AXIS Capital Appoints Richard Housley President of AXIS Global Insurance

Business Wire, May 22, 2006

PEMBROKE, Bermuda -- AXIS Capital today announced that Richard Housley, currently European Division President of AXIS Insurance, has been appointed President of AXIS Global Insurance. With this appointment, Richard will now directly oversee all operating and underwriting activities within AXIS Global Insurance. Richard will continue to serve as European Division President within AXIS Global Insurance and as Global Property leader within AXIS Insurance.

In his new role, Richard will continue to report to Jack Gressier, Deputy Chairman of AXIS Insurance and CEO of AXIS Global Insurance. Jack will relocate from London to AXIS Capital's Bermuda headquarters, subject to approval by the Bermuda Department of Immigration.

John Charman, CEO and President of AXIS Capital, commented: "The appointment of Richard Housley to the role of President of AXIS Global Insurance is in recognition of his management talent and deep underwriting expertise and experience, which characterized his outstanding contribution to the success of our AXIS Insurance business over the last four years.

I look forward to Richard's ongoing contributions to AXIS Insurance as well as the continuation of working closely with Jack upon his relocation to our Bermuda headquarters. Jack is an acknowledged global leader in the specialty insurance marketplace and his planned relocation to Bermuda recognizes the significant role Bermuda plays in our organization, as well as the increasing significance Bermuda has in the global specialty insurance and reinsurance marketplace."

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at March 31, 2006 of USD 3.6 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.