Fitch affirms Max Capital

Fitch Ratings said it has affirmed the issuer default ratings and Insurer financial strength ratings of Max Capital Group Ltd. and its subsidiaries.

The outlook remains negative.

Fitch noted 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.

Partially offsetting these positives is the execution risk derived from Max Capital's growing diversified specialty product strategy, the agency said.

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