AXIS Capital Declares Quarterly Dividend of $0.15 Per Share

    Business Editors/Insurance Writers

    PEMBROKE, Bermuda--(BUSINESS WIRE)--May 5, 2005--AXIS Capital Holdings Limited ("AXIS Capital") (NYSE:AXS) today announced that its Board of Directors has declared a quarterly dividend of $0.15 per ordinary share. The dividend is payable on July 14, 2005 to shareholders of record at the close of business on June 30, 2005.
    AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at March 31, 2005 of $3.0 billion and locations in Bermuda, the United States, Europe and Singapore. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") 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.

--30--MT/ny*

CONTACT: AXIS Capital Holdings Limited Investor Contacts Andrew Cook / Linda Ventresca, 441-297-9513 info@axiscapital.com or Kekst and Company Media Contacts Laura LeClair Accettella, 212-521-4859

KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE LATIN AMERICA INDUSTRY KEYWORD: INSURANCE BANKING DIVIDEND SOURCE: AXIS Capital Holdings Limited

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