Jurgen Grupe, Henry Smith Named to AXIS Board

Bermuda-based AXIS Capital Holdings Limited announced that its Board of Directors has nominated Jurgen Grupe, former chairman of AON – Reinsurance Europe, and Henry Smith, former CEO of The Bank of Bermuda Limited, for election to the Board of Directors, in a non-executive capacity, at its annual general meeting to be held in Bermuda on May 6, 2004.

Commenting on the nominations, Michael Butt, Chairman, and John Charman, CEO and President, stated, “We are very fortunate to have attracted to our Board individuals of outstanding international reputation. Jurgen brings more than 40 years of in-depth global insurance industry experience and knowledge and Henry more than 30 years of experience in the global financial markets, including significant experience in the Bermuda marketplace. We very much look forward to the prospect of working with both Jurgen and Henry.”

Grupe, 66, is also a former member of the Board of Aon Reinsurance – World-wide. Prior to Aon’s acquisition of Jauch & Hubener in Hamburg, Germany, Mr. Grupe was a partner of Jauch & Hubener OHG and chairman of its reinsurance company.

Smith, 55, is Executive Director of The Bank of Bermuda. He recently retired after seven years as CEO of the Bank, having begun his career there in 1973. Prior to his appointment as CEO, he held various senior positions within the Bank, including positions overseas, having previously been Executive Vice President & Chief Operating Officer; Executive Vice President, Europe; and Senior Vice President, Retail Banking.