AXIS Capital Says CFO Leaving

December 13, 2005

Bermuda-based AXIS Capital Holdings Ltd. reported that its Chief Financial Officer, Andrew Cook, will step down, effective April 1, 2006, for personal reasons. The company has commenced an executive search for his replacement.

Cook stated, “It has been a tremendous experience to have been a part of AXIS from its inception. With our most recent capital raising activities, I believe that I will be leaving AXIS in a position of continued financial strength. The past couple of years have been difficult for me on a personal basis, and I look forward to being able to spend more time with my family.”

AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at Sept. 30, 2005 in excess of $2.8 billion and locations in Bermuda, the United States, Europe and Singapore.

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