News Archives 2003

AXIS Initial Public Offering Priced at $22.00 Per Share

PEMBROKE, Bermuda, Jul 1, 2003 (BUSINESS WIRE) -- AXIS Capital Holdings Limited (NYSE: AXS) 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 under the symbol "AXS".

Morgan Stanley and Citigroup are joint book-running managers for the offering and Credit Suisse First Boston, JP Morgan, Merrill Lynch & Co., Dowling & Partners Securities, LLC 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 relating to these securities may be obtained from Morgan Stanley & Co. Incorporated, Prospectus Department, 1585 Broadway, New York, New York 10036 or from Citigroup, Brooklyn Army Terminal, 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 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.
SOURCE: AXIS Capital Holdings Limited

(Investor Contacts)
AXIS Capital Holdings Limited
Andrew Cook / Linda Ventresca
(441) 297-9513
info@axiscapital.com

or
(Media Contacts)
Kekst & Company, New York
Laura LeClair / Caroline Gentile
212/521-4859