AXIS Initial Public Offering Priced at $22.00 Per Share.Business Editors PEMBROKE, Bermuda--(BUSINESS WIRE)--July 1, 2003 AXIS Capital Holdings Limited (NYSE NYSE See: New York Stock Exchange : AXS AXS Access AXS Anomalous X-Ray Scattering AXS Alpha Chi Sigma AXS Alpha X-Ray Spectrometer AXS Activex Script ) announced today that its initial public offering of 21.5 million common shares, including 13.4 million common shares offered by the Company and 8.1 million common shares offered by its selling shareholders, has been priced at $22.00 per share. The shares, representing approximately 15 percent of the Company's equity, are scheduled to begin trading today on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "AXS". Morgan Stanley and Citigroup are joint book-running managers for the offering and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , JP Morgan, Merrill Lynch & Co., Dowling & Partners Securities, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Fox-Pitt, Kelton are co-managers for the offering. The underwriters have an option to purchase up to an additional 3.2 million common shares, including 2.0 million common shares offered by the Company and 1.2 million common shares offered by its selling shareholders, to cover over-allotments. A copy of the final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. relating to these securities may be obtained from Morgan Stanley & Co. Incorporated, Prospectus Department, 1585 Broadway, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10036 or from Citigroup, Brooklyn Army Terminal The Brooklyn Army Terminal consists of large complex of piers, docks, warehouses, cranes, railroad sidings and cargo loading equipment. The terminal was responsible for shipment of army equipment and personnel overseas. , 140 58th Street, 8th Floor, Brooklyn, New York 11220. This announcement is neither an offer to sell nor a solicitation of an offer to buy these securities. The offer is made only by the prospectus. About AXIS Capital Holdings Limited Based in Bermuda, AXIS Capital Holdings Limited is a global provider of specialty lines insurance and treaty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. with global locations in Bermuda, the United States and Europe. Founded in November 2001, AXIS wrote $1.1 billion of gross premiums in 2002 and has shareholders' equity in excess of $2.0 billion. AXIS's operating subsidiaries have been assigned a rating of "A" ("Strong") by Standard & Poor's and a rating of "A" ("Excellent") by A.M. Best. 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. 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. |
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