AXIS Reinsurance Company Approved By U.S. Treasury as Acceptable Surety on Federal Bonds

Business Wire, April 17, 2008

PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that AXIS Reinsurance Company, one of its U.S. operating subsidiaries, has been added to the U.S. Department of the Treasury's Listing of Acceptable Sureties on Federal Bonds effective April 7, 2008.

The U.S. Treasury certification of AXIS Reinsurance Company as an acceptable surety company for Federal bonds applies to contract surety bonds for government projects and the bonding of employee benefit plan fiduciaries as required under the Employee Retirement Income Security Act of 1974 (ERISA).

AXIS Reinsurance Company (NAIC #20370) is a New York-domiciled property and casualty insurance and reinsurance company that is licensed to underwrite surety/fidelity bond coverage in 48 states and the District of Columbia. As a wholly owned subsidiary of AXIS Capital, AXIS Reinsurance Company carries the AXIS Capital group rating of "A" ("Excellent") XV by A.M. Best and "A" ("Strong") with a positive outlook by Standard & Poor's.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at December 31, 2007 of $5.2 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 our website at www.axiscapital.com.