AXIS Completes Share Sale

November 22, 2005

Bermuda-based AXIS Capital Holdings Limited announced that it has closed the previously announced public offering of 6,800,000 common shares at $29.42 per share, raising aggregate net proceeds of approximately $200 million.

Bermuda-based AXIS Capital Holdings Limited announced that it has closed the previously announced public offering of 6,800,000 common shares at $29.42 per share, raising aggregate net proceeds of approximately $200 million.

“Citigroup Corporate and Investment Banking purchased the common shares from AXIS Capital and subsequently reoffered the common shares to public investors,” said the bulletin. “The common shares were offered under AXIS Capital’s Form S-3 shelf registration statement, which was declared effective on October 11, 2005.

AXIS indicated that it “expects to use the proceeds from the sale of its common shares for general corporate purposes, primarily to enhance the funding of its insurance and reinsurance operating subsidiaries.”

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