AXIS Capital Announces Trident Has Agreed to Sell 3,000,000 Shares in a Block Trade

Business Wire, Dec 12, 2006

PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that Trident II, L.P. and related entities ("Trident") have agreed to sell 3,000,000 of AXIS Capital's common shares in a block trade.

Citigroup Corporate and Investment Banking will be the underwriter in the offering of the shares to public investors. The common shares are being offered under AXIS Capital's Form S-3 shelf registration statement (No. 333-118023). Trident will receive all net proceeds from the sale.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

A complete description of the terms of the sale of AXIS Capital's common shares can be found in the prospectus supplement relating to the sale, which will be filed with the U.S. Securities and Exchange Commission. A written prospectus may be obtained, when available, by contacting Citigroup Corporate and Investment Banking, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at September 30, 2006 of $4.1 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 our website at www.axiscapital.com.