AXIS Specialty Forms Holding Company

January 10, 2003

Bermuda-based AXIS Specialty Limited announced the formation of AXIS Capital Holdings Limited (AXIS Capital), which became the holding company for AXIS Specialty and its subsidiaries on December 31, 2002.

“AXIS Specialty Limited continues to operate as a Bermuda domiciled Class IV insurance and reinsurance company,” said the announcement.

John Charman, AXIS Capital President and CEO stated “The formation of the holding company is an important part of the continuing development of our capital infrastructure and gives us additional flexibility to accomplish our ongoing operational goals.”

AXIS was formed following Sept. 11 by an investment group headed by Marsh Inc.’s Trident II investment fund, CSFB, the Blackstone Group, J.P. Morgan Partners and Thomas H. Lee Partners. It focuses on reinsurance and specialty lines of insurance, distributed through several wholly owned subsidiaries.

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