AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) today announced that AXIS Specialty Limited, its Bermuda operating subsidiary, has received regulatory approval from the Monetary Authority of Singapore to operate as a branch insurer underwriting general insurance business in Singapore. AXIS Specialty Limited has maintained a representative office in Singapore since 2004.

John Charman, CEO and President of AXIS Capital, commented: “Our senior management and underwriters have very strong ties to the Asia-Pacific region. We are looking forward to bringing our extensive experience, reputation and specialized capabilities to bear as we establish our Singapore branch office to provide customized coverage solutions for both local and multinational clients. We expect our Singapore branch to enhance the position of the AXIS franchise in the global insurance and reinsurance marketplace.”

AXIS Specialty Limited is registered by the Accounting and Corporate Regulatory Authority (ACRA) as a foreign company in Singapore as AXIS Specialty Limited (Singapore Branch) (Incorporated in Bermuda). AXIS Specialty Limited’s Singapore branch is licensed to provide insurance and reinsurance domestically and internationally.

Effective September 22, 2008, AXIS Specialty Limited (Singapore Branch) (Incorporated in Bermuda) will be located at 80 Raffles Place, # 44-01, UOB Plaza 2, Singapore 048624. The main telephone number will be +65 6579 0630, and the fax number will be +65 6579 0659. The branch contacts are:

For Insurance – Richard Bullen, richard.bullen@axiscapital.com

For Reinsurance – Andreas Thiele, andreas.thiele@axiscapital.com

AXIS Specialty Limited is a Class 4 Bermuda insurer and reinsurer that carries the AXIS Capital group rating of “A” (“Excellent”) XV by A.M. Best and “A” (“Strong”) with a positive outlook by Standard & Poor’s.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at June 30, 2008 of USD 5.3 billion and locations in Bermuda, the United States, Europe, Singapore and Australia. Its operating subsidiaries have been assigned a rating of “A” (“Excellent”) XV by A.M. Best and a rating of “A” (“Strong”) with a positive outlook 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.

AXIS Capital Holdings Limited
Investors:
Linda Ventresca, 441-405-2727
info@axiscapital.com
or
Kekst and Company
Media:
Joseph Kuo, 212-521-4800