AXIS Specialty Notes Quarterly Results

July 31, 2002

Bermuda-based AXIS Specialty Ltd. announced net income of $30.0 million for the quarter and $61.7 million for the six months ended June 30, 2002.

Gross premiums written for the quarter and the six months ended were $260.7 million and $526.4 million, respectively, while net premiums earned were $94.5 million and $150.1 million over the same periods. Net investment income, including realized gains, was $22.7 million and $43.3 million for the quarter and the six months. The Company generated a combined ratio of 92.3 percent for the quarter and 87.7 percent for the six months. Shareholders’ equity was $1.7 billion as of June 30, 2002.

John Charman, President and CEO of AXIS Specialty, remarked, “We have continued our strategic expansion of the Axis franchise this quarter with regard to both infrastructure and underwriting activity. We have now established our European operations, headquartered in Dublin, which are fully staffed with an experienced and successful underwriting team led by John Gressier. Our market penetration across all lines continues to be strong. Axis combines innovation, market expertise, meaningful capacity and high service levels to our clients and intermediaries.

“Looking forward, the adverse current uncertainty in the capital markets and its inevitable consequences to balance sheets across our industry makes the attractiveness of our unencumbered capital base compelling.”

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