RAM Holdings Ltd. Announces Common Share Repurchase Program

HAMILTON, Bermuda--(Business Wire)--
RAM Holdings Ltd. (Pink Sheets:RAMR) (the "Company") announced today that the
Company has entered into a Rule 10b5-1 trading plan with an investment banking
firm through which the Company may repurchase up to 930,000 of its issued and
outstanding common shares, par value US$0.10 per share, representing
approximately 3.4% of the common shares issued and outstanding as of May 19,
2009.

The Company stated that the purchase of the Company's common shares at this time
is advantageous to the Company and its shareholders because management considers
the market price of its common shares to be undervalued. Further, management
believes that such purchases will benefit all of the Company`s common
shareholders by increasing the liquidity for some and increasing the value for
others.

Purchases will be made through the investment banking firm through the
facilities of the Pink Sheets and payment therefor will be made by the Company
in accordance with applicable laws, the Company's organizational documents, and
the applicable terms of the Company`s outstanding securities. Purchases may
commence on May 19, 2009 and will terminate no later than June 14, 2009.

To the knowledge of the Company, no current director or officer of the Company
and no person holding 10% or more of the common shares of the Company has any
present intention of selling common shares during the period of the common
shares repurchase program.

Forward-Looking Statements

This release contains statements that may be considered "forward-looking
statements." These statements are based on current expectations and the current
views of the economic and operating environment and are not guarantees of future
performance. A number of risks and uncertainties, including economic competitive
conditions, could cause actual results to differ materially from those projected
in forward-looking statements. Our actual results could differ materially from
those expressed or implied in the forward-looking statements. Among the factors
that could cause actual results to differ materially are: (i) the recapture of
business by customers with whom we have a concentration of our reinsurance in
force; (ii) the adverse developments in the housing and credit markets that
began in mid 2007 and have continued through the date of this release and credit
risk; (iii) our inability to access capital on acceptable terms or at all; (iv)
more severe losses or more frequent losses associated with our reinsurance
products or changes in our assumptions used to estimate loss reserves and
unrealized (losses) gains on derivative financial instruments; (v) income taxes,
including our ability to write reinsurance business through Bermuda or other
similarly tax-efficient jurisdictions; (vi) the timing of cash flows including,
principally, receipt of premium and timing of loss payments; (vii) developments
in the world`s financial and capital markets that adversely affect our loss
experience, our unrealized (losses) gains on derivative financial instruments or
our investment returns; (viii) further downgrades of the financial strength
ratings of RAM Re by Standard & Poor`s; (ix) changes in ratings methodology by
Standard & Poor`s; (x) our inability to execute our business strategy; (xi)
changes in regulation or tax laws applicable to us, our subsidiaries or
customers; (xii) our ability to retain qualified management and other personnel;
(xiii) contract cancellations; (xiv) the effects of mergers, acquisitions,
amalgamations and divestitures; (xv) changes in accounting policies or
practices; and (xvi) changes in general economic conditions, including
inflation, credit, foreign currency environment, interest rates and other
factors. The Company undertakes no obligation to revise or update any
forward-looking statement to reflect changes in conditions, events, or
expectations, except as required by law.

RAM Holdings Ltd., Hamilton
Victoria Guest, 441-298-2116
vguest@ramre.bm
or
RAM Holdings Ltd., Hamilton
Ted Gilpin, 441-298-2107
tgilpin@ramre.bm

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