AXIS Capital Notes Q3 Hurricane Impact

October 12, 2004

AXIS Capital Holdings Ltd. reported that the total estimated net after-tax impact relating to its exposure to Hurricanes Charley, Frances, Ivan and Jeanne during the third quarter is expected to be between $190 – $210 million. This estimate is derived from the output of industry models, a review of in-force contracts and preliminary indications from clients.

AXIS Capital Holdings Ltd. reported that the total estimated net after-tax impact relating to its exposure to Hurricanes Charley, Frances, Ivan and Jeanne during the third quarter is expected to be between $190 – $210 million. This estimate is derived from the output of industry models, a review of in-force contracts and preliminary indications from clients.

Actual losses from these hurricanes may vary materially from estimated losses.

This estimate encompasses exposures from each of AXIS Capital’s four segments and includes AXIS Capital’s previously announced estimate for Hurricane Charley of $60 – $80 million.

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