Specialty insurance and reinsurance provider Max Capital GroupLtd. in Bermuda announced the formation today of Max Managers USALtd., a New York-based managing general underwriter.

The firm said its new MGU will underwrite policies written byMax Specialty Insurance Company, Max Capital's U.S.-based excessand surplus lines platform.

Max Capital also announced the appointment of Bernard "Buddy"Anckner as president-casualty of Max Managers USA, effectiveimmediately.

The firm said Mr. Anckner had joined Max Capital's Bermuda-basedoperation in January 2003 and has more than 25 years ofunderwriting experience. In his new role, he will be based in MaxManagers USA's New York office.

W. Marston "Marty" Becker, chairman and chief executive officerof Max Capital Group Ltd., said the formation of the MGU "is afurther step in our efforts to serve a broader range of corporate,public-sector and other customers, and to serve our customers in abroader range of ways."

Stephen J. Vaccaro Jr., president and CEO of Max SpecialtyInsurance Company, added, "Max Managers USA is a natural complementto the specialty/niche-driven underwriting team we have assembledat Max Specialty."

Mr. Anckner, with "extensive underwriting experience at Max andelsewhere in the casualty segment of the business, will be animportant member of that team," Mr. Vaccaro added.

The company said Max Managers USA will use Max SpecialtyInsurance Company paper and will initially focus on underwritingcasualty insurance policies for clients in the health careindustry.

It is expected, the firm said, that additional types ofinsurance offering protection aimed at other industries will beadded over time.

In general, the Max Specialty policies underwritten by MaxManagers USA will have lower attachment points than, and will thuscomplement, business currently being written by Max Bermuda, MaxCapital's Bermuda operating company, it was explained.