AXIS Specialty Elects New Board Members

September 20, 2002

AXIS Specialty Limited, the newly formed Bermuda-based insurer, announced that Michael A. Butt has been elected as a member and as Chairman of the company’s Board of Directors, and that Maurice Keane and Mr. Edward J. Kelly, III were also elected as Board members.

The bulletin noted that Butt was formerly President and Chief Executive Officer of Mid Ocean Limited. He takes over as Board Chairman from Robert J. Newhouse, Jr. who will continue as a Director and Chairman of the Executive Committee, as well as a member of senior management.

Keane is the former Group CEO of the Bank of Ireland and Kelly is president and CEO of Mercantile Bankshares Corporation in Baltimore, Maryland. John Charman, AXIS President and CEO stated that “Michael Butt will be based in our corporate headquarters in Bermuda, while Maurice Keane is located in Dublin which is the home of our European headquarters. These most recent board appointments reflect the global presence of our operations.”

AXIS was established last year by MarshMac’s Trident II investment trust, J.P. Morgan Chase and other investors with $1.6 billion in initial capital. It recently opened European offices in Dublin Ireland.

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