AXIS Announces Organizational Strategic Realignment; Opening of Singapore Branch

November 9, 2004

Bermuda-based AXIS Capital Holdings Limited announced that it will realign its organizational structure to enhance the brand and operations of its insurance businesses and its reinsurance businesses globally.

In a separate bulletin the company said it has received permission to open a new branch office in Singapore.

“Effective January 1, 2005, the Company will implement two distinct global underwriting platforms – AXIS Insurance and AXIS Re,” said the announcement. “In conjunction with the creation of these two global platforms, AXIS Capital announced new and expanded roles for current members of senior management and the creation of separate global underwriting committees for AXIS Insurance and AXIS Re to enhance coordination of the activities of AXIS Insurance and AXIS Re globally.”

Concerning the management changes envisioned by the realignment, the company said: “Dennis Reding, currently CEO of U.S. Insurance, will assume the role of Chairman of AXIS Insurance and will be succeeded as CEO of U.S. Insurance by Marshall Turner, currently President of U.S. Insurance. Jack Gressier, CEO of Global Insurance, will assume the additional role of Deputy Chairman of AXIS Insurance. Both Mr. Gressier and Mr. Turner will report to Mr. Reding and work with him to coordinate the activities of AXIS Insurance globally.

“John Charman, AXIS Capital’s CEO and President, will assume the additional role of Chairman of AXIS Re. The three leaders of AXIS Capital’s current reinsurance operating units, William Fischer, Karl Mayr and Michael Morrill, will report to Mr. Charman and work with him to coordinate the activities of AXIS Re globally. Michael Butt, AXIS Capital’s Chairman of the Board, will join John Charman on the global underwriting committees for both AXIS Insurance and AXIS Re.”

Charman commented: “Our current organizational structure is based on the chronological build-out and development of each of our five operating units. At this stage in our evolution as a Company, we believe it is in the best interests of our employees, clients and shareholders to realign our organizational structure in a way that better integrates the infrastructure and skill sets embedded in each and every one of our operating units.

“Through this strategic reorganization, we expect to create a stronger brand for each of our global insurance and global reinsurance businesses and to continue to maximize operational efficiencies within them. Having founded AXIS to be a modernizing influence on the industry, I look forward to working with my colleagues to make AXIS Insurance and AXIS Re successful global forces,” he concluded.

Concerning the Singapore office, AXIS noted that its subsidiary, AXIS Specialty Limited, had received approval from the Monetary Authority of Singapore (MAS) to establish a representative office in the city state.

“As previously announced, Andreas Thiele, AXIS Capital’s Senior Vice President, Director of Asia Pacific Region, will spearhead strategic business development for AXIS Specialty Limited in the Asia Pacific Region,” the bulletin continued.

William Fischer, CEO and President of AXIS Capital’s Global Reinsurance segment, commented: “AXIS Capital is very pleased to have someone with the excellent reputation, skills and contacts of Andreas to fill this new role for us. We are also delighted that the MAS has seen fit to grant Representative Office status to AXIS. We look forward to strengthening our presence throughout the region with this important initiative. “

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