Marston Marty Becker Chairman and Chief Executive Officer of Max CapitalGroup Ltd

Pittsburgh: Keys to an Irish WinHow Good Are the Irish A Year-End Notre Dame Defensive Statistical Review This article is also featured on Clashmore Mike. CEO W. Marston (Marty) Becker Reviews Key Results and Accomplishments in 2008,Outlook for 2009Terrific Operating Year Overshadowed by Unprecedented Investment Volatility;Projects Strong Performance in 2009HAMILTON, Bermuda(Business Wire)W. Marston (Marty) Becker, Chairman and Chief Executive Officer of Max CapitalGroup Ltd. (NASDAQ: MXGL; BSX: MXGL BH), a Bermuda-based provider of specialtyinsurance and reinsurance products, today issued a letter addressed to theCompanys shareholders, employees and other stakeholders updating them on MaxCapitals performance and progress in 2008 and on its 2009 outlook.

The letter,which will be followed on February 11, 2009 by the issuance of the Companysfinancial results for its fourth quarter and full year ended December 31, 2008,describes the year just ended as "a terrific operating year overshadowed byunprecedented investment volatility," and projects strong performance in 2009 The full text of Mr. Beckers letter reads as follows: January 23, 2009 To All Max Shareholders, Employees and Other Stakeholders: As we turn the page from 2008 to 2009, Id like to update you on Max CapitalGroups significant progress over the past year and on the outlook for theCompany in 2009. This letter has become an annual tradition, and while we wontrelease final year 2008 results until February 11, 2009, the unauditedinformation below includes our view of expected 2008 results at this time. In 2008, Max experienced a terrific operating year overshadowed by unprecedentedinvestment volatility.

The Company benefited from favorable operatingperformance from its underwriting units. Gross premiums written (GPW) totaled approximately $1,255 million includingapproximately $240 million of closed-book life reinsurance premium. Growth inproperty/casualty written premium over the prior year was approximately 31,largely as a result of the expansion of our US operations and diversificationinto new lines of business. Maxs Bermuda and Dublin specialty insurance and reinsurance platformscontinued to operate at a very attractive combined ratio (CR) of approximately88. Losses for Hurricanes Gustav and Ike amounted to approximately $50 million,net of reinstatement provisions.