AXIS Increases Capitalization of U.S. Subsidiary

May 20, 2003

AXIS Capital Holdings Limited (“AXIS”) announced that additional capital has been contributed to its subsidiary AXIS Reinsurance Company (“AXIS Re”), increasing AXIS Re’s policyholders’ surplus to over $500 million.

AXIS Re is domiciled in New York and is licensed in all 50 states. It carries the AXIS group rating of “A” (Excellent) from A.M. Best and “A” (Strong) from Standard & Poor’s.

Michael E. Morrill, president & CEO of AXIS Re, said, “This latest capital increase is another important step for AXIS in creating one of the most financially secure and highly rated companies in our industry. At a time of substantial financial dislocation and the ensuing flight to quality, we continue to demonstrate our absolute commitment to our clients and intermediaries.”

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