AXIS Capital Reaches New Five Year Agreements with Its Top Two Executives.

Business Editors

PEMBROKE, Bermuda--(BUSINESS WIRE)--Sept. 18, 2003

The Board of Directors of AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that they have reached new agreements with the company's top two executives for a term of five years. Both agreements become effective January 1, 2004 and ensure that AXIS Capital will continue to benefit from the vision and leadership of John R. Charman, President and CEO, and Michael Butt, Chairman.

"John Charman has been in his role from the company's inception in November of 2001, and the results of his leadership are clear," stated Frank J. Tasco, Chairman of the Compensation Committee. "The strength of the underwriting and management teams, as evidenced by the company's outstanding financial results since inception and the success of its initial public offering, underscore the effectiveness of his leadership."

Robert J. Newhouse, Jr., Chairman of the Executive Committee, added, "With the addition of Michael Butt as Chairman in September of 2002, we further strengthened our position in the market based on his significant contributions over the years to the global reinsurance and insurance industry."

Mr. Tasco finished by saying, "We are pleased that we have secured the talents of both of these industry leaders for another five years which will continue to benefit all AXIS Capital shareholders, clients and colleagues."

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity in excess of $2.0 billion and global locations in Bermuda, the United States and Europe. Its operating subsidiaries have been assigned a rating of "A" ("Strong") by Standard & Poor's and a rating of "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

Cautionary Note Regarding Forward-Looking Statements

This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. When the Company makes forward-looking statements, the Company is basing them on its management's beliefs and assumptions, using information currently available to the Company. Such beliefs and assumptions are subject to risks and uncertainties. If these beliefs or assumptions prove to be incorrect, the Company may be adversely affected. In addition, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.