AXIS Officially Opens New European HQ in Dublin

July 9, 2004

Bermuda-based AXIS Capital Holdings Limited announced that Charlie McCreevy T.D. Finance Minister officially opened its new European headquarters in Dublin.

A Dublin office was one of AXIS’ first steps in establishing a global presence and entering the European market. It has been operating, on an “unofficial” basis, since the end of May, 2002, when AXIS received permission to establish its office in Ireland.

AXIS Chairman Michael Butt commented: “Dublin lies at the very heart of our important European underwriting operations. When we chose to locate our European headquarters here, we undertook not only to establish ourselves in the business community, but also to plant our feet firmly on Irish soil. To that end, in early 2002, we purchased Mount Herbert Court, a protected Victorian property in the central business district of Dublin. We have subsequently invested in a major refurbishment of the building.”

Butt noted that so far the company’s Irish operations have “far exceeded our initial expectations. For the year ending December 31, 2003, our Irish companies wrote $415 million of individual risk gross premium on a consolidated basis. Our European Union direct writing company, AXIS Specialty Europe Limited, is capitalized with $192 million and our Irish reinsurance company, AXIS Re Limited, is capitalized with $500 million. AXIS is now firmly established in Dublin. We look forward to a long and prosperous future in Ireland and we are committed to a strong and meaningful presence throughout Europe.”

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