Fitch has affirmed the “A-” rating of the company and the “A” ratings of its subsidiaries

Fitch Ratings has affirmed the “A-” rating of Max Capital Group (Max Capital) and the “A” ratings of its insurance subsidiaries, Max Bermuda, Max Re Europe, Max Insurance Europe and Max Specialty Insurance Company.

Fitch said ratings on Max Capital reflect the company's disciplined and flexible approach to managing underwriting risk and investment risk, and recent favourable operating results.

The ratings agency said that partially offsetting these positives is the execution risk derived from Max Capital's growing specialty product strategy and reserve risk associated with the long-tail casualty reinsurance/insurance lines that the company started writing in 2002/2003.