AXIS Capital Announces 5% Increase in Quarterly Common Dividend and Additional $500 Million Share Repurchase Authorization

PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that the Company’s Board of Directors has approved a 5% increase in the quarterly common dividend and has authorized a new share repurchase plan.

The Board has approved a 5% increase in the quarterly common dividend to $0.21 per share. The common dividend declared today will be payable on January 15, 2010 to the shareholders of record at the close of business on December 31, 2009.

The Board also declared a dividend of $0.453125 per Series A 7.25% Preferred Share and a dividend of $1.875 per Series B 7.5% Preferred Share. The Series A Preferred Share dividend is payable on January 15, 2010 to shareholders of record at the close of business on December 31, 2009 and the Series B Preferred Share dividend is payable on March 1, 2010 to shareholders of record at the close of business on February 12, 2010.

The Board also today authorized the Company to repurchase up to an additional $500 million of the Company’s common shares. This new repurchase authorization is in addition to the $212 million available at September 30, 2009 under the Board’s previous share repurchase authorization. The Board has authorized the Company to effect repurchases under the new plan and the previous plan from time to time in open market or privately negotiated transactions through December 31, 2011, depending on market conditions.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2009 of $5.4 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.

Investors
AXIS Capital Holdings Limited
Linda Ventresca, 441-405-2727
info@axiscapital.com
or
Media
Kekst and Company
Michael Herley, 212-521-4897
michael-herley@kekst.com
or
Joseph Kuo, 212-521-4863
joe-kuo@kekst.com