Exhibit 99.2

AXIS Capital Holdings Limited

INVESTOR FINANCIAL SUPPLEMENT

FIRST QUARTER 2008

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Linda Ventresca

Investor Relations

441 405 2727

investorrelations@axiscapital.com

Website Information:

www.axiscapital.com

This report is for informational purposes only. It should be read in conjunction with the documents that we file with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

AXIS Capital Holdings Limited

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

			Page(s)
i.	Basis of Presentation		i - iii
I.	Financial Highlights		1
II.	Income Statements
	a.	Consolidated Statements of Income—Quarterly	2
	b.	Consolidated Segment Data	3
	c.	Gross Premiums Written by Segment by Line of Business	4
	d.	Segment Consecutive Quarters	5-6
III.	Balance Sheets
	a.	Consolidated Balance Sheets	7
	b.	Summary of Investment Portfolio Information	8
	c.	Investment Portfolio Composition	9
	d.	Investment Portfolio: Mortgage and Asset Backed Securities	10
	e.	Investment Portfolio: Subprime and Alternative-A Holdings	11
	f.	Investment Portfolio: Investment Performance—Fixed Maturity Investments	12
	g.	Reinsurance Recoverable Analysis	13-14
IV.	Loss Reserve Analysis
	a.	Paid to Incurred Analysis	15
	b.	Paid to Incurred Analysis by Segment	16
	c.	Segment Consecutive Quarters	17-18
V.	Share Analysis
	a.	Earnings Per Common Share Analysis—As Reported	19
	b.	Diluted Book Value Per Common Share Analysis	20

AXIS Capital Holdings Limited

BASIS OF PRESENTATION

DEFINITIONS AND PRESENTATION

• All financial information contained herein is unaudited, except for the consolidated balance sheet and statement of income at and for the year ended December 31, 2007.

• Unless otherwise noted, all data is in thousands, except for per share amounts and ratio information. Amounts may not reconcile exactly due to small rounding differences.

• NM—Not meaningful; NR—Not Reported; NA—Not applicable

Cautionary Note Regarding Forward-Looking Statements:

This financial supplement may contain forward-looking statements which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of other important factors that could cause actual results to differ materially from those in such forward-looking statements is set forth in our most recent annual report on Form 10-K, quarterly report on Form 10-Q and our other documents on file with the Securities and Exchange Commission. AXIS undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

i

AXIS Capital Holdings Limited

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

Our insurance segment provides insurance coverage on a worldwide basis. The following are the lines of business in our insurance segment:

Property: provides physical damage and business interruption coverage primarily for industrial and commercial properties and physical damage, business interruption and liability coverage for onshore energy properties and operations. The book consists of both primary and excess risks, some of which are catastrophe-exposed.

Marine: provides coverage for hull, liability, cargo and specie and recreational marine risks. These risks include property damage or physical loss to ships, pollution damage caused by vessels on a sudden and accidental basis, protection for general cargo and the contents of armored cars, vaults, exhibitions and museums, and specific war related risks. This line of business also provides physical damage, business interruption and liability coverage for offshore energy property and operations.

Terrorism: provides coverage for physical damage and business interruption of an insured following an act of terrorism.

Aviation: includes hull and liability and specific war coverage for passenger and cargo airlines and privately owned aircraft as well as select aviation product liability coverage.

Political risk: provides protection against sovereign default or sovereign actions that result in the impairment of cross-border investments for banks and major corporations. This book also provides sovereign and corporate credit insurance within emerging markets, where lenders seek to mitigate the risk of non-payment from their borrowers.

Professional lines: includes coverage for directors’ and officers’ liability, errors and omissions liability, employment practices liability, media, cyber, technology and miscellaneous professional liability coverage.

Liability: primarily targets general liability and umbrella and excess liability in the U.S. excess and surplus lines markets. Target classes include mercantile, manufacturing and building/premises, with particular emphasis on commercial and consumer products, commercial construction and miscellaneous general liability.

Accident and Health: primarily provides employee medical coverage for self-insured, small and medium sized employers for losses in excess of a retention.

ii

AXIS Capital Holdings Limited

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides property and casualty reinsurance to insurance companies on a worldwide basis. The following are the lines of business we write on both a treaty and facultative basis:

Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our ceding company clients. The exposure in the underlying policies is principally property exposure but also covers other exposures including workers compensation, personal accident and life. The principal perils in this portfolio are hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. We underwrite catastrophe reinsurance principally on an excess of loss basis, meaning that our exposure only arises when our customers’ claims exceed a certain retained amount.

Property: includes reinsurance written on both a pro rata and a per risk basis and covers underlying personal lines and commercial property exposures. Property pro rata treaty reinsurance covers a cedent’s aggregate losses from all events in the covered period on a proportional basis. Property per risk treaty reinsurance reinsures a portfolio of particular property risks of ceding companies on an excess of loss basis.

Professional Liability: covers directors’ and officers’ liability, employment practices liability, medical malpractice and miscellaneous errors and omissions insurance risks.

Credit and Bond: consists principally of reinsurance of trade credit insurance products and includes both proportional and excess-of loss structures. The underlying insurance indemnifies sellers of goods and services against a payment default by the buyer of those goods and services. Also included in this book is coverage for ceding insurers against losses arising from a broad array of surety bonds issued by bond insurers principally to satisfy regulatory demands in a variety of jurisdictions around the world, but predominantly in Europe.

Motor: provides coverage to insurers for motor liability losses arising out of any one occurrence. The occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence.

Liability: provides coverage to insurers of standard casualty lines, including auto liability, general liability, personal and commercial umbrella and workers’ compensation.

Engineering: provides coverage for all types of civil construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes operational risks for machinery, plant and equipment, electronic equipment and business interruption. We write engineering business on a proportional and non-proportional treaty basis as well as on a facultative basis.

Other: includes aviation, marine, personal accident and crop reinsurance.

iii

AXIS Capital Holdings Limited

FINANCIAL HIGHLIGHTS

		Quarter ended March 31,
		2008			2007			Change
HIGHLIGHTS	Gross premiums written	$	1,264,181		$	1,302,622		(3.0	)%
	Gross premiums written - Insurance		34.4	%		33.5	%	0.9	%
	Gross premiums written - Reinsurance		65.6	%		66.5	%	(0.9	)%
	Net premiums written	$	1,091,775		$	1,139,357		(4.2	)%
	Net premiums earned	$	658,634		$	685,304		(3.9	)%
	Net premiums earned - Insurance		45.5	%		46.0	%	(0.5	)%
	Net premiums earned - Reinsurance		54.5	%		54.0	%	0.5	%
	Net income available to common shareholders	$	237,722		$	227,579		4.5	%
	Reserve for losses and loss expenses		5,814,208			5,186,191		12.1	%
	Total shareholders’ equity		5,371,422			4,641,747		15.7	%
PER COMMON SHARE AND COMMON SHARE DATA	Basic earnings per common share	$	1.66		$	1.51		9.7	%
	Diluted earnings per common share	$	1.48		$	1.37		8.3	%
	Weighted average common shares outstanding		143,239			150,433		(4.8	)%
	Diluted weighted average common shares outstanding		160,184			166,035		(3.5	)%
	Book value per common share	$	33.69		$	27.54		22.4	%
	Diluted book value per common share (treasury stock method)	$	29.96		$	25.11		19.3	%
FINANCIAL RATIOS	ROACE, net income available to common shareholders [a]		20.0	%		22.6	%	(2.6	)%
	Net loss and loss expense ratio		54.9	%		57.3	%	(2.4	)%
	Acquisition cost ratio		14.3	%		14.3	%	0.0	%
	General and administrative expense ratio		12.0	%		9.1	%	2.8	%
	Combined ratio		81.2	%		80.7	%	0.5	%
INVESTMENT DATA	Total assets	$	15,640,194		$	14,612,437		7.0	%
	Total cash and investments [b]		10,753,782			9,966,443		7.9	%
	Net investment income		85,651			125,280		(31.6	)%
	Investment income from other investments		(35,690	)		25,310		(241.0	)%
	Net realized investment gains		35,685			301		11,755.5	%
	Total return on cash and investments [c]		0.9	%		1.5	%	(0.6	)%
	Annualized effective yield of invested assets [d]		4.9	%		4.9	%	—

[a] Return on average common equity (“ROACE”) is calculated by dividing net income available to common shareholders for the period by the average common shareholders’ equity determined by using the common shareholders’ equity balances at the beginning and end of the period. Percentages presented are annualized for the respective quarters.

[b] Cash and investments represents the total cash, fixed maturity investments, other investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).

[c] In calculating total return, we include net investment income, net realized investment gains (losses) and the change in unrealized gains (losses) generated by our average cash and investment balances.

[d] Annualized effective yield of invested assets is calculated by dividing the net income generated from invested assets by the average balance of the assets managed by our external investment managers.

1

AXIS Capital Holdings Limited

CONSOLIDATED STATEMENTS OF INCOME - QUARTERLY

	Q1 2008			Q4 2007			Q3 2007			Q2 2007			Q1 2007			Q1 2006
UNDERWRITING REVENUES
Gross premiums written	$	1,264,181		$	572,865		$	755,224		$	959,378		$	1,302,622		$	1,164,740
Premiums ceded		(172,406	)		(187,710	)		(171,322	)		(204,036	)		(163,265	)		(172,412	)
Net premiums written		1,091,775			385,155			583,902			755,342			1,139,357			992,328
Gross premiums earned		835,514			860,421			870,752			876,640			852,003			792,370
Ceded premiums amortized		(176,880	)		(191,101	)		(184,907	)		(182,699	)		(166,699	)		(158,776	)
Net premiums earned		658,634			669,320			685,845			693,941			685,304			633,594
Other insurance related income		2,002			273			1,005			693			1,940			624
Total underwriting revenues		660,636			669,593			686,850			694,634			687,244			634,218
UNDERWRITING EXPENSES
Net losses and loss expenses		361,681			290,546			328,193			358,723			392,797			358,658
Acquisition costs		94,480			90,574			100,039			95,745			98,139			89,704
General and administrative expenses		65,189			81,785			59,090			54,390			50,266			43,769
Total underwriting expenses		521,350			462,905			487,322			508,858			541,202			492,131
UNDERWRITING INCOME		139,286			206,688			199,528			185,776			146,042			142,087
OTHER OPERATING REVENUE (EXPENSES)
Net investment income		85,651			125,000			118,908			113,685			125,280			93,568
Net realized gains (losses) on investments		35,685			10,778			(1,192	)		(4,656	)		301			(10,929	)
Interest expense and financing costs		(7,958	)		(7,912	)		(13,929	)		(14,169	)		(15,144	)		(8,085	)
Total other operating revenue		113,378			127,866			103,787			94,860			110,437			74,554
OTHER (EXPENSES) REVENUE
Net foreign exchange gains		20,297			349			7,202			6,883			2,391			9,264
Corporate expenses [a]		(13,561	)		(11,053	)		(20,723	)		(14,184	)		(12,340	)		(11,642	)
Total other (expenses) revenue		6,736			(10,704	)		(13,521	)		(7,301	)		(9,949	)		(2,378	)
INCOME BEFORE INCOME TAXES		259,400			323,850			289,794			273,335			246,530			214,263
Income tax expense		(12,459	)		(8,547	)		(10,677	)		(12,519	)		(9,747	)		(9,447	)
NET INCOME		246,941			315,303			279,117			260,816			236,783			204,816
Preferred share dividends		(9,219	)		(9,203	)		(9,142	)		(9,226	)		(9,204	)		(9,631	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	237,722		$	306,100		$	269,975		$	251,590		$	227,579		$	195,185
KEY RATIOS/PER COMMON SHARE DATA
Net loss and loss expense ratio		54.9	%		43.4	%		47.9	%		51.7	%		57.3	%		56.6	%
Acquisition cost ratio		14.3	%		13.5	%		14.6	%		13.8	%		14.3	%		14.2	%
General and administrative expense ratio [a]		12.0	%		13.9	%		11.6	%		9.9	%		9.1	%		8.7	%
Combined ratio		81.2	%		70.8	%		74.1	%		75.4	%		80.7	%		79.5	%
Weighted average basic shares outstanding		143,239			143,877			146,845			149,027			150,433			149,314
Weighted average diluted shares outstanding		160,184			161,732			164,064			166,320			166,035			163,555
Basic earnings per common share	$	1.66		$	2.13		$	1.84		$	1.69		$	1.51		$	1.31
Diluted earnings per common share	$	1.48		$	1.89		$	1.65		$	1.51		$	1.37		$	1.19
ROACE [b]		20.0	%		26.9	%		25.0	%		24.1	%		22.6	%		25.4	%

[a] Corporate expenses are included in the calculation of the general and administrative expense ratio.

[b] Percentages presented are annualized for each quarter.

2

AXIS Capital Holdings Limited

CONSOLIDATED SEGMENT DATA

	Quarter ended									Quarter ended
	March 31, 2008									March 31, 2007
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	434,857		$	829,324		$	1,264,181		$	436,488		$	866,134		$	1,302,622
Net premiums written		271,732			820,043			1,091,775			282,046			857,311			1,139,357
Gross premiums earned		472,603			362,911			835,514			478,842			373,161			852,003
Ceded premiums amortized		(173,046	)		(3,834	)		(176,880	)		(163,910	)		(2,789	)		(166,699	)
Net premiums earned		299,557			359,077			658,634			314,932			370,372			685,304
Other insurance related income		1,187			815			2,002			767			1,173			1,940
Total underwriting revenues		300,744			359,892			660,636			315,699			371,545			687,244
UNDERWRITING EXPENSES
Net losses and loss expenses		159,450			202,231			361,681			185,952			206,845			392,797
Acquisition costs		31,714			62,766			94,480			35,348			62,791			98,139
General and administrative expenses		47,819			17,370			65,189			35,523			14,743			50,266
Total underwriting expenses		238,983			282,367			521,350			256,823			284,379			541,202
UNDERWRITING INCOME	$	61,761		$	77,525		$	139,286		$	58,876		$	87,166		$	146,042
KEY RATIOS
Net loss and loss expense ratio		53.2	%		56.3	%		54.9	%		59.0	%		55.8	%		57.3	%
Acquisition cost ratio		10.6	%		17.5	%		14.3	%		11.2	%		17.0	%		14.3	%
General and administrative expense ratio		16.0	%		4.8	%		9.9	%		11.3	%		4.0	%		7.3	%
Corporate expense ratio								2.1	%								1.8	%
Combined ratio		79.8	%		78.6	%		81.2	%		81.5	%		76.8	%		80.7	%

3

AXIS Capital Holdings Limited

GROSS PREMIUM WRITTEN BY SEGMENT BY LINE OF BUSINESS

	Quarter ended
	Q1 2008		Q4 2007			Q3 2007		Q2 2007		Q1 2007		Q1 2006
INSURANCE SEGMENT
Property	$	127,291	$	150,283		$	147,033	$	223,884	$	138,396	$	128,471
Marine		64,887		19,984			49,971		70,183		77,892		73,739
Terrorism		8,349		10,216			11,672		17,082		12,787		16,420
Aviation		17,486		28,788			14,518		10,940		16,140		39,194
Political risk		54,576		75,410			71,442		56,720		28,977		14,050
Professional lines		108,177		146,095			123,824		161,371		97,325		93,780
Liability		49,923		74,294			53,158		67,627		53,483		61,163
Accident and Health		4,168		4,256			9,111		4,864		11,488		10,233
TOTAL INSURANCE SEGMENT		434,857		509,326			480,729		612,671		436,488		437,050
REINSURANCE SEGMENT
Catastrophe	$	212,948	$	8,743		$	76,044	$	142,602	$	244,125	$	227,501
Property		141,408		(578	)		55,965		78,817		147,159		101,580
Professional lines		87,376		27,909			54,645		59,060		88,426		93,442
Credit and bond		134,574		5,363			6,705		8,789		104,119		89,483
Motor		75,526		902			5,886		9,080		81,131		67,329
Liability		108,759		8,477			59,233		30,973		145,929		113,120
Engineering		53,224		10,428			13,577		9,611		38,350		16,520
Other		15,509		2,295			2,439		7,775		16,894		18,715
TOTAL REINSURANCE SEGMENT		829,324		63,539			274,495		346,707		866,134		727,690
CONSOLIDATED TOTAL	$	1,264,181	$	572,865		$	755,224	$	959,378	$	1,302,622	$	1,164,740

4

AXIS Capital Holdings Limited

INSURANCE SEGMENT DATA - QUARTERLY

	Q1 2008			Q4 2007			Q3 2007			Q2 2007			Q1 2007			Q1 2006
UNDERWRITING REVENUES
Gross premiums written	$	434,857		$	509,326		$	480,729		$	612,671		$	436,488		$	437,050
Net premiums written		271,732			322,111			315,605			406,885			282,046			275,150
Gross premiums earned		472,603			480,158			483,046			479,874			478,842			478,502
Ceded premiums amortized		(173,046	)		(186,820	)		(181,121	)		(181,629	)		(163,910	)		(155,789	)
Net premiums earned		299,557			293,338			301,925			298,245			314,932			322,713
Other insurance related income		1,187			123			610			360			767			624
Total underwriting revenues		300,744			293,461			302,535			298,605			315,699			323,337
UNDERWRITING EXPENSES
Net losses and loss expenses		159,450			101,652			113,092			133,568			185,952			156,170
Acquisition costs		31,714			28,911			34,721			27,442			35,348			37,456
General and administrative expenses		47,819			57,858			43,262			39,167			35,523			33,055
Total underwriting expenses		238,983			188,421			191,075			200,177			256,823			226,681
UNDERWRITING INCOME	$	61,761		$	105,040		$	111,460		$	98,428		$	58,876		$	96,656
KEY RATIOS
Net loss and loss expense ratio		53.2	%		34.7	%		37.5	%		44.8	%		59.0	%		48.4	%
Acquisition cost ratio		10.6	%		9.9	%		11.5	%		9.2	%		11.2	%		11.6	%
General and administrative expense ratio		16.0	%		19.7	%		14.3	%		13.1	%		11.3	%		10.2	%
Combined ratio		79.8	%		64.3	%		63.3	%		67.1	%		81.5	%		70.2	%

5

AXIS Capital Holdings Limited

REINSURANCE SEGMENT DATA - QUARTERLY

	Q1 2008			Q4 2007			Q3 2007			Q2 2007			Q1 2007			Q1 2006
UNDERWRITING REVENUES
Gross premiums written	$	829,324		$	63,539		$	274,495		$	346,707		$	866,134		$	727,690
Net premiums written		820,043			63,044			268,297			348,457			857,311			717,178
Gross premiums earned		362,911			380,263			387,706			396,766			373,161			313,868
Ceded premiums amortized		(3,834	)		(4,281	)		(3,786	)		(1,070	)		(2,789	)		(2,987	)
Net premiums earned		359,077			375,982			383,920			395,696			370,372			310,881
Other insurance related income		815			150			395			333			1,173			—
Total underwriting revenues		359,892			376,132			384,315			396,029			371,545			310,881
UNDERWRITING EXPENSES
Net losses and loss expenses		202,231			188,894			215,101			225,155			206,845			202,488
Acquisition costs		62,766			61,663			65,318			68,303			62,791			52,248
General and administrative expenses		17,370			23,927			15,828			15,223			14,743			10,714
Total underwriting expenses		282,367			274,484			296,247			308,681			284,379			265,450
UNDERWRITING INCOME	$	77,525		$	101,648		$	88,068		$	87,348		$	87,166		$	45,431
KEY RATIOS
Net loss and loss expense ratio		56.3	%		50.2	%		56.0	%		56.9	%		55.8	%		65.1	%
Acquisition cost ratio		17.5	%		16.4	%		17.0	%		17.3	%		17.0	%		16.8	%
General and administrative expense ratio		4.8	%		6.4	%		4.1	%		3.8	%		4.0	%		3.4	%
Combined ratio		78.6	%		73.0	%		77.1	%		78.0	%		76.8	%		85.3	%

6

AXIS Capital Holdings Limited

CONSOLIDATED BALANCE SHEETS

	Q1 2008			Q4 2007			Q3 2007			Q2 2007			Q1 2007			Q1 2006
ASSETS
Investments:
Fixed maturity investments, available for sale, at fair value	$	8,423,794		$	8,331,666		$	7,814,855		$	7,219,836		$	6,805,333		$	6,047,556
Other investments, at fair value		652,111			645,987			612,429			1,106,409			1,094,828			543,866
Total investments		9,075,905			8,977,653			8,427,284			8,326,245			7,900,161			6,591,422
Cash and cash equivalents		1,578,801			1,332,921			1,830,852			1,837,675			2,090,834			1,511,619
Accrued interest receivable		80,990			87,338			76,257			82,151			68,056			58,602
Insurance and reinsurance premium balances receivable		1,607,609			1,231,494			1,385,486			1,604,193			1,507,855			1,316,318
Reinsurance recoverable balances		1,330,965			1,280,295			1,247,720			1,217,807			1,307,609			1,456,560
Reinsurance recoverable balances on paid losses		95,348			76,598			97,047			119,904			94,284			18,946
Deferred acquisition costs		369,000			276,801			331,290			346,318			345,904			266,566
Prepaid reinsurance premiums		238,466			242,940			246,027			259,474			238,359			295,215
Securities lending collateral		1,025,343			865,256			861,280			916,388			895,832			984,847
Net receivable for investments sold		18,086			86,356			—			—			—			—
Goodwill and intangible assets		61,344			61,653			61,967			62,511			28,786			36,056
Other assets		158,337			156,004			146,694			156,308			134,757			119,504
TOTAL ASSETS	$	15,640,194		$	14,675,309		$	14,711,904		$	14,928,974		$	14,612,437		$	12,655,655
LIABILITIES
Reserve for losses and loss expenses	$	5,814,208		$	5,587,311		$	5,531,379		$	5,360,064		$	5,186,191		$	4,813,516
Unearned premiums		2,574,755			2,146,087			2,433,339			2,548,743			2,466,213			2,132,841
Insurance and reinsurance balances payable		225,715			244,988			255,922			250,248			286,068			311,933
Securities lending payable		1,024,752			863,906			858,546			914,466			893,692			982,499
Senior notes		499,288			499,261			499,234			499,207			499,180			499,073
Other liabilities		130,054			175,134			140,869			141,859			146,738			84,357
Liability under repurchase agreement		—			—			—			400,000			400,000			—
Net payable for investments purchased		—			—			49,023			120,505			92,608			186,208
TOTAL LIABILITIES		10,268,772			9,516,687			9,768,312			10,235,092			9,970,690			9,010,427
SHAREHOLDERS’ EQUITY
Series A and B preferred shares		500,000			500,000			500,000			500,000			500,000			500,000
Common shares		1,875			1,850			1,849			1,849			1,880			1,872
Additional paid-in capital		1,902,336			1,869,810			1,859,067			1,850,047			1,936,518			1,905,604
Accumulated other comprehensive (loss) income		(104	)		22,668			(28,444	)		(106,693	)		(22,125	)		(134,238	)
Retained earnings		3,176,654			2,968,900			2,690,742			2,448,711			2,225,474			1,371,990
Treasury shares, at cost		(209,339	)		(204,606	)		(79,622	)		(32	)		—			—
TOTAL SHAREHOLDERS’ EQUITY		5,371,422			5,158,622			4,943,592			4,693,882			4,641,747			3,645,228
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	15,640,194		$	14,675,309		$	14,711,904		$	14,928,974		$	14,612,437		$	12,655,655
Book value per common share	$	33.69		$	32.69		$	30.50		$	28.35		$	27.54		$	21.00
Debt (Senior notes) to total capitalization [a]		8.5	%		8.8	%		9.2	%		9.6	%		9.7	%		12.0	%
Debt plus preferred shares to total capitalization		17.0	%		17.7	%		18.4	%		19.2	%		19.4	%		24.1	%

[a] The debt to capitalization ratio is calculated by dividing our senior notes by the total capital. Total capital represents shareholders’ equity plus our senior notes.

7

AXIS Capital Holdings Limited

INVESTMENT PORTFOLIO

As of March 31, 2008

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Percentage
TYPE OF INVESTMENT
U.S. government and agency	$	1,181,483	$	30,492	$	(103	)	$	1,211,872	11	%
Non U.S. government		253,721		20,867		(357	)		274,231	3	%
Corporate debt		2,344,857		45,497		(106,527	)		2,283,827	21	%
Mortgage-backed [a]		3,569,513		46,591		(35,058	)		3,581,046	33	%
Asset-backed [a]		450,740		3,387		(7,076	)		447,051	4	%
Municipals		619,573		7,713		(1,519	)		625,767	6	%
Total Fixed Maturities		8,419,887		154,547		(150,640	)		8,423,794	78	%
Cash, net of unsettled trades		—		—		—			601,210	6	%
Total Invested Assets		8,419,887		154,547		(150,640	)		9,025,004	84	%
Operating Cash Balances		—		—		—			995,677	9	%
Total Cash and Fixed Maturities	$	8,419,887	$	154,547	$	(150,640	)		10,020,681	93	%
Other Investments									652,111	6	%
Accrued interest receivable									80,990	1	%
Total Cash and Investments								$	10,753,782	100	%
								Fair Value		Percentage
OTHER INVESTMENTS
Hedge funds								$	305,438	47	%
Collateralized loan obligations									117,648	18	%
Credit funds									177,812	27	%
Short duration high yield fund									45,655	7	%
Other									5,558	1	%
Total								$	652,111	100	%

[a] For a further breakdown of our mortgage-backed and asset-backed securities, refer to page 10.

8

AXIS Capital Holdings Limited

INVESTMENT PORTFOLIO COMPOSITION - QUARTERLY

	Q1 2008		Q4 2007		Q3 2007		Q2 2007		Q1 2007		Q1 2006
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
TYPE OF INVESTMENT
U.S. government and agency	11.3	%	10.1	%	11.5	%	12.1	%	12.0	%	18.6	%
Non U.S. government	2.6	%	2.7	%	1.7	%	1.6	%	1.7	%	1.2	%
Corporate debt	21.2	%	20.5	%	17.7	%	15.6	%	14.7	%	16.1	%
Mortgage-backed	33.3	%	33.2	%	31.3	%	30.7	%	30.0	%	29.0	%
Asset-backed	4.2	%	5.1	%	5.5	%	5.6	%	5.9	%	4.4	%
Municipals	5.7	%	7.9	%	7.8	%	5.0	%	3.5	%	4.9	%
Mortgage derivatives	—		—		0.5	%	0.7	%	0.5	%	2.2	%
Total Fixed Maturities	78.3	%	79.5	%	76.0	%	71.3	%	68.3	%	76.4	%
Cash, net of unsettled trades	5.6	%	5.4	%	4.9	%	7.2	%	9.4	%	1.7	%
Total Invested Assets	83.9	%	84.9	%	80.9	%	78.5	%	77.7	%	78.1	%
Operating Cash Balances	9.3	%	8.1	%	12.4	%	9.8	%	10.7	%	15.0	%
Total Cash and Fixed Maturities	93.2	%	93.0	%	93.3	%	88.3	%	88.4	%	93.1	%
Other Investments	6.0	%	6.2	%	6.0	%	10.9	%	11.0	%	6.9	%
Accrued interest receivable	0.8	%	0.8	%	0.7	%	0.8	%	0.6	%	—
Total Cash and Investments	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
CREDIT QUALITY OF FIXED MATURITIES
AAA	72.4	%	70.8	%	71.4	%	75.3	%	76.8	%	78.2	%
AA	9.1	%	7.8	%	7.7	%	6.9	%	5.5	%	3.3	%
A	9.7	%	12.5	%	11.3	%	8.1	%	6.9	%	9.8	%
BBB	8.8	%	8.9	%	9.6	%	9.7	%	10.8	%	8.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
MATURITY PROFILE OF FIXED MATURITIES
Within one year	7.9	%	10.4	%	5.9	%	7.5	%	7.3	%	6.5	%
From one to five years	30.8	%	25.2	%	27.1	%	25.6	%	25.6	%	31.3	%
From five to ten years	8.5	%	10.6	%	10.0	%	10.7	%	11.6	%	12.3	%
Above ten years	5.0	%	5.6	%	7.9	%	4.3	%	2.1	%	3.3	%
Asset-backed and mortgage-backed securities	47.8	%	48.2	%	49.1	%	51.9	%	53.4	%	46.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
	As of or for the quarter ended
	Q1 2008		Q4 2007		Q3 2007		Q2 2007		Q1 2007		Q1 2006
PORTFOLIO CHARACTERISTICS OF INVESTED ASSETS
Annualized effective yield of invested assets	4.9	%	4.9	%	5.0	%	5.0	%	4.9	%	5.1	%
Yield to maturity of invested assets	5.1	%	5.1	%	5.6	%	5.5	%	5.5	%	5.1	%
Average duration of invested assets	2.9 yrs		2.7 yrs		3.2 yrs		3.2 yrs		3.1 yrs		3.2 yrs
Average credit quality of invested assets	AA+		AA+		AA+		AA+		AA+		AAA

9

AXIS Capital Holdings Limited

MORTGAGE AND ASSET BACKED SECURITIES

As of March 31, 2008

	Mortgage-Backed Securities By Rating and Class
	Agency [a]				AAA				AA				A				BBB
	Residential		Commercial		Residential		Commercial		Residential		Commercial		Residential		Commercial		Residential		Commercial		Total
Agency
Agency Pass-Throughs	$	1,889,064	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,889,064
Agency CMO’s		119,972		24,886		—		—		—		—		—		—		—		—		144,858
Agency Floating Rate MBS		135,332		—		—		—		—		—		—		—		—		—		135,332
Non-Agency
Non-Agency CMO’s		—		—		397,807		928,383		3,993		12,255		—		9,348		2,591		—		1,354,377
Non-Agency Floating Rate MBS		—		—		37,959		—		—		—		—		—		—		—		37,959
Other		—		—		19,456		—		—		—		—		—		—		—		19,456
Total	$	2,144,368	$	24,886	$	455,222	$	928,383	$	3,993	$	12,255	$	—	$	9,348	$	2,591	$	—	$	3,581,046
	Asset-Backed Securities By Rating
Description	AAA		AA		A		BBB		Total
Auto	$	252,513	$	—	$	—	$	704	$	253,217
CLO		—		—		35,091		18,019		53,110
CDO		8,971		346		455		167		9,939
Credit Card		61,187		—		—		—		61,187
Equipment		11,605		—		—		—		11,605
Home Equity		51,647		350		—		1,536		53,533
Other		4,460		—		—		—		4,460
Total	$	390,383	$	696	$	35,546	$	20,426	$	447,051

[a] These represent securities backed by U.S Government sponsored agencies.

10

AXIS Capital Holdings Limited

SUBPRIME AND ALTERNATIVE-A HOLDINGS

As of March 31, 2008

	SUBPRIME AND ALTERNATIVE-A HOLDINGS BY SECTOR
	Holdings at Fair Value			% of Total Shareholders’ Equity			Net Unrealized Gain / (Loss)			Realized losses and impairments in 2008
Subprime Agency MBS	$	14,903			0.28	%	$	50		$	—
Subprime Non-Agency MBS		1,168			0.02	%	$	(41	)	$	—
Subprime ABS		44,359			0.83	%	$	(2,808	)	$	(2,741	)
Total Subprime	$	60,430			1.13	%	$	(2,799	)	$	(2,741	)
Alternative-A Agency MBS	$	551			0.01	%	$	(9	)	$	—
Alternative-A Non-Agency MBS		141,090			2.63	%	$	(5,009	)	$	—
Alternative-A ABS		—			—		$	—		$	—
Total Alternative-A	$	141,641			2.64	%	$	(5,018	)	$	—
TOTAL Subprime and Alternative-A	$	202,071			3.77	%	$	(7,817	)	$	(2,741	)
	SUBPRIME AND ALTERNATIVE-A HOLDINGS AT FAIR VALUE BY RATING & VINTAGE
	Agency			AAA			AA			Total			Percentage of total
Sub-prime 2003 and prior	$	1,447		$	2,828		$	100		$	4,375		7.2	%
Sub-prime 2004		—			6,401			—			6,401		10.6	%
Sub-prime 2005		—			7,847			—			7,847		13.0	%
Sub-prime 2006		—			17,448			8,106			25,554		42.3	%
Sub-prime 2007		13,456			2,797			—			16,253		26.9	%
Total Subprime	$	14,903		$	37,321		$	8,206		$	60,430		100.0	%
Rating as Percentage of Total		24.7	%		61.8	%		13.6	%		100.0	%
Alternative-A 2003 and prior	$	—		$	6,491		$	4,010		$	10,501		7.4	%
Alternative-A 2004		551			38,979			251			39,781		28.0	%
Alternative-A 2005		—			62,128			—			62,128		43.9	%
Alternative-A 2006		—			21,768			—			21,768		15.4	%
Alternative-A 2007		—			7,463			—			7,463		5.3	%
Total Alternative A	$	551		$	136,829		$	4,261		$	141,641		100.0	%
Rating as Percentage of Total		0.4	%		96.6	%		3.0	%		100.0	%
Subprime and Alternative-A 2003 and prior	$	1,447		$	9,319		$	4,110		$	14,876		7.4	%
Subprime and Alternative-A 2004		551			45,380			251			46,182		22.9	%
Subprime and Alternative-A 2005		—			69,975			—			69,975		34.6	%
Subprime and Alternative-A 2006		—			39,216			8,106			47,322		23.4	%
Subprime and Alternative-A 2007		13,456			10,260			—			23,716		11.7	%
TOTAL Subprime and Alternative-A	$	15,454		$	174,150		$	12,467		$	202,071		100.0	%
Rating as Percentage of Total		7.6	%		86.2	%		6.2	%		100.0	%

11

AXIS Capital Holdings Limited

INVESTMENT PERFORMANCE- FIXED MATURITY INVESTMENTS

	Q1 2008		Q4 2007		Q3 2007		Q2 2007		Q1 2007		Q1 2006
Aggregate AXIS Capital - Fixed Maturities	1.74	%	2.34	%	2.18	%	(0.03	)%	1.50	%	(0.08	)%
Composite Benchmark [a]	2.38	%	2.59	%	2.63	%	(0.18	)%	1.46	%	(0.20	)%
	(0.64	)%	(0.25	)%	(0.45	)%	0.15	%	0.04	%	0.12	%
Individual portfolios
Total return liquidity portfolio	1.52	%	1.78	%	1.79	%	0.84	%	1.32	%	0.64	%
Merrill Lynch 1-3 year Treasury Index	2.98	%	2.36	%	2.67	%	0.71	%	1.41	%	0.39	%
	(1.46	)%	(0.58	)%	(0.88	)%	0.13	%	(0.09	)%	0.25	%
Total return intermediate duration portfolios	2.02	%	2.68	%	2.74	%	(0.38	)%	1.57	%	(0.17	)%
Customized benchmark [b]	2.30	%	2.86	%	2.73	%	(0.35	)%	1.58	%	(0.26	)%
	(0.28	)%	(0.18	)%	0.01	%	(0.03	)%	(0.01	)%	0.09	%
Total return long duration portfolios [c]	n/a		n/a		n/a		n/a		n/a		(0.59	)%
Customized benchmark [b]	n/a		n/a		n/a		n/a		n/a		(0.64	)%
											0.05	%
Total return U.S. combined portfolios	0.93	%	2.40	%	2.62	%	(0.32	)%	1.51	%	(0.06	)%
Customized benchmark [b]	2.05	%	2.57	%	2.61	%	(0.33	)%	1.41	%	(0.18	)%
	(1.12	)%	(0.17	)%	0.01	%	0.01	%	0.10	%	0.12	%
Total return Euro portfolio	3.00	%	0.94	%	1.79	%	(0.44	)%	0.59	%	(0.59	)%
Merrill Lynch 1-7 year EMU Gov’t Index	3.21	%	1.15	%	2.13	%	(0.46	)%	0.71	%	(0.76	)%
	(0.21	)%	(0.21	)%	(0.34	)%	0.02	%	(0.12	)%	0.17	%

[a] The return for the composite benchmark is calculated using the market value weighted average of each individual portfolio’s benchmark.

[b] The benchmarks are customized to reflect the desired duration and composition of the portfolio. Benchmarks may be adjusted frequently.

[c] The assets in the long duration portfolio were transitioned to an intermediate portfolio and measured against the intermediate benchmark as of January 1st, 2007.

12

AXIS Capital Holdings Limited

Reinsurance Recoverable Analysis

	Q1 2008			Q4 2007			Q3 2007			Q2 2007			Q1 2007			Q1 2006
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	83,109		$	64,106		$	82,795		$	104,913		$	75,233		$	52,934
Reinsurance		12,239			12,492			14,252			14,991			19,051			75,368
Total	$	95,348		$	76,598		$	97,047		$	119,904		$	94,284		$	128,302
Reinsurance recoverable on unpaid losses and loss expenses: OSLR
Insurance	$	492,319		$	436,042		$	414,777		$	409,259		$	586,485		$	784,470
Reinsurance		—			—			—			—			—			—
Total	$	492,319		$	436,042		$	414,777		$	409,259		$	586,485		$	784,470
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	844,747		$	852,054		$	842,797		$	819,925		$	734,041		$	561,712
Reinsurance		27,747			26,047			24,144			22,621			21,081			13,245
Total	$	872,494		$	878,101		$	866,941		$	842,546		$	755,122		$	574,957
Provision against reinsurance recoverables:
Insurance	$	(19,794	)	$	(19,794	)	$	(19,944	)	$	(19,944	)	$	(19,944	)	$	(2,604	)
Reinsurance		(14,054	)		(14,054	)		(14,054	)		(14,054	)		(14,054	)		(12,619	)
Total	$	(33,848	)	$	(33,848	)	$	(33,998	)	$	(33,998	)	$	(33,998	)	$	(15,223	)
Net reinsurance recoverables:
Insurance	$	1,400,381		$	1,332,408		$	1,320,425		$	1,314,153		$	1,375,815		$	1,396,512
Reinsurance		25,932			24,485			24,342			23,558			26,078			78,994
Total	$	1,426,313		$	1,356,893		$	1,344,767		$	1,337,711		$	1,401,893		$	1,475,506

13

AXIS Capital Holdings Limited

Reinsurance Recoverable Analysis

Consolidated Reinsurance Recoverable	March 31, 2008
Categories	Gross Recoverable		Collateral			Gross Recoverable Net of Collateral		% of Total Gross Recoverable Net of Collateral		% of Total Shareholders’ Equity		Provision against Reinsurance Recoverables			Provision against Reinsurance Recoverable as % of Gross Recoverable		Net Recoverable
Top 10 reinsurers	$	860,458	$	(46,102	)	$	814,356	60.4	%	15.2	%	$	(20,846	)	2.4	%	$	839,612
Other reinsurers balances > $20 million		173,228		(6,601	)		166,627	12.4	%	3.1	%		(113	)	0.1	%	$	173,115
Other reinsurers balances < $20 million		426,476		(60,116	)		366,360	27.2	%	6.8	%		(12,890	)	3.0	%	$	413,586
Total	$	1,460,162	$	(112,819	)	$	1,347,343	100.0	%	25.1	%	$	(33,849	)	2.3	%	$	1,426,313

At March 31, 2008, 95.7% (December 31, 2007: 94.5%) of the reinsurers were rated the equivalent of A- or better by internationally recognised rating agencies.

Top 10 Reinsurers (net of collateral)	% of Total Gross Recoverable Net of Collateral		% of Total Shareholders’ Equity
Swiss Reinsurance America Corporation	16.0	%	4.0	%
Transatlantic Reinsurance Company	9.6	%	2.4	%
Partner Reinsurance Company Ltd of the US	9.4	%	2.4	%
XL Reinsurance America	7.5	%	1.9	%
Berkley Insurance Company	3.8	%	1.0	%
Hannover Rueckversicherung AG	3.6	%	0.9	%
Lloyd’s of London	3.1	%	0.8	%
General Reinsurance Corporation	2.6	%	0.7	%
ACE Property & Casualty Insurance Co	2.4	%	0.6	%
Federal Insurance Company	2.3	%	0.6	%
	60.4	%	15.3	%

14

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

	Quarter ended March 31, 2008									Quarter ended March 31, 2007
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for losses and loss expenses
Beginning of period	$	5,587,311		$	(1,356,893	)	$	4,230,418		$	5,015,113		$	(1,359,154	)	$	3,655,959
Incurred		512,579			(150,898	)		361,681			480,265			(87,468	)		392,797
Paid		(305,975	)		81,478			(224,497	)		(312,344	)		44,729			(267,615	)
Foreign exchange losses		20,293			—			20,293			3,157			—			3,157
End of period [a]	$	5,814,208		$	(1,426,313	)	$	4,387,895		$	5,186,191		$	(1,401,893	)	$	3,784,298

[a] As at March 31, 2008, the gross reserve for losses and loss expenses included IBNR of $3,992 million, or 69%, of total gross reserves for loss and loss expenses. As at December 31, 2007, the comparable amount was $3,890 million, or 70%.

15

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENT

	Quarter ended March 31, 2008									Quarter ended March 31, 2007
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross losses paid	$	201,488		$	104,487		$	305,975		$	181,854		$	130,490		$	312,344
Reinsurance recoveries received		(81,478	)		—			(81,478	)		(44,729	)		—			(44,729	)
Net losses paid		120,010			104,487			224,497			137,125			130,490			267,615
Change in:
Reported case reserves		92,709			12,029			104,738			(81,327	)		(50,972	)		(132,299	)
IBNR		14,703			87,163			101,866			171,237			128,983			300,220
Reinsurance recoveries on unpaid loss and loss expense reserves		(67,972	)		(1,448	)		(69,420	)		(41,084	)		(1,655	)		(42,739	)
TOTAL NET INCURRED LOSSES AND LOSS EXPENSES	$	159,450		$	202,231		$	361,681		$	185,951		$	206,846		$	392,797
Gross reserve for losses and loss expenses	$	3,442,804		$	2,371,404		$	5,814,208		$	3,260,711		$	1,925,480		$	5,186,191
Prior years net favorable reserve development	$	54,580		$	33,531		$	88,111		$	28,727		$	37,237		$	65,964
Key Ratios
Net paid to net incurred percentage		75.3	%		51.7	%		62.1	%		73.7	%		63.1	%		68.1	%
Net paid losses / Net premiums earned		40.0	%		29.1	%		34.1	%		43.5	%		35.2	%		39.0	%
Change in net loss and loss expense reserves / Net premiums earned		13.2	%		27.2	%		20.8	%		15.5	%		20.6	%		18.3	%
Net loss and loss expense ratio		53.2	%		56.3	%		54.9	%		59.0	%		55.8	%		57.3	%

16

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE

	Quarter ended
	Q1 2008			Q4 2007			Q3 2007			Q2 2007			Q1 2007			Q1 2006
Gross losses paid	$	201,488		$	239,712		$	126,883		$	184,760		$	181,854		$	189,531
Reinsurance recoveries received		(81,478	)		(98,388	)		(48,874	)		(170,522	)		(44,729	)		(87,081	)
Net losses paid		120,010			141,324			78,009			14,238			137,125			102,450
Change in:
Reported case reserves		92,709			(9,888	)		1,976			(75,880	)		(81,327	)		(46,694	)
IBNR		14,703			(17,802	)		39,379			133,548			171,237			69,534
Reinsurance recoveries on unpaid loss and loss expense reserves		(67,972	)		(11,982	)		(6,272	)		61,662			(41,084	)		30,880
TOTAL NET INCURRED LOSSES AND LOSS EXPENSES	$	159,450		$	101,652		$	113,092		$	133,568		$	185,951		$	156,170
Gross reserve for losses and loss expenses	$	3,442,804		$	3,333,743		$	3,363,368		$	3,319,952		$	3,260,711		$	3,087,144
Prior years net favorable reserve development	$	54,580		$	70,870		$	58,607		$	55,814		$	28,727		$	65,947
Key Ratios
Net paid to net incurred percentage		75.3	%		139.0	%		69.0	%		10.7	%		73.7	%		65.6	%
Net paid losses / Net premiums earned		40.0	%		48.2	%		25.8	%		4.8	%		43.5	%		31.7	%
Change in Net loss and loss expense reserves / Net premiums earned		13.2	%		(13.5	%)		11.6	%		40.0	%		15.5	%		16.7	%
Net loss and loss expense ratio		53.2	%		34.7	%		37.5	%		44.8	%		59.0	%		48.4	%

17

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTERLY

	Quarter ended
	Q1 2008			Q4 2007			Q3 2007			Q2 2007			Q1 2007			Q1 2006
Gross losses paid	$	104,487		$	103,817		$	105,316		$	117,057		$	130,490		$	151,409
Reinsurance recoveries received		—			—			(738	)		(2,250	)		—			(8,875	)
Net losses paid		104,487			103,817			104,578			114,807			130,490			142,534
Change in:
Reported case reserves		12,029			162			49,528			3,854			(50,972	)		91,098
IBNR		87,163			85,058			61,779			103,974			128,983			(42,867	)
Reinsurance recoveries on unpaid loss and loss expense reserves		(1,448	)		(143	)		(784	)		2,520			(1,655	)		11,723
TOTAL NET INCURRED LOSSES AND LOSS EXPENSES	$	202,231		$	188,894		$	215,101		$	225,155		$	206,846		$	202,488
Reserve for losses and loss expenses	$	2,371,404		$	2,253,568		$	2,168,011		$	2,040,112		$	1,925,480		$	1,726,372
Prior years net favorable reserve development	$	33,531		$	21,131		$	23,585		$	41,006		$	37,237		$	(4,877	)
Key Ratios
Net paid to net incurred percentage		51.7	%		55.0	%		48.6	%		51.0	%		63.1	%		70.4	%
Net paid losses / Net premiums earned		29.1	%		27.6	%		27.2	%		29.0	%		35.2	%		45.8	%
Change in Net loss and loss expense reserves / Net premiums earned		27.2	%		22.6	%		28.8	%		27.9	%		20.6	%		19.3	%
Net loss and loss expense ratio		56.3	%		50.2	%		56.0	%		56.9	%		55.8	%		65.1	%

18

AXIS Capital Holdings Limited

EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, GAAP

	Quarter ended March 31,
	2008		2007
Net income available to common shareholders	$	237,722	$	227,579
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average basic shares outstanding		143,239		150,433
Dilutive share equivalents:
Warrants		13,160		12,384
Options		2,258		2,192
Restricted stock		1,527		1,026
Weighted average diluted shares outstanding		160,184		166,035
EARNINGS PER COMMON SHARE
Basic	$	1.66	$	1.51
Diluted	$	1.48	$	1.37

19

AXIS Capital Holdings Limited

DILUTED BOOK VALUE PER COMMON SHARE - TREASURY STOCK METHOD ^[a]

	As at
	March 31, 2008			December 31, 2007
Closing price per share	$	33.98		$	38.97
Shareholders’ equity	$	5,371,422		$	5,158,622
Less: preferred equity		(500,000	)		(500,000	)
Common shareholders’ equity		4,871,422			4,658,622
Basic common shares outstanding		144,590			142,520
Book value per common share	$	33.69		$	32.69
Diluted book value per common share
Common shareholders’ equity	$	4,871,422		$	4,658,622
Basic common shares outstanding		144,590			142,520
add in:
warrants outstanding [b]		19,659			19,651
options outstanding [c]		3,218			4,810
restricted stock outstanding		4,255			3,312
phantom stock units		64			53
less:
warrants bought back via treasury method		(7,186	)		(6,263	)
options bought back via treasury method		(2,020	)		(2,278	)
Diluted common shares outstanding		162,580			161,805
Diluted book value per common share	$	29.96		$	28.79

[a] This method assumes that proceeds received upon exercise of options and warrants will be used to repurchase our common shares at the closing market price. Unvested restricted stock is also added to determine the diluted common shares outstanding.

[b] The weighted average exercise price per share at March 31, 2008 and December 31, 2007 was $12.42 and $12.43 respectively.

[c] The weighted average exercise price per share at March 31, 2008 and December 31, 2007 was $21.33 and $18.75 respectively.

20