AXIS Capital Reaches New Agreements with Two Top Executives

September 22, 2003

The Board of Directors of Bermuda-based AXIS Capital Holdings Limited announced that they have reached new accords with the company’s top two executives. The agreements, which will become effective January 1, 2004, ensure that President and CEO John R. Charman and Chairman Michael Butt will continue to lead the company for the next five years.

AXIS Capital was established following the Sept. 11 attacks by Marsh’s Trident II investment fund, CSFB, Blackstone Capital and other investors. It recently completed a successful initial public offering.

“John Charman has been in his role from the company’s inception in November of 2001, and the results of his leadership are clear,” stated Frank J. Tasco, Chairman of the Compensation Committee. “The strength of the underwriting and management teams, as evidenced by the company’s outstanding financial results since inception and the success of its initial public offering, underscore the effectiveness of his leadership.”

Robert J. Newhouse, Jr., Chairman of the Executive Committee, added, “With the addition of Michael Butt as Chairman in September of 2002, we further strengthened our position in the market based on his significant contributions over the years to the global reinsurance and insurance industry.”

Tasco indicated, “We are pleased that we have secured the talents of both of these industry leaders for another five years which will continue to benefit all AXIS Capital shareholders, clients and colleagues.”

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