Exhibit 99.1
FOR IMMEDIATE RELEASE
Investor Contacts | Media Contacts | |
Andrew Cook / Linda Ventresca |
| Laura Accettella / |
AXIS Capital Holdings Limited |
| Caroline Gentile |
info@axiscapital.com |
| Kekst and Company |
(441) 297-9513 |
| (212) 521-4859 |
AXIS CAPITAL REPORTS TOTAL ESTIMATED IMPACT
OF HURRICANES FOR THE THIRD QUARTER
Pembroke, Bermuda, October 11, 2004 – AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) today reported that the total estimated net after-tax impact relating to its exposure to Hurricanes Charley, Frances, Ivan and Jeanne during the third quarter is expected to be between $190 - $210 million. This estimate is derived from the output of industry models, a review of in-force contracts and preliminary indications from clients. Actual losses from these hurricanes may vary materially from estimated losses.
This estimate encompasses exposures from each of AXIS Capital’s four segments and includes AXIS Capital’s previously announced estimate for Hurricane Charley of $60 - $80 million.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity in excess of $3.0 billion and locations in Bermuda, the United States and Europe. Its operating subsidiaries have been assigned a rating of “A” (“Excellent”) by A.M. Best and a rating of “A” (“Strong”) by Standard & Poor’s. For
AXIS Capital Holdings Limited, 106 Pitts Bay Road, Pembroke HM 08, Bermuda
Telephone: 1-441-296-2600 • Fax: 1-441-296-3140
www.axiscapital.com
more information about AXIS Capital, visit the Company’s website at www.axiscapital.com.
This release contains forward-looking statements within the meaning of the U.S. federal securities laws. AXIS Capital intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws. Forward looking statements only reflect expectations and are not guarantees. 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 are set forth under the heading “Risk Factors” in our latest prospectus filed with the Securities and Exchange Commission. AXIS Capital undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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