AXIS Capital Holdings Limited (AXS) 8-K Regulation FD Disclosure

AXIS Capital

Wachovia Nantucket Equity

Conference 2008

David Greenfield, CFO

June 25, 2008

Exhibit 99.1

2

Safe Harbor Disclosure

Statements

in

this

presentation

that

are

not

historical

facts,

including

statements

regarding

our

estimates,

beliefs,

expectations,

intentions,

strategies

or

projections,

may

be

“forward-looking

statements”

within

the

meaning

of

the

U.S.

federal

securities

laws,

including

the

Private

Securities

Litigation

Reform

Act

of

1995.

We

intend

these

forward-looking

statements

to

be

covered

by

the

safe

harbor

provisions

for

forward-looking

statements

in

the

United

States

securities

laws.

In

some

cases,

these

statements

can

be

identified

by

the

use

of

forward-looking

words

such

as

“may,”

“should,”

“could,”

“anticipate,”

“estimate,”

“expect,”

“plan,”

“believe,”

“predict,”

“potential,”

“intend”

or

similar

expressions.

Our

expectations

are

not

guarantees

and

are

based

on

currently

available

competitive,

financial

and

economic

data

along

with

our

operating

plans.

Forward-looking

statements

contained

in

this

presentation

may

include,

but

are

not

limited

to,

information

regarding

our

estimates

of

losses

related

to

hurricanes

and

other

catastrophes,

our

expectations

regarding

pricing

and

other

market

conditions,

our

growth

prospects,

the

amount

of

our

acquisition

costs,

the

amount

of

our

net

losses

and

loss

reserves,

the

projected

amount

of

our

capital

expenditures,

management

of

interest

rate

and

foreign

currency

risks,

valuations

of

potential

interest

rate

shifts

and

foreign

currency

rate

changes

and

measurements

of

potential

losses

in

fair

market

values

of

our

investment

portfolio.

Forward-looking

statements

only

reflect

our

expectations

and

are

not

guarantees

of

performance.

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

include

(1)

the

occurrence

of

natural

and

man-made

disasters,

(2)

actual

claims

exceeding

our

loss

reserves,

(3)

the

failure

of

any

of

the

loss

limitation

methods

we

employ,

(4)

the

effects

of

emerging

claims

and

coverage

issues,

(5)

the

failure

of

our

cedants

to

adequately

evaluate

risks,

(6)

the

loss

of

one

or

more

key

executives,

(7)

a

decline

in

our

ratings

with

rating

agencies,

(8)

loss

of

business

provided

to

us

by

our

major

brokers,

(9)

changes

in

accounting

policies

or

practices,

(10)

changes

in

governmental

regulations,

(11)

increased

competition,

(12)

changes

in

the

political

environment

of

certain

countries

in

which

we

operate

or

underwrite

business,

(13)

interest

rate

and/or

currency

value

fluctuations,

(14)

general

economic

conditions

and

(15)

other

matters

that

can

be

found

in

our

filings

with

the

Securities

and

Exchange

Commission.

Forward-looking

statements

are

only

as

of

the

date

they

are

made,

and

we

do

not

undertake

any

obligation

to

update

or

revise

publicly

any

forward-looking

statements,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

Cautionary Statement Regarding Forward-looking Statements

3

Well-diversified leader in the global wholesale P&C markets

Established global insurance and reinsurance platforms

Well-diversified mix of specialty and niche businesses

Geographic diversification globally

Disciplined and proven underwriter

Proven

steward

of

capital

(generated

profitability

in

every

year

since

inception in 2001)

Conservative reserving practices

Well-managed exposure

Platform

built

to

execute

in

all

phases

of

(re)insurance

cycle

Strong balance sheet with solid financial performance

Conservative balance sheet with total assets of $15.6 billion and total

capitalization of $5.9 billion

High-quality, conservative investment portfolio

Ratings of A (S&P -

positive), A2 (Moody’s -

stable) and A (AM Best -

stable)

18% compound annual growth in diluted book value and accumulated

dividends since 2002

Experienced management team with significant stock ownership

Investment Highlights

4

GPW by Segment

2007 GPW = $3,590 M

AXIS Re

43%

AXIS

Insurance

57%

$0

$1,000

$2,000

$3,000

$4,000

2002

2003

2004

2005

2006

2007

AXIS Insurance

AXIS Re

$1,108

$2,274

$3,012

$3,394

$3,609

($ in millions)

Gross

Premiums

Written

2002

-

2007

Global Specialty Insurer and Reinsurer

$3,590

Well-positioned

to

navigate

all

phases

of

(re)insurance

cycle

with established presence in both insurance and reinsurance

markets globally

5

Diversified Strategic Footprint

2002

$1.1Bn

2003

$2.3Bn

2004

$3.0Bn

2005

$3.4Bn

2006

$3.6Bn

Bermuda

London-

market

Worldwide

specialty

lines

portfolio

U.S. excess &

surplus lines

U.S.

professional

lines renewal

rights (D&O)

Bermuda

professional

lines (D&O)

E&O team

European

professional

lines

Media Pro

relationship

established

Entry into

media liability

and

small/middle-

market

professional

lines

business

through

acquisition of

Media Pro

AXIS

Re

Property

catastrophe

reinsurance

portfolio

Establishment of

U.S. casualty

reinsurance

portfolio

Establishment of

Continental

European

reinsurance

presence in Zurich

AXIS

Insurance

Representative

office in Singapore

Selective diversification by product and geography with well-timed entry

Continued diversification at many levels within portfolio

Entry into

global

engineering

and

construction

reinsurance

2007

$3.6Bn

2008

Australia

branch

Singapore

branch

pending

Canada

branch

pending

Singapore

branch

pending

6

Quality, Sustainability and Profitability

27.7%

22.5%

23.0%

21.5%

24.4%

25.2%

42.7%

51.1%

61.4%

80.3%

52.9%

50.1%

0%

25%

50%

75%

100%

2002

2003

2004

2005

2006

2007

24.6%

26.7%

2.9%

16.3%

22.3%

14.7%

0%

10%

20%

30%

2002

2003

2004

2005

2006

2007

$1,055.2

$925.8

$90.1

$495.0

$532.4

$265.1

$0

$250

$500

$750

$1,000

$1,250

2002

2003

2004

2005

2006

2007

($ in millions)

70.4%

73.6%

84.4%

101.8%

77.3%

Total Expense Ratio

Loss Ratio

AVERAGE=

80.5%

AVERAGE =

17.9%

Return on Average Common Equity

Net Income

Combined Ratio

75.3%

7

Q1 2008 Results

$1,303

$1,264

$1,100.0

$1,200.0

$1,300.0

$1,400.0

$1,500.0

Q1 2007

Q1 2008

Consolidated

Gross Premiums Written

(3.0%)

$866

$829

$0.0

$250.0

$500.0

$750.0

$1,000.0

Q1 2007

Q1 2008

AXIS Re

Gross Premiums Written

(4.3%)

$436

$435

$0.0

$250.0

$500.0

Q1 2007

Q1 2008

AXIS Insurance

Gross Premiums Written

(0.0%)

80.7%

81.2%

0.0%

25.0%

50.0%

75.0%

100.0%

Q1 2007

Q1 2008

Consolidated Combined Ratio

= 0.5%

$125

$86

$0.0

$50.0

$100.0

$150.0

$200.0

Q1 2007

Q1 2008

(31.6%)

$228

$238

$0.0

$125.0

$250.0

Q1 2007

Q1 2008

Consolidated Net Income

Consolidated Net Investment Income

4.5%

($ in millions)

GPW decreased due to higher cedant

retentions in AXIS Re and underwriting discipline against backdrop of

competitive market conditions.

Strong underwriting results and FX gains offset negative impact of financial markets turmoil on net

investment income.

8

AXIS Insurance –

Strategic Global Presence

Bermuda

•

Global capability with few exceptions

•

Ability to transact with both

Bermuda and London

wholesale markets

Europe

•

London and Dublin

•

Surplus-lines eligible in 43 states

•

Freedom of Services permissions in all 27

EU countries

•

Business written in 188 countries

since inception

Australasia

•

Singapore branch (pending)

•

Australia branch

North America

•

Nationwide network of 10 offices in U.S.

•

Office in Toronto

•

Flexibility to write on admitted

and non-admitted basis in all 50

states

•

Top 15 E&S carrier in the U.S.

•

Canada branch (pending)

9

AXIS Insurance Overview

2007 GPW by Line of Business

Total GPW = $2,039 M

Property 32%

Marine 11%

Terrorism 3%

Aviation 3%

Political Risk 11%

Professional

Lines 26%

Liability 12%

Other 1%

Net Premiums Earned

Underwriting Profit

Combined Ratio

$1,208 M

374 M

69.2%

2007 Financial Highlights

Product lines coordinated on a

global basis

Specialty Lines division –

both traditional P&C and

specialty insurance products

Professional Lines division –

D&O, E&O and other professional

lines products

Capital Risk Solutions division–

political risk, emerging market

credit, aviation and terrorism

products

Select Markets division –

specialty insurance products

largely targeting small and

middle market commercial

clients

10

AXIS Insurance Premium Since Inception

0

300

600

900

1,200

1,500

1,800

2,100

2002

2003

2004

2005

2006

2007

($ in millions)

$794

$1,607

$1,920

Property

Marine

Terrorism

Aviation &

Aerospace

$1,875

$2,070

Political

Risk

Professional

Lines

Casualty

Accident

& Health

$2,039

Focus on underwriting profitability

69%

72%

93%

81%

68%

62%

Combined Ratio

11

AXIS Re Overview

2007 GPW by Line of Business

Total GPW = $1,551 M

Catastrophe 30%

Property 18%

Professional

Lines 15%

Credit and

Bond

8%

Motor 6%

Other 7%

Liability 16%

Net Premiums Earned

Underwriting Profit

Combined Ratio

$1,526 M

364 M

76.3%

2007 Financial Highlights

Established presence in New York,

Bermuda, Zurich and Singapore

Global catastrophe reinsurance

portfolio complemented by:

Targeted activity in specialist U.S.

casualty reinsurance and

Balance of both traditional and

specialist reinsurance in

Continental Europe

Primarily non-proportional

business

Sought-after lead market offering

technical expertise and meaningful

capacity

Focus on targeted clients in

specific market segments to limit

capacity provided to a given

segment

12

AXIS Re Premium Since Inception

0

300

600

900

1,200

1,500

1,800

2002

2003

2004

2005

2006

2007

($ in millions)

$667

$1,093

$1,519

(1)

$1,539

Catastrophe

Property

Professional Lines

Credit & Bond

Motor

Liability

Other

$314

(1)  Includes KRW reinstatement premiums of $88 million.

$1,551

Focus on underwriting profitability

76%

78%

106%

85%

66%

62%

Combined Ratio

13

Risk Management Strategies

•

Properly considered and controlled medium

and long-term strategy

•

Minimizes reliance on external protection

(e.g. securitization of risks or reinsurance

purchase)

•

Diversification credit applied only within

portfolios and portfolio risk-adequate pricing

is mandated by business unit

Strict Control Environment

Defined Tolerance Levels

•

Rigorous, centralized peer review

•

Controls designed to identify, assess and

manage risk

•

Limits expressed in ways that can be

measured, monitored and peer-reviewed

•

Strict budgeting and accumulation control

•

Maximum limits and risk tolerances for

potential shock losses

•

Limit overall exposure to long-tail business

•

Robust management of overlap between

insurance and reinsurance businesses

Selective Diversification

14

Strong Risk Management

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Company A

Company B

Company C

Company D

Company E

Company L

AXIS

Company K

Six year standard deviation (2002-2007 RoACE)

Company I

Company G

Company J

Company H

Company F

2.06

2.17

0.97

1.89

1.49

1.33

2.02

0.44

0.98

0.94

0.97

0.72

1.31

Note: Peer

universe

comprises

Bermuda-based

(re)insurers

and

U.S.

reinsurers.

Data

label

calculated

as

RoACE

(2002-2007

average)

/

six

year

standard deviation

Source: Company filings

Strong risk management has driven outstanding risk-return profile

15

Strong Balance Sheet

Total Cash and Invested Assets

Premiums Receivable

Reinsurance Recoverable

Other Assets

Total Assets

Loss & Loss Adjustment Expense Reserves

Unearned Premium

Long-Term Debt

Other Liabilities

Total Liabilities

Total Shareholders’

Equity 

Gross Reserves / Equity Capital

Gross Reserves / Total Capital

Net Reserves / Equity Capital

Net Reserves/ Total Capital

Reinsurance Recoverables / Equity Capital

Reinsurance Recoverables / Total Capital

$10,311

1,231

1,357

1,776

$14,675

$5,587

2,146

499

1,284

$9,516

$5,159

108%

99%

82%

75%

26%

24%

($ millions)

$7,703

1,027

1,518

1,678

$11,926

$4,743

1,760

499

1,411

$8,414

$3,512

135%

118%

92%

80%

43%

38%

$9,653

1,126

1,359

1,528

$13,665

$5,015

2,016

499

1,723

$9,253

$4,412

114%

102%

83%

74%

31%

28%

2007

December 31,

2006

2005

March 31,

2008

$10,655

1,608

1,426

1,952

$15,640

$5,814

2,575

499

1,381

$10,269

$5,371

108%

99%

82%

75%

26%

24%

16

Favorable Reserve Development since Inception

27.7

106.8

268.7

168.3

214.0

54.6

28.1

74.9

114.3

49.0

123.0

33.4

$0

$100

$200

$300

$400

2003

2004

2005

2006

2007

Q1 08

($ in millions)

Reinsurance

Insurance

$55.8

$181.7

$383.0

$216.5

$322 excluding

adverse KRW

development of

$105

$337.0

We mitigate reserve risk by limiting overall exposure to long-tail

business, integrating third-party actuarial input into our prudent

reserving practices and by utilizing institutional knowledge from

participation in both insurance and reinsurance markets

$88.1

17

Strong Net Reserve Position

$454

$59

$63

$361

$271

$73

$574

$316

$599

$443

$556

$538

$0

$400

$800

$1,200

Property and

Other

Liability

Professional

Lines

Cat, Property &

other

Credit & Bond,

Motor & Liability

Professional

Lines

Net Case Reserves

Net IBNR Reserve

($ in millions)

AXIS Insurance

Net IBNR Reserves = $1,489

Net Reserves = $2,065

AXIS Re

Net IBNR Reserves = $1,537

Net Reserves = $2,243

$1,028

$375

$662

$804

$827

$611

Note:  Information as of December 31, 2007

18

Conservative Investment Portfolio

Mortgage

Backed

Securities

34%

Corporate Debt

21%

U.S.

Treasury/Agency

12%

Asset Backed

Securities

4%

Cash & Equivalents

15%

Municipals/Non-

U.S.

Government

8%

Total Cash and Fixed Income (ex. Other)

$10.0 Bn

Duration (years)

Average Credit Quality

Book Yield (Mar 31)

Total Return  (TTM)

2.61

AA+

5.06%

6.30%

Managers have a total return

mandate

Emphasis on capital

preservation

Short duration customized fixed

income benchmarks

No non-investment grade

holdings in fixed income

portfolio

No exposure to lower-rated

tranches of sub prime ABS

81.5% of investments are AA-

or

better

Other Investments

6%

Total Cash & Investments

$10.7 Bn

19

$152.1

$256.7

$407.1

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

1Q 04

2Q 04

3Q 04

4Q 04

1Q 05

2Q 05

3Q 05

4Q 05

1Q 06

2Q 06

3Q 06

4Q 06

1Q 07

2Q 07

3Q 07

4Q 07

1Q 08

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

Other Investments

Fixed Income

Cash

LTM Net Investment Income

Investment Income Momentum

$4

4.9%

($36)

4.9%

$3

4.8%

$24

4.8%

$25

4.9%

$2

5.0%

$3

5.0%

$5

$13

$6

$6

$3

$1

$1

$1

-

-

Investment

Income Other

Investments

(in millions)

4.8%

5.1%

4.6%

4.3%

4.0%

3.8%

3.7%

3.5%

3.2%

3.3%

Earned Yield

for Cash and

Fixed

Maturities

$

$482.9

$443.2

Growth in investment income driven by strong operating cash flows

and growth in invested assets

$

20

Modest Financial Leverage = Financial Flexibility

1,961

2,817

3,238

3,012

3,913

4,659

4,871

250

250

250

250

250

250

250

250

499

499

499

499

499

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2002

2003

2004

2005

2006

2007

3/31/2008

($ in millions)

$2,817

$3,737

$4,011

$4,912

Common

Equity

Series A

Preferred Equity

Series B

Preferred Equity

Debt

$1,961

$5,658

Capitalization Ratios

Debt / Total Capital                

8.5%

Debt + Preferred / Total Capital  17.0%

$5,871

21

Driving Shareholder Value Creation

Diluted

Book

Value

Per

Share

(1)

(1) Calculated using the treasury stock method.

Accumulated Dividends Paid

Diluted book value per share + Accumulated dividends

2002 –

Q1 08 Average ROACE = 18.0%

Diluted book value per share plus accumulated dividends have grown at

an annualized rate of 17.7%

from 2002 through March 31, 2008

$13.90

$16.81

$19.81

$19.43

$25.14

$31.14

’02-Q1 08 CAGR =

17.7%

$32.68

$29.96

$28.79

$23.45

$18.34

$19.29

$16.74

$13.90

$0.00

$7.00

$14.00

$21.00

$28.00

$35.00

2002

2003

2004

2005

2006

2007

Q1 08