AXIS Capital Announces $1.5 Billion Syndicated Credit Agreement.

PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that it has entered into a $1.5 billion credit agreement with a syndicate of lenders. This renewal agreement is an unsecured five-year facility that allows the Company to issue letters of credit up to the full amount of the facility and to borrow up to $500 million for general corporate purposes.

Andrew Cook, CFO of AXIS Capital, said, "We are very pleased to have these leading financial institutions showing their continued support of the long-term strategic goals of AXIS Capital. On renewal, they have not only doubled the existing facility's capacity but also extended their commitment to AXIS Capital to five years. With this facility, we continue to enhance the financial flexibility and strength that we have committed to our clients for the long-run."

J.P. Morgan Securities Inc. acted as Joint Lead Arranger, Joint Bookrunner and Administrative Agent. Barclays Bank plc acted as Joint Lead Arranger, Joint Bookrunner and Syndication Agent. Citibank, N.A., ING Bank N.V., Wachovia Bank, N.A., Calyon New York Branch, HSBC Bank USA, N.A., Lloyds TSB Bank plc and The Royal Bank of Scotland plc acted as Co-Documentation Agents.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at June 30, 2005 in excess of $3.1 billion and locations in Bermuda, the United States, Europe and Singapore. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") by Standard & Poor's. AXIS Capital has been assigned a senior unsecured debt rating of Baa1 (stable) by Moody's Investors Service and BBB+ (stable) by Standard & Poor's. For more information about AXIS Capital, visit our website at www.axiscapital.com.