underwriter for the Royal Insurance Company. Mr. Guagliano began his underwriting career with Harford Insurance Company in 1979.

Steve Vaccaro joined Max in December 2006 and serves as CEO of Max Specialty Insurance Company. Steve has over thirty years experience in the commercial insurance marketplace, with more than twenty years in the excess and surplus lines segment of the business. Prior to joining Max to build Max Specialty, Steve was the President of American Wholesale Insurance Group's Specialty Underwriting Division. He was with Markel Corporation from 1993 to 2004, serving as President and COO of the Essex Insurance Company from 1995 to 2004. Steve started his career in 1970 in New York with Chubb and Son. He has held various management positions over the years with AIG, Home Insurance Company and Industrial Indemnity Insurance. Steve has been active with both the AAMGA and Napslo associations throughout his career.

Buddy Anckner serves as President, Casualty of Max Managers. Prior to the formation of Max Managers, Buddy served as Senior Vice President of the Company's Insurance Operations unit. Buddy has over 25 years of casualty underwriting experience, most recently with XL Insurance (Bermuda) Ltd, where he served as SVP, Deputy Head for XL's Bermuda Insurance Operations. Buddy joined XL in November 1995 and worked in various management positions. Prior to joining XL, Buddy worked for Royal Insurance Group in New York from 1986 to 1995 as both a Territorial Manager for their Excess Casualty Division and as head of their Standard Casualty Operations. From 1980 to 1986 Buddy worked on the New York Insurance Exchange, representing several companies including a start up syndicate for Mead Corporation. Prior to his involvement on the NYIE, Buddy worked with Constitution Reinsurance as a facultative underwriter and at AIG in their large accounts unit. Buddy began his underwriting career with the Saint Paul Insurance Company, who sponsored him through the College of Insurance. He holds a BA in Business.

Joe Roberts serves as Executive Vice President & Chief Financial Officer. From 2001 until early 2002, Joe served as Vice President in Finite Underwriting for Overseas Partners Re Ltd., a Bermuda based reinsurance company specializing in providing quality reinsurance solutions for its business partners. He worked in public accounting in Bermuda from 1994 through 2001 with KPMG, with a specialization in providing assurance based services to the financial services sector. Joe served as Senior Manager with KPMG from 1998. From 1987 to 1994, he worked in public accounting in London, primarily with Moore Stephens. Joe is a member of the Institute of Chartered Accountants in England and Wales.

Jonathan Hahn serves as Senior Vice President and Chief Underwriting Officer of Max Specialty's Brokerage Division. Prior to joining Max, Jon was with Markel from 1995 to 2006. Most recently he served as VP, Western Regional Manager at the Essex Insurance Company. Operating out of Los Angeles, CA and Richmond VA, Jon was responsible for profitably managing the regions primary and excess property product lines. Jon started his insurance career at the Marine Office of America in 1991, and held various positions in both New York and Richmond, VA. Jon holds a BA in Economics from the State University of New York, College at Oneonta.

Kevin Werle joined Max Capital Services in 2008 and serves as Executive Vice President and Chief Risk Officer. Kevin was previously Vice President responsible for risk management, information technology, and quantitative research for New England Asset Management, Inc. (NEAM), a unit of Berkshire Hathaway's General Reinsurance Corporation. Before joining the Berkshire Hathaway organization in 1998, Kevin was Managing Director and Chief Operating Officer of Hartford Investment Management Company (HIMCO) and its affiliate, Hartford Investor Services, Inc. (HIS). He previously served as Vice President and Director, Investment Systems, at Hartford Financial Services Group; as a Senior Manager, Financial Services, at Andersen Consulting; and, early in his career, as a Systems Analyst/Programmer at CIGNA Investments. Kevin graduated from the University of Connecticut in 1985 with B.S. in Computer Science and Applied Mathematics and is a Chartered Financial Analyst.

Michael (Mike) Miller joined Max in August 2007 and serves as Senior Vice President and Chief Underwriting Officer of Max Specialty's Marine Division. Prior to joining Max, Mike served as Senior Vice President and Chief Underwriting Officer of the Specialty business unit of Fireman's Fund. He began his career in 1973 as a trainee for William H. McGee and has held various management and executive positions within the Marine segment of the insurance marketplace. Mike is active with various Marine Industry Organizations such as IUMI, AIMU, Maritime Law Associations and IMUA. He has served on the Boards and Executive Committees of the AIMU and the IMUA, most recently serving as Chairman of IMUA from 2004 to 2006 and remains an active board member of the organization. Mike holds a B.A. in Business from Belmont Abbey College.

Peter A. Minton, 49, has served as a director of Max Capital and Max Bermuda since July 2004 and as Executive Vice President and Chief Operating Officer of Max Capital since October 2006. Mr. Minton joined Max Capital and Max Bermuda in April 2000 as Senior Vice President and Chief Risk Officer. He was promoted to Executive Vice President in February 2001 and served as our Chief Risk Officer until February 2007. Mr. Minton has served as a director of Max Diversified since October 2001; a director of Max Europe Holdings, Max Re Europe, Max Insurance Europe, Max Managers, Max USA and Grand Central Re Limited, which we refer to as Grand Central Re, since 2006; and a director of Max Specialty, Max Specialty Services, Max California, Max Managers USA, MCS Ireland, MCS BDA and MCS USA since 2007. Mr. Minton has also served as Executive Vice President and Treasurer of Max USA since 2006. From 1999 to 2000, Mr. Minton was Managing Director and Head of Fixed Income Research for Scudder Kemper Investments. From 1996 to 1999, Mr. Minton was a Senior Vice President of Investments at General Reinsurance Company. From 1991 to 1996, Mr. Minton held the position of Principal and Head of Fixed Income Strategy at Morgan Stanley & Co. Incorporated. From 1984 to 1991, Mr. Minton was Vice President and Portfolio Manager at CMB Investment Counselors. Prior to joining CMB Investment Counselors, Mr. Minton was a tax planner in the Tax Department of Ernst & Whinney between 1981 and 1984.

Phil joined Max in December 2006 and serves as Senior Vice President, Chief Administrative Officer and Director of Catastrophe Management for Max Specialty. Before joining Max, Phil worked for American Wholesale Insurance Group's Specialty Underwriting Division as Vice President. Previously he served as Senior Vice President & Managing Director of the Aon Re Services Dallas office, which specializes in commercial property. Phil joined Aon Re Services New York in 1996 as a Risk Analyst. During his 9 year tenure at Aon, Phil has worked extensively with the various catastrophe models and has an in depth understanding of the underlying methodologies used by these models. Prior to this, Phil held positions with Prudential Securities, GTE and Glaxo-Wellcome. Phil has a Bachelor's of Science Degree in Business Management from North Carolina State University

Adam Mullan serves as Managing Director of Max Re Europe and EVP - Chief Underwriting Officer of all Property and Speciality Reinsurance. From 1997 to 2000, Adam served as Director/Underwriting Manager of ACE European Markets Insurance Limited and ACE European Reinsurance Limited. Between June 1992 and October 1997, he served as Vice President of Marsh & McLennan Inc. From June 1987 to June 1992 Adam was an Associate Director at Carpenter Bowring (London). He received his Bachelor in Business Studies (Hons.) from Trinity College, The University of Dublin.

Bryan Sanders joined Max in December 2006 and serves as Executive Vice President of Max Specialty. He has over 25 years of insurance industry experience, most recently with Hilb Rogal and Hobbs Company serving as Director of the Excess and Surplus Lines Division and as President of its Dominion Specialty Group, Inc. Prior to joining HRH, Bryan was president of MacDuff Underwriters, Inc., a managing general agency and a wholly owned subsidiary of Brown and Brown, Inc. Before his promotion with MacDuff in 2000, he was part of a team hired by Brown and Brown to start up a new wholesale operation then known as Champion Underwriters. Bryan worked from 1995 to 1998 as a general agency underwriter for Yanoff South, Inc. From 1984 to 1995, he worked in various management, underwriting, and production positions with several independent insurance agencies. Bryan began his underwriting career in 1981 with Aetna Casualty and Surety Company. Bryan holds a BA in Business from Kent State University.

Chris M. Rutten serves as Executive Vice President and President, Life & Annuity Division. Chris has held several senior management positions in the insurance industry. From 1996 to 1999 he served as Vice President Financial/Structured Reinsurance for ING Reinsurance and Director International and Specialty Reinsurance and Vice President for Security Life of Denver International (Bermuda) between 1992 and 1995. Chris earned his Master's Degree of Actuarial Science from the University of Amsterdam in 1984, and is a Fellow of the Dutch Actuarial Society.

James C. ("Jim") Gray serves as Executive Vice President - Chief Underwriting Officer of Professional Liability Insurance. Prior to joining Max Bermuda, Jim was with XL Capital from 1998 to 2003. Most recently, he served as the Global Practice Leader for XL Professional in Hartford, Connecticut, where he was responsible for the strategic management of the professional liability operations of XL Capital in the US, Bermuda and Europe. Jim has also held management insurance positions with Zurich American Insurance Company, Lexington Insurance Company and Progressive Insurance Company. Jim graduated from The Ohio State University in 1982 with a Bachelor of Science - Business Administration and from Cleveland Marshall College of Law in 1985 with a Juris Doctor.

James E. Tait serves as Executive Vice President of Max Capital Services. Jim Tait joined Max in 2007 after having been a consultant assisting in the organizational stages of the Company. Prior to joining Max, Jim organized and operated a consulting company and had been employed as an executive officer and board member of several insurance holding companies and their insurance operating subsidiaries including stock and mutual companies and exchange registrants in the United States and in Great Britain. Previously, Jim was a partner with Coopers & Lybrand. Jim received a Bachelor of Commerce and Business Administration degree from the University of Alabama and a Juris Doctorate degree from Birmingham School of Law. He is a certified public accountant and member of the Alabama Bar.

"John Boylan joined Max in 2003 and serves as Managing Director, Executive Vice President and Chief Underwriting Officer, Global Excess Liability Insurance. Previously, John spent thirteen years with the XL Group, most recently as Director of European Casualty Operations. Prior to his return to Dublin in 2001, John spent five years in London, having established XL´s reinsurance presence there. In London, he was SVP of both the reinsurance and Structured Risk entities. Before joining XL, John was casualty manager at Bermuda Fire & Marine for three year´s. Prior to this, he spent eight years at AIG, in various casualty underwriting roles. John holds a first class honours degree in Finance from University College Dublin and has both Associate and Fellowship designations from the Chartered Insurance Institute."

Sarene A. Bourdages serves as Executive Vice President and General Counsel. From 1999 to 2002, Sarene was an associate in the corporate group at Akin, Gump, Strauss, Hauer & Feld, L.L.P. in New York. From 1996 to 1999, she worked in international tax consulting at KPMG LLP. Sarene earned her Juris Doctor and Master of Laws (International and Comparative Law) from Duke University School of Law in 1996 and her Bachelor of Arts in French and Political Science from the University of Missouri-Columbia in 1993. She is a member of the New York Bar.

Don Meyer serves as Senior Vice President in Max Manager's New York office. With a quarter-century of experience as both a primary and excess underwriter, Don was previously Senior Vice President and Global Practice Leader for Healthcare Underwriting at XL Capital in Bermuda, where he was responsible for managing an annual written premium portfolio of more than $100 million that included hospital professional liability, long-term care professional liability, pharmaceutical products, medical device products and general casualty business. Prior to that, Don was an underwriter with various excess carriers including Gerling Global, TIG Re, and Munich Re, as well as a primary underwriter at Royal Insurance and Crum & Forster.

Hugh Jago serves as Senior Vice President in Max Manager's San Francisco office. With more than thirty years of insurance industry experience, Hugh began his career with Willis, Faber & Dumas in London, including five years on assignment in Los Angeles with Sayre & Toso and then with Johnson & Higgins. He then returned to the UK and joined Unionamerica Insurance Company, Ltd, a specialty (re)insurance company, where he was initially a direct and facultative casualty underwriter before progressing to Managing Director Underwriting. He left Unionamerica following its sale to MMI Companies Inc./St. Paul Companies. In 2001, he joined Aon, Ltd. in London and created a dedicated international healthcare syndication division that grew to $135 million of healthcare premium. In his final year at Aon he assumed responsibility for its North American Treaty Casualty Department. From 2005 to 2008, Hugh was with Spectrum Healthcare.

Kip Herring joined Max in 1999 and serves as Senior Vice President & Marketing Director. Kip has held various positions in the Bermuda insurance market for a period of approximately thirty years. From 1996 to 1998, he was President and CEO of Transglobal Insurance Company, a specialist alternative risk vehicle sponsored by Sedgwick Group. For the prior eight years, Kip was Managing Director of Mendip Insurance & Reinsurance Company, a Sedgwick Group company specializing in structured financial reinsurance. He earned a Bachelor of Commerce degree from the University of Liverpool in 1972, became an Associate of the Institute of Chartered Accountants in England and Wales in 1975, and was admitted as a Fellow in 1980.

Peter Bergmann serves as Senior Vice President in Max Manager's San Francisco office. Peter Bergmann has twenty years of healthcare industry experience. He joined the industry after several years in public accounting, first with for-profit systems and later as chief financial officer of a non-profit hospital in California. In 1993, he left hospital administration and formed an insurance broker, Select Healthcare Insurance Services, that worked solely with healthcare accounts, placing all lines of property/casualty risk and specialty stop-loss coverages. Select Healthcare was acquired by Aon Corporation in 1999, after which, in 2002, Mr. Bergmann formed Spectrum Healthcare to serve as a managing general underwriter of healthcare professional/general liability programs.

Sarene A. Bourdages serves as Executive Vice President and General Counsel. From 1999 to 2002, Sarene was an associate in the corporate group at Akin, Gump, Strauss, Hauer & Feld, L.L.P. in New York. From 1996 to 1999, she worked in international tax consulting at KPMG LLP. Sarene earned her Juris Doctor and Master of Laws (International and Comparative Law) from Duke University School of Law in 1996 and her Bachelor of Arts in French and Political Science from the University of Missouri-Columbia in 1993. She is a member of the New York Bar.

Joseph H. Mossbrook serves as Vice President and National Director of Contract Binding Authorities. Prior to joining the company in December 2006, he served as Assistant Vice President-Underwriting in the Northern Division of United America Insurance Company in Philadelphia, PA. Joe started his career in 1990 in New Jersey with American Reliance Insurance Company. He has held various underwriting and management positions over the years with Penn America and Reliance Insurance Company. Joe has been active with both the AAMGA and Napslo associations throughout his career. Joe majored in Criminal Justice and Business Management from Kutztown University in Pennsylvania

Nancy J. da Silva serves as a Vice President in the finance department. From 1998 to the beginning of 2001, Nancy served as the Controller of Enterprise Reinsurance Limited, a finite reinsurer domiciled in Bermuda. Previously she worked in public accounting with Arthur Andersen, starting as a public accountant in 1992 and leaving as an audit manager in 1998. Nancy earned her Masters in Business Administration from the University of Toronto and her Bachelor of Arts degree from The University of Western Ontario. Nancy also holds the C.A. designation.

David J. Kalainoff serves as Managing Director Reinsurance and Executive Vice President and Chief Underwriting Officer, Casualty Reinsurance of Max Bermuda. David has over 23 years of casualty underwriting experience, most recently with Transatlantic Reinsurance Company in New York, where he served as Senior Vice President of Specialty Casualty. Prior to joining Transatlantic in 1996, he held management positions at Fireman's Fund Insurance Company and Continental Insurance Company. David holds a Bachelor of Science degree in Business Education from Arizona State University and an M.B.A. from DePaul University.

Iain Bremner serves as Managing Director of Max at Lloyd's, formerly Imagine. Prior to it's acquistion by Imagine in 2005, Iain served as Managing Director, Finance Director and Compliance Office of Abacus Syndicates Ltd, Iain is Chairman of the Risk, Executive and Broker Vetting and Reinsurance Security Committees and has been a director of the company since he joined in 2001. From 1987 to 2001, Iain served in various roles with Marsh McLennan, the Corporation of Lloyd's and Steel Burrill Jones. Iain has a degree from University College London in Geography and French. Iain is a fellow of the Chartered Institute of Certified Accountants.

Lance has served as Finance Director of Max at Lloyd's, formerly Imagine since October 2006. Prior to this he was a director at Aon Capital Markets providing mergers and acquisitions and capital advisory services to clients and Chief Executive of a Lloyd's Managing Agency and Group Financial Controller of Limit Plc. He has also worked at Lloyd's and chartered accountants, BDO Stoy Hayward. Lance has a degree from the University of Exeter in economics. He is a Chartered Accountant and a Member of the Securities & Investment Institute.

Matthew has served as Active Underwriter with Syndicate 1400 since its formation in 1999, and as Underwriting Director of Max at Lloyd's, formerly Imagine, since 2006. He has been a Director of the Company, since 1999. Matthew was an underwriter with Copenhagen Re UK from 1975 to 1998, and was appointed Managing Director in 1996. Matthew is an Associate of the Chartered Insurance Institute and has a degree in Computing Science from the University of Essex.

Michael S. Morgan serves as Senior Vice President Excess Liability Underwriter of the Company's Insurance Operations unit. Prior to joining the Company in January 2003, he served from 1995 2003, as Vice President-Underwriter of XL's Excess Liability unit in Bermuda. Prior to joining XL, Mike worked for American Re-Insurance in Hartford, CT, from 1990 to 1995 as a Director-Underwriter in their Casualty Facultative Division. Mike's underwriting career started in 1987 with National Reinsurance Corp., where he worked until 1990 as an Underwriter in their Casualty Facultative Divisions in Hartford, CT and Dallas, TX. He graduated Cum Laude from Springfield College in Springfield, MA in 1986, with a Bachelor of Science in Business Management, and he also holds the Associate in Reinsurance designation (ARe).

Sheila serves as Marketing and Investor Relations Assistant, and as Assistant Company Secretary (Administration). Sheila joined Max Bermuda in February 2000 and served as Assistant Company Secretary and Stock Plan Administrator. From 1994 to 2000, Sheila worked as Assistant Company Secretary and Executive Assistant to the Chief Financial Officer of Renaissance Reinsurance Ltd. and from 1979 to 1994 worked for the Bermuda Government as a special education teacher. Prior to working in Bermuda, she was the Junior Department Head Teacher at Shaftsbury Special Education School in Harrow, England. Sheila received her teachers’ certification from Shoreditch College, London University in 1973 and in 1978 graduated from the Maria Gray College of Education, London University with a Diploma in Special Education. Sheila also holds the Associate of Reinsurance designation, ARe and the Certified Equity Professional designation, CEP.

Zack H. Bacon III, has served as a Director of Max Capital Group Ltd. and Max Bermuda Ltd. since their formation in July 1999 and also serves as Deputy Chairman of the Company. Since 2003, Mr. Bacon has served as a director and the Chief Investment Officer of Alstra Capital Management, LLC ("Alstra"), the Company's fund of funds advisor and an affiliate of Moore Capital Management, LLC ("MCM"). Since October 1998, Mr. Bacon has been a member of the Board of Directors and a Managing Director of each of MCM and Moore Capital Advisors, L.L.C. Mr. Bacon is also a member of the Investment Advisory Committee of MCM. From 1985 to 1998, Mr. Bacon ran his own asset management firm. From 1983 to 1985, Mr. Bacon managed the non-equity portfolio of Soros Fund Management Company. Prior to 1983, Mr. Bacon was a Vice President at Goldman, Sachs & Co.

K. Bruce Connell , 55, has served as a director of Max Capital since February 2007. Mr. Connell retired in 2002 after spending 13 years with XL. During his tenure with XL, Mr. Connell served as Executive Vice President and Group Underwriting Officer of XL Capital Ltd., Chief Executive Officer of XL Financial Products and Services Ltd., Executive Vice President and Chief Underwriting Officer of XL Re Ltd. (Bermuda) and Chief Underwriting Officer of XL Europe Ltd.

President and Chief Executive Officer, Torsiello Capital Advisors Inc. Mario P. Torsiello has served as a Director of the Company since March 2000. Since July 2002, Mr. Torsiello has served as Chief Executive Officer of Torsiello Capital Partners, LLC. From November 2001 to June 2002, Mr. Torsiello served as Chief Executive Officer of First International Capital, LLC. From September 2000 to November 2001, Mr. Torsiello served as Managing Director and Head of North American Insurance Practice of Dresdner Kleinwort Wasserstein, Inc. (formerly known as Wasserstein Perella & Co, Inc.). From December 1999 to September 2000, Mr. Torsiello acted as President and a director of INDC Group Inc., a California based insurance company formed to offer a broad line of consumer orientated insurance products through the Internet. From 1987 to 1999, Mr. Torsiello was an investment banker in Salomon Smith Barney's Financial Institutions Group, having served as Managing Director from 1995 and Co-Head of the Insurance Group from 1997 to 1999. Prior to joining Salomon Smith Barney, Mr. Torsiello was a Senior Manager in KPMG's New York insurance accounting and audit services unit. Mr. Torsiello is a member of the Board of Advisors of Fordham College of Business Administration and is licensed as a certified public accountant in New York State.

William Kronenberg III , 55, has served as a director of Max Capital since September 2006 and was a director of Max Bermuda from September 2006 until to May 2007. Since 2004, Mr. Kronenberg has been the Chief Executive Officer and principal owner of Professional Underwriters, a program administrator specializing in insurance for the public entity market segment. Since 2002, Mr. Kronenberg has also been a principal of Marsh Creek Corporate Services, a professional services company. From 1999 to 2002, Mr. Kronenberg was Chief Executive Officer of XL Environmental, Inc. (formerly ECS), an XL Capital Ltd. (NYSE: XL), or XL, which provides global insurance, reinsurance and financial risk services, and a director of XL America, Inc. From 1985 until its acquisition in 1999 by XL Capital, Mr. Kronenberg was owner, Chief Executive Officer and President of ECS, Inc., a company specializing in integrated environmental risk management solutions. Mr. Kronenberg also established ECS International, a London-based subsidiary and first environmental insurance underwriter in Europe. From 1975 to 1985, Mr. Kronenberg held several casualty-oriented underwriting positions with American International Group, concluding as the officer in charge of American International Group s program unit. Mr. Kronenberg also serves on the board of directors of each of Camphill Soltane and the Stroud Water Research Center, both non-profit organizations. Mr. Kronenberg holds the designations of Certified Property and Casualty Underwriter (CPCU) and Certified Insurance Counselor (CIC).