AXIS Amends Registration Statement

April 7, 2004

AXIS Capital Holdings Limited announced that it has filed an amendment to its registration statement on Form S-1 with the Securities and Exchange Commission in connection with its proposed secondary offering.

The amended registration statement relates to the sale of up to 20,000,000 common shares, with an additional 3,000,000 common shares available for purchase by the underwriters to cover over-allotments. All shares being sold in this offering are being sold by the selling shareholders.

AXIS Capital is not selling any common shares and will not receive any proceeds from the offering.

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