AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) today announced that its indirect, wholly-owned subsidiary, AXIS Specialty Finance LLC, has priced an offering of $500 million aggregate principal amount of its 5.875% Senior Notes due 2020, fully and unconditionally guaranteed by AXIS Capital Holdings Limited, pursuant to an effective shelf registration statement.

Net proceeds from this offering will be used for general corporate purposes.

Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC will act as joint book-running managers for the offering. A registration statement relating to the proposed offering has been filed with the SEC. You may obtain a copy of the preliminary prospectus supplement, the accompanying prospectus and the final prospectus supplement, when available, from the SEC website at www.sec.gov. Alternatively, the underwriters will arrange to send you these documents if you request them by contacting Barclays Capital Inc. c/o Broadridge Integrated Prospectus Distribution, 1155 Long Island Avenue, New York, NY 11717 (888) 603-5847, Deutsche Bank Securities Inc. at 100 Plaza One, Jersey City, NJ 07311, (800) 503-4611, attention: Prospectus Department or Wells Fargo Securities, LLC at 1525 West W.T. Harris Boulevard, NC0675, Charlotte, NC 28262, (800) 326-5897, attention: Syndicate Operations.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2009 of $5.5 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. AXIS Capital has been assigned a senior unsecured debt rating of A- (stable) by Standard & Poor’s and Baa1 (stable) by Moody’s Investors Service. For more information about AXIS Capital, visit our website at www.axiscapital.com. Information on this website is not a part of this release.

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 of natural and man-made disasters; actual claims exceeding our loss reserves; the failure of any of the loss limitation methods we employ; the effects of emerging claims and coverage issues; the failure of our cedants to adequately evaluate risks; interest rate and/or currency value fluctuations; general economic conditions; and the other factors set forth in our most recent report on Form 10-K, Form 10-Q 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.