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AXIS INCREASES CAPITALIZATION OF U.S. SUBSIDIARY
Pembroke, Bermuda, May 19, 2003 – AXIS Capital Holdings Limited (“AXIS”) announced today that additional capital has been contributed to its subsidiary AXIS Reinsurance Company (“AXIS Re”), increasing AXIS Re's policyholders' surplus to over $500 million. AXIS Re is domiciled in New York and is licensed in all 50 states. It carries the AXIS group rating of “A” (Excellent) from A.M. Best and “A” (Strong) from Standard & Poor's.
Michael E. Morrill, President & CEO of AXIS Re, said, “This latest capital increase is another important step for AXIS in creating one of the most financially secure and highly rated companies in our industry. At a time of substantial financial dislocation and the ensuing flight to quality, we continue to demonstrate our absolute commitment to our clients and intermediaries.” Inquires may be addressed to:
Michael E. Morrill
President & CEO
AXIS Reinsurance Company
430 Park Avenue
New York, NY 10022
(212) 715-3500
AXIS Capital Holdings Limited is a Bermuda based company with wholly owned (re)insurance subsidiaries which focus 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 made by 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.
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