AXIS Capital Prices Offering of $300.0 Million of 3.900% Senior Notes Due 2029

PEMBROKE, Bermuda–(BUSINESS WIRE)–AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS) announced
today that its subsidiary, AXIS Specialty Finance LLC (the “Issuer”),
has priced an offering of $300.0 million aggregate principal amount of
3.900% Senior Notes due 2029, fully and unconditionally guaranteed by
AXIS Capital, pursuant to an effective shelf registration statement.

The Issuer intends to use the proceeds from the notes offering for the
partial repayment or redemption of its 5.875% Senior Notes due 2020. The
offering is expected to close on June 19, 2019, subject to customary
closing conditions.

Wells Fargo Securities, LLC and HSBC Securities (USA) Inc. are the joint
book-running managers for the offering.

A registration statement relating to the offering has been filed with
the U.S. Securities and Exchange Commission and is effective. This press
release shall not constitute an offer to sell or a solicitation of an
offer to buy any securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The offering may be made only by
means of a prospectus supplement and the accompanying prospectus.

Copies of the prospectus supplement and the accompanying prospectus for
the offering may be obtained free of charge by visiting EDGAR on the SEC
website at www.sec.gov.
Alternatively, copies may also be obtained by contacting Wells Fargo
Securities, LLC at (800) 645-3751 and HSBC Securities (USA) Inc. at
(866) 811-8049.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global provider
of specialty lines insurance and treaty reinsurance with shareholders’
equity at March 31, 2019 of $5.3 billion and locations in Bermuda, the
United States, Europe, Singapore, Middle East, Canada, and Latin
America. Its operating subsidiaries have been assigned a rating of “A+”
(“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best.

Cautionary Note Regarding Forward-Looking
Statements

This press release contains forward-looking statements within the
meaning of section 27A of the Securities Act of 1933 and section 21E of
the Securities Exchange Act of 1934. Forward-looking statements
contained in this press release may include, but are not limited to 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 but are not limited to, the following:

• the cyclical nature of the insurance and reinsurance business leading
  to periods with excess underwriting capacity and unfavorable premium
  rates;
• the occurrence and magnitude of natural and man-made disasters;
• the impact of global climate change on our business, including the
  possibility that we do not adequately assess or reserve for the
  increased frequency and severity of natural catastrophes;
• losses from war, terrorism and political unrest or other unanticipated
  losses;
• actual claims exceeding our loss reserves;
• general economic, capital and credit market conditions;
• the failure of any of the loss limitation methods we employ;
• the effects of emerging claims, coverage and regulatory issues,
  including uncertainty related to coverage definitions, limits, terms
  and conditions;
• our inability to purchase reinsurance or collect amounts due to us;
• the breach by third parties in our program business of their
  obligations to us;
• difficulties with technology and/or data security;
• the failure of our policyholders and intermediaries to pay premiums;
• the failure of our cedants to adequately evaluate risks;
• inability to obtain additional capital on favorable terms, or at all;
• the loss of one or more key executives;
• a decline in our ratings with rating agencies;
• the loss of business provided to us by our major brokers and credit
  risk due to our reliance on brokers;
• changes in accounting policies or practices;
• the use of industry catastrophe models and changes to these models;
• changes in governmental regulations and potential government
  intervention in our industry;
• failure to comply with certain laws and regulations relating to
  sanctions and foreign corrupt practices;
• increased competition;
• changes in the political environment of certain countries in which we
  operate or underwrite business including the United Kingdom’s expected
  withdrawal from the European Union;
• fluctuations in interest rates, credit spreads, equity securities’
  prices and/or currency values;
• the failure to successfully integrate acquired businesses or realize
  the expected synergies resulting from such acquisitions;
• the failure to realize the expected benefits or synergies relating to
  our transformation initiative;
• changes in tax laws; and
• the other factors including but not limited to those described under
  Item 1A, ‘Risk Factors’ and Item 7, ‘Management’s Discussion and
  Analysis of Financial Condition and Results of Operations’ in our most
  recent Annual Report on Form 10-K filed with the Securities and
  Exchange Commission (“SEC”), as such factors may be updated from time
  to time in our periodic and other filings with the SEC, which are
  accessible on the SEC’s website at www.sec.gov.

We undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.

Contacts

Matthew Rohrmann (Investors):
(212) 940-3339; [email protected]

Keith Trivitt (Media):
(212) 715-3557; [email protected]