JPMorgan Partners to Sell App. 7.8 Million Axis Captal Shares

August 10, 2005

Bermuda-based AXIS Capital Holdings Limited announced that JPMorgan Partners, a private equity affiliate of JP Morgan Chase & Co., and related entities, have agreed to sell approximately 7.8 million of AXIS Capital’s common shares in a block trade.

Axis said the “shares to be sold do not include 3.8 million shares owned by J.P. Morgan Capital, L.P. and J.P. Morgan Corsair II Offshore Capital Partners, L.P. Morgan Stanley & Co. Incorporated has agreed to purchase the common shares from JPMorgan and subsequently sell the shares to public investors.”

The shares were offered under AXIS’ Form S-3 shelf registration statement. JPMorgan, an initial investor in AXIS Capital, will receive all net proceeds from the sale.

Axis shares were trading at close to $30 on the New York Stock Exchange, making the sale worth approximately $233 million.

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