AXIS Pleased with Achievements in Short Time

February 18, 2003

Bermuda-based AXIS Capital Holdings Limited (www.axis.bm) announced its results for the year ended Dec. 31, 2002.

Gross premiums written for the year were $1,108.0 million. Of the premiums written during the year, $793.8 million was derived from specialty lines and $314.2 million from treaty reinsurance. The company generated net premiums earned of $536.8 million which were split $314.6 million in respect of specialty lines and $222.2 million in respect of treaty reinsurance. Net investment income, including realized gains of $26.1 million, was $97.4 million for the year. Net income was $265.1 million for the year ended Dec. 31, 2002. The company’s loss ratio was 42.7% and its combined ratio was 70.7 percent. Shareholders’ equity was $1,961.0 million as of Dec. 31, 2002.

John Charman, president and CEO, noted, “We are delighted that AXIS has achieved so much in such a short period of time. There is so much yet to do. The support we have received from our global clients and intermediaries has been, and continues to be, outstanding.”