AXIS Capital Announces Secondary Offering of Common Shares

  AXIS Capital Announces Secondary Offering of Common Shares

Business Wire

PEMBROKE, Bermuda -- February 11, 2013

AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) today announced an
underwritten secondary public offering of 2,736,223 common shares. The common
shares are being sold by Trident II, L.P. and related entities (“Trident”).
After giving effect to this offering and the recently announced repurchase of
3,000,0000 common shares by AXIS Capital from Trident, Trident will no longer
own any of AXIS Capital’s common shares. No common shares are being sold by
AXIS Capital in this offering, and it will not receive any proceeds from the
offering.

UBS Investment Bank will be the sole underwriter for the offering of the
common shares. The common shares are being offered and sold under AXIS
Capital’s effective shelf registration statement on Form S-3 (No 333-165548).

The common shares purchased by the underwriter are expected to be offered for
resale from time to time in negotiated transactions or otherwise, at market
prices on the New York Stock Exchange prevailing at the time of sale, at
prices related to such prevailing market prices or otherwise. On February 8,
2013, the closing price of the AXIS Capital’s common shares on the New York
Stock Exchange was $40.30 per share.

In no event will this press release constitute an offer to sell or a
solicitation of an offer to buy any common shares or any other securities of
AXIS Capital, nor shall there be any sale of the common shares in any
jurisdiction in which such offer, solicitation or sale is not permitted. This
offering may be made only by means of the preliminary prospectus supplement
and accompanying prospectus. You may obtain a copy of the preliminary
prospectus supplement, the final prospectus supplement, when available, and
the accompanying prospectus, from the website of the Securities and Commission
at www.sec.gov. Alternatively, the underwriter will arrange to send you these
documents if you request them by contacting UBS Investment Bank, Attention:
Prospectus Dept., 299 Park Avenue, New York, NY 10171 or by calling toll-free:
(888) 827-7275.

About AXIS Capital

AXIS Capital is a Bermuda-based global provider of specialty lines insurance
and treaty reinsurance with shareholders’ equity at December 31, 2012 of $5.8
billion and locations in Bermuda, the United States, Europe, Singapore,
Canada, Australia and Latin America.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the
U.S. federal securities laws. Forward-looking statements contained in this
release include our expectations regarding market conditions and information
regarding our estimates of losses related to natural disasters. These
statements involve risks, uncertainties and assumptions. Actual events or
results may differ materially from our expectations. Important factors that
could cause actual events or results to be materially different from our
expectations include the occurrence and magnitude of natural and man-made
disasters; actual claims exceeding our loss reserves; general economic,
capital and credit market conditions; the failure of any of the loss
limitation methods we employ; the effects of emerging claims, coverage and
regulatory issues; the failure of our cedants to adequately evaluate risks;
inability to obtain additional capital on favorable terms, or at all; the loss
of one or more key executives; a decline in our ratings with rating agencies;
loss of business provided to us by our major brokers; changes in accounting
policies or practices; the use of industry catastrophe models and changes to
these models; changes in governmental regulations; increased competition;
changes in the political environment of certain countries in which we operate
or underwrite business; fluctuations in interest rates, credit spreads, equity
prices and/or currency values, and the other factors set forth in our most
recent report on Form 10-K and other documents on file with the Securities and
Exchange Commission. We undertake no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information, future
events or otherwise.

Contact:

Investors
AXIS Capital Holdings Limited
Linda Ventresca, 441-405-2727
info@axiscapital.com
or
Media
Kekst and Company
Michael Herley, 212-521-4897
michael-herley@kekst.com