Greenfield to Join AXIS as CFO

May 5, 2006

Bermuda’s AXIS Capital Holdings Limited announced that David B. Greenfield will join the Company as Chief Financial Officer during the third quarter. He will also join the Company’s Executive Management Group and report directly to John Charman, AXIS’ CEO.

Greenfield joins AXIS from KPMG LLP, where he began his career and worked for nearly 22 years with clients in the financial services industry. Most recently, he served as Global Sector Chair for Insurance and as a member of KPMG’s Global Financial Services Leadership Team. In addition, he has been the lead partner for several of KPMG’s largest insurance clients. His leadership responsibilities at KPMG have included international client development and management over teams of partners and staff globally. He has been a KPMG partner for the last 10 years.

Charman commented: “I am delighted that we have attracted such a highly respected and seasoned professional to the position of Chief Financial Officer at AXIS Capital. At this important time in the Company’s continuing strong development, David brings to this position extensive finance and accounting expertise as well as deep experience acquired in the international financial services arena. In our rapidly evolving global industry, which is faced with enormous challenges, but wonderful opportunities, David’s international experience, proven management skills and industry leadership will be an invaluable asset to AXIS. I very much welcome him and look forward to having him as a key executive partner working closely with me within the Company.”

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