Nov 20, 2001

AXIS Specialty Limited Begins Operations with over $1.6 Billion in Capital

Pembroke, Bermuda, November 20, 2001 – AXIS Specialty Limited announced today that it has raised more than $1.6 billion through a private placement of its equity securities and has been authorized in Bermuda under The Insurance Act of 1978 to underwrite specialty lines of insurance and reinsurance. Axis Specialty, a global insurance and reinsurance company, was formed in response to a significant market dislocation following the World Trade Center disaster. The founding investor in AXIS Specialty is Trident II, L.P., a private equity fund managed by MMC Capital. Other lead investors include private equity funds managed by JPMorgan Partners, Thomas H. Lee Partners, The Blackstone Group and Credit Suisse First Boston.

John Charman, President and CEO, and Robert J. Newhouse Jr., Chairman, lead the senior management team, which includes Andrew Cook, Chief Financial Officer, William Fischer, Chief Reinsurance Underwriter, and Conan Ward and Dave Wolfe, Reinsurance Underwriters. The Company is also in process of recruiting a team of specialty insurance underwriters. This team will be headed by Mr. Charman and will commence underwriting in Bermuda during the first week of December.

The Company’s reinsurance business will focus on property catastrophe, property risk, aviation and aerospace, and marine. The Company will develop a significant book of specialty insurance business focused on marine and energy, aviation and aerospace, war, commercial property and political risk.

John Charman, President and CEO said, "Axis is a truly transformational company for the specialty insurance industry. Our compelling combination of a substantial, unencumbered capital base aligned with a proven, strong and capable management and underwriting team will quickly position the company as a market leader. We are delighted to commence operations in Bermuda and we look forward to becoming a major presence in reinsurance and specialty insurance lines worldwide."