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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	April 10, 2007
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  	Max Re Capital Ltd.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	&nbsp;
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  	Bermuda
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  	000-33047
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  	Not Applicable
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	&nbsp;
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  	Max Re House, 2 Front Street, Hamilton, Bermuda
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  	&nbsp;
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  	HM 11
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	(441) 296-8800
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <FONT SIZE="2">Top of the Form</FONT>
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  <B>
  	Item 1.01 Entry into a Material Definitive Agreement.
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  Effective April 10, 2007, the Registrant, Max Re Ltd., Max USA Holdings Ltd. ("Max USA"), various financial institutions (the "Required Lenders") and Bank of America, N.A., as fronting bank, letter of credit administrator and administrative agent, executed a waiver (the "Waiver") to that certain Credit Agreement dated as of June 1, 2005 (as amended or modified prior to the date hereof, the "Credit Agreement").  The Waiver was executed in order to enable the Registrant to guarantee the issuance by Max USA, a wholly-owned subsidiary of the Registrant, of $100 million of senior notes due 2017 pursuant to an indenture (the "Indenture").  Pursuant to the Waiver, the Required Lenders have, among other things, (i) consented to the inclusion of certain restrictive covenants in the Indenture (the "Restrictive Covenants"), (ii) waived compliance by the Registrant with the provisions of Section 6.8 of the Credit Agreement to the extent necessary to permit the Registrant to enter into the  Indenture and perform its obligations under the Indenture and (iii) waived any Default or Event of Default (each as defined in the Credit Agreement) that may otherwise arise under Section 6.8 of the Credit Agreement by reason of the inclusion of such Restrictive Covenants in the Indenture, the entry by the Registrant into the  Indenture and the performance by the Registrant of its obligations under the Indenture. Except as described above, the Credit Agreement and the other credit documents relating thereto remain in full force and effect<br><br>The foregoing summary of the Waiver does not purport to be complete and is qualified in its entirety by reference to the Waiver attached hereto as Exhibit 10.1.<br>
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  <B>
  	Item 8.01 Other Events.
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  On April 10, 2007, Max Re Capital Ltd. (the "Company") issued a press release pursuant to Rule 135c of the Securities Act of 1933, as amended (the "Securities Act"), announcing the commencement of an offering by its wholly-owned subsidiary, Max USA Holdings Ltd., of $100 million of senior notes due 2017 in a private placement offering and its intention to fully and unconditionally guarantee the notes.  A copy of the press release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
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  <B>
  	Item 9.01 Financial Statements and Exhibits.
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  (c) Exhibits<br><br>10.1    Waiver Letter, effective April 10, 2007<br><br>99.1	News release of Max Re Capital Ltd. dated April 10, 2007<br>
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  <FONT SIZE="2">Top of the Form</FONT>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	&nbsp;
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  	Max Re Capital Ltd.
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	&nbsp;
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  	&nbsp;
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  	&nbsp;
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  <I>
  	April 11, 2007
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  	&nbsp;
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  <I>
  	By:
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  	&nbsp;
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  <I>
  	/s/ Peter A. Minton
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  <BR>
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  	&nbsp;
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  <I>
  	Name: Peter A. Minton
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  	&nbsp;
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  <I>
  	Title: Executive Vice President and Chief Operating Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	&nbsp;
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  <B>
  	Description
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  	10.1
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  	&nbsp;
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  Waiver Letter, effective April 10, 2007
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  	99.1
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  	&nbsp;
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  <FONT SIZE="2">
  News release of Max Re Capital Ltd. dated April 10, 2007
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_19486.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12533}]
metadata_filer: {"company-data": {"conformed-name": "MAX RE CAPITAL LTD", "cik": "0001141719", "assigned-sic": "6331", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-33047", "film-number": "07760862"}, "business-address": {"street1": "MAX RE HOUSE", "street2": "2 FRONT STREET", "city": "HAMILTON HM11", "state": "D0", "zip": "HM 11", "phone": "4412968800"}, "mail-address": {"street1": "MAX RE HOUSE", "street2": "2 FRONT STREET", "city": "HAMILTON", "state": "D0", "zip": "HM 11"}}
text: Max Re Capital Ltd. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  April 10, 2007
  Max Re Capital Ltd.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Bermuda
  000-33047
  Not Applicable
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  Max Re House, 2 Front Street, Hamilton, Bermuda
  HM 11
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (441) 296-8800
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  Effective April 10, 2007, the Registrant, Max Re Ltd., Max USA Holdings Ltd. ("Max USA"), various financial institutions (the "Required Lenders") and Bank of America, N.A., as fronting bank, letter of credit administrator and administrative agent, executed a waiver (the "Waiver") to that certain Credit Agreement dated as of June 1, 2005 (as amended or modified prior to the date hereof, the "Credit Agreement").  The Waiver was executed in order to enable the Registrant to guarantee the issuance by Max USA, a wholly-owned subsidiary of the Registrant, of $100 million of senior notes due 2017 pursuant to an indenture (the "Indenture").  Pursuant to the Waiver, the Required Lenders have, among other things, (i) consented to the inclusion of certain restrictive covenants in the Indenture (the "Restrictive Covenants"), (ii) waived compliance by the Registrant with the provisions of Section 6.8 of the Credit Agreement to the extent necessary to permit the Registrant to enter into the  Indenture and perform its obligations under the Indenture and (iii) waived any Default or Event of Default (each as defined in the Credit Agreement) that may otherwise arise under Section 6.8 of the Credit Agreement by reason of the inclusion of such Restrictive Covenants in the Indenture, the entry by the Registrant into the  Indenture and the performance by the Registrant of its obligations under the Indenture. Except as described above, the Credit Agreement and the other credit documents relating thereto remain in full force and effect
  The foregoing summary of the Waiver does not purport to be complete and is qualified in its entirety by reference to the Waiver attached hereto as Exhibit 10.1.
  Item 8.01 Other Events.
  On April 10, 2007, Max Re Capital Ltd. (the "Company") issued a press release pursuant to Rule 135c of the Securities Act of 1933, as amended (the "Securities Act"), announcing the commencement of an offering by its wholly-owned subsidiary, Max USA Holdings Ltd., of $100 million of senior notes due 2017 in a private placement offering and its intention to fully and unconditionally guarantee the notes.  A copy of the press release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits
  10.1    Waiver Letter, effective April 10, 2007
  99.1	News release of Max Re Capital Ltd. dated April 10, 2007
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Max Re Capital Ltd.
  April 11, 2007
  By:
  /s/ Peter A. Minton
  Name: Peter A. Minton
  Title: Executive Vice President and Chief Operating Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Waiver Letter, effective April 10, 2007
  99.1
  News release of Max Re Capital Ltd. dated April 10, 2007