News Archives 2002

AXIS Announces Agreement To Purchase Two Us Shell Companies

Pembroke, Bermuda, March 25, 2002 - AXIS Specialty Limited announced today that its US subsidiary, AXIS Specialty U.S. Holdings, Inc., has entered into agreements to purchase the Royal & SunAlliance Personal Insurance Company and the Connecticut Specialty Insurance Company. Following closing, these shell companies will be renamed Axis Specialty Reinsurance Company ("ASR") and Axis Specialty Insurance Company ("ASI"), respectively.

Upon consummation of the acquisition, ASR will be licensed to write insurance and reinsurance in all 50 states, the District of Columbia and Puerto Rico. ASI will be licensed as a surplus lines carrier in 38 states. The acquisition is subject to receipt of certain regulatory approvals.

John Charman, President and CEO of AXIS Specialty, said, "These acquisitions firmly establish AXIS in the largest insurance and reinsurance market globally. We are now better equipped to bring our broad-ranging specialty expertise through our modern business platform to our American clients and intermediaries. AXIS is well on its way to establishing itself as one of the premier global specialty underwriting businesses." AXIS Specialty Limited is a Bermuda based company focusing on reinsurance and specialty lines of insurance.

Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor'' for forward-looking statements. This release or any other written or oral statements madeby or on behalf of the Company may include forward-looking statements that reflect the Company's current views with respect to future events and financial performance. All statements other than statements of historical fact included in this release are forwardlooking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may,'' "will,'' "expect,'' "intend,'' "estimate,'' "anticipate,'' "believe'' or "continue'' or their negative or variations or similar terminology.