Max Re Capital?s securities fell 34 cents in mid-day trading, the first day after the company announced it was subject to delisting from the Nasdaq National Market due to failure to file its quarterly report by deadline.

The Bermuda-based company was unable to file its financials for the quarter ended March 31, 2006 because its Audit and Risk Management Committee has not completed its review of three finite risk retrocessional contracts written in 2001 and 2003.

Max Re anticipates, but has not yet determined, that as a result of the review it will restate its financials for the years ended December 31, 2001 through 2005. If it does restate, the cumulative effect to retained earnings at December 31, 2005 will be a reduction of not more than approximately $25 million, the company said in a statement.

Max Re plans to request a review hearing on the Nasdaq staff determination, but there is no assurance that the panel will grant the company?s request for continued listing.

The company said in a statement that it will file its quarterly financials ?as soon as reasonably practicable?.