Walker Resigns from AXIS’ Board

August 12, 2005

Bermuda-based AXIS Capital Holdings Limited announced that Jeffrey Walker, the Managing Partner of JPMorgan Partners, LLC, has stepped down from its Board of Directors, effective August 9, 2005.

His departure follows the announcement that JPMorgan Partners and several private entities plan to sell 7.8 million AXIS shares (See IJ Website Aug. 10).

Walker has served as a director of AXIS since its formation in November of 2001. He co-founded JPMorgan Partners, LLC in 1984 and is a member of the Executive Committee and Vice Chairman of JP Morgan Chase & Co.

“Jeff has been a great asset to the Company over the last three and one-half years,” stated AXIS Chairman Michael Butt. “The Board, management and I are all grateful for his significant contributions during AXIS Capital’s critical development stages.”

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