AXIS Capital Publishes Additional 2004 Financial Supplement Reflecting New Segmental Reporting

Business Wire, March 31, 2005

PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) announced today that it has published an additional 2004 financial supplement to reflect its revised segmental reporting following the previously announced strategic reorganization of AXIS Capital's operations into AXIS Insurance and AXIS Re. Copies of both 2004 financial supplements are available on the Company's website located at www.axiscapital.com in the Investor Information section.

Effective January 1, 2005, AXIS Capital will report two underwriting segments, insurance and reinsurance, and a corporate segment. The insurance segment will be further subdivided into two sub-segments, U.S. insurance and global insurance. Additional adjustments have been made to classifications and reporting by line of business in the Company's financial supplement.

Andrew Cook, AXIS Capital's Chief Financial Officer, commented, "Our strategic realignment, which we announced late last year, and these subsequent revisions to our segmental reporting better reflect those operations that are homogeneous in terms of products, markets, distribution channels, client types, underlying risk patterns and approach to risk management. This additional 2004 financial supplement will provide a more meaningful basis of comparison for our 2005 financial results and is consistent with our commitment to support our shareholders' and the broader investment community's ongoing understanding and analysis of AXIS Capital."

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at December 31, 2004 in excess of $3.2 billion and locations in Bermuda, the United States, Europe and Singapore. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") by Standard & Poor's. AXIS Capital has been assigned a senior unsecured debt rating of Baa1 (stable) by Moody's Investors Service and BBB (stable) by Standard & Poor's. For more information about AXIS Capital, visit the Company's website at www.axiscapital.com.