EXHIBIT 99.1
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                                                                            AXIS



                          AXIS Capital Holdings Limited
                               106 Pitts Bay Road
                             Pembroke, Bermuda HM08
                       Tel. 441.296.2600 Fax 441.296.3140
                               www.axiscapital.com

FOR IMMEDIATE RELEASE

Investor Contacts                                              Media Contacts
Andrew Cook / Linda Ventresca                                  Laura Accettella
AXIS Capital Holdings Limited                                  Kekst and Company
info@axiscapital.com                                           (212) 521-4859
(441) 297-9513



              AXIS CAPITAL COMMENTS ON IMPACT OF HURRICANE KATRINA


Pembroke, Bermuda, September 9, 2005 - AXIS Capital Holdings Limited ("AXIS
Capital") (NYSE: AXS) today announced that net losses related to Hurricane
Katrina are estimated to be within its current expectations of consolidated
operating income for the 2005 calendar year, assuming no other large loss
events during the year. Katrina losses are expected to arise in both our
insurance and reinsurance segments. Our net loss estimates are derived from a
combination of the output of industry models, a review of in-force contracts
and preliminary indications from clients. Our actual losses from Hurricane
Katrina may ultimately differ materially from our estimated losses.

John Charman, AXIS Capital's CEO and President commented, "Hurricane Katrina
has resulted in a desperate human tragedy. We recognize the scale of the
devastation to the community and businesses in the affected areas and are
working diligently to provide consistency and good service to our clients."

"We believe that Hurricane Katrina will present unprecedented losses to the
insurance and reinsurance industry. By design, we have built a diverse
portfolio of severity-exposed specialty business since our inception.
Therefore, we would expect to have a material loss following an event of this
magnitude. We have been prudent in managing our exposure relative to our total
capital base and believe that our estimated earnings for 2005 will absorb our
estimated net losses. We are well-positioned to participate actively in the
market and to continue to provide consistency, service and security to our
clients following this event."

AXIS Capital is a Bermuda-based global provider of specialty lines insurance
and treaty reinsurance with shareholders' equity at June 30, 2005 in excess of
$3.1 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 &
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.

Cautionary Note Regarding Forward-Looking Statements

Statements regarding the impact of Hurricane Katrina contained in this release
are forward-looking statements within the meaning of the U.S. federal
securities laws. 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 our losses relating to
Hurricane Katrina exceeding current estimates, complex coverage and regulatory
issues such as whether such losses result from storm surge or flood and the
impact of such losses on our reinsurers. Additional factors that could cause
actual events or results to be materially different from our expectations
include (1) our limited operating history, (2) the occurrence of natural and
man-made disasters, (3) actual claims exceeding our loss reserves, (4),
failure of any of the loss limitation methods we employ, (5) effects of
emerging claims and coverage issues, (6) the failure of our cedants to
adequately evaluate risks, (7) the loss of one or more key executives, (8) a
decline in our ratings with rating agencies, (9) loss of business provided to
us by our major brokers, (10) changes in governmental regulations, (11)
increased competition and (12) general economic conditions. We undertake 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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