Exhibit 99.1
FOR IMMEDIATE RELEASE | | |
| | |
Investor Contacts | | Media Contacts |
Linda Ventresca | | Joseph Kuo |
AXIS Capital Holdings Limited | | Kekst and Company |
info@axiscapital.com | | (212) 521-4800 |
(441) 405-2727 | | |
AXIS CAPITAL RELEASES REVISED 2006 FINANCIAL SUPPLEMENT
REFLECTING AXIS INSURANCE REORGANIZATION
Pembroke, Bermuda, April 4, 2007 — AXIS Capital (NYSE: AXS) today announced the release of a revised financial supplement for the quarter and year ended December 31, 2006, which reflects modifications to reporting of its Insurance segment as a result of its recently announced reorganization. The revised supplement has been prepared to facilitate comparable analyses amongst periods and is available on the Company’s website at www.axiscapital.com.
In January 2007, the Company announced a strategic reorganization of the AXIS Insurance segment to further strengthen the global operations of the segment. This reorganization reflects the management of AXIS Insurance along global product lines rather than by geographical location. As a result of the reorganization, the Company’s Insurance segment reporting has been modified effective January 1, 2007. The data presented in the revised supplement released today has been updated to reflect the AXIS Insurance reorganization. The Company will continue to report overall results based on its two operating segments: Insurance and Reinsurance.
All modifications to the financial supplement relate solely to the presentation of Insurance segment specific disclosures and have no effect on AXIS Capital’s previously reported results of operations, financial condition or cash flows.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2006 of $4.4 billion and locations in Bermuda, the United States, Europe and Singapore. Its operating subsidiaries have been assigned a rating of “A” (“Excellent”) by A.M. Best and a rating of “A” (“Strong”) by Standard &
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.296.2600 Fax 441.405.2600
www.axiscapital.com
Poor’s. AXIS Capital has been assigned a senior unsecured debt rating of Baa1 (stable) by Moody’s Investors Service and BBB+ (stable) by Standard & Poor’s. For more information about AXIS Capital, visit our website at www.axiscapital.com.
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AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.296.2600 Fax 441.405.2600
www.axiscapital.com
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