Fitch Ratings has affirmed the 'A-' Issuer Default Rating (IDR) of Max Capital Group Ltd. and the 'A' Insurer Financial Strength (IFS) ratings of its insurance subsidiaries, Max Bermuda Ltd., Max Re Europe Limited, Max Insurance Europe Limited and Max Specialty Insurance Company. Fitch also affirmed the 'A-' IDR and 'BBB+' senior debt rating of Max USA Holdings Ltd., a direct, wholly owned holding company subsidiary of Max Capital. The ratings outlooks are stable. Fitch said its "ratings on Max Capital reflect the company's disciplined and flexible approach to managing underwriting risk and investment risk, and favorable operating results. Partially offsetting these positives is the execution risk derived from Max Capital's growing diversified specialty product strategy and reserve risk associated with the long-tail casualty reinsurance/insurance lines that the company started writing in 2002/2003."

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1944 - France agrees to transfer power to the Lebanese government on 1 January.

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