Exhibit 99.2

AXIS Capital Holdings Limited

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2010

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)
	Basis of Presentation		i - iii
I.	Financial Highlights		1
II.	Income Statements
	a. Consolidated Statements of Income - Quarterly		2
	b. Consolidated Statements of Income - Year		3
	c. Consolidated Segment Data		4
	d. Gross Premium Written by Segment by Line of Business		5
	e. Segment Consecutive Quarters		6-7
III.	Balance Sheets
	a. Consolidated Balance Sheets		8
	b. Cash and Invested Assets*		9
	c. Cash and Invested Assets Composition - Quarterly		10
	d. Investment Portfolio: Ten Largest Issuer Holdings in Fixed Maturity Portfolio		11
	e. Net Investment Income		12
	f. 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
	d. 2010 Impact of Major Catastrophe Events		19
	e. Estimated Exposures to Peak Zone Property Catastrophe Losses		20
V.	Share Analysis
	a. Earnings Per Common Share Analysis - As Reported, GAAP		21
	b. Earnings Per Common Share Analysis and Common Share Rollforward - Quarterly		22
	c. Diluted Book Value Per Common Share Analysis		23
VI.	Non-GAAP Financial Measures
	a. Non-GAAP Financial Measure Reconciliation		24

* Refer also to Investment Portfolio Supplemental Information and Data for more details.

AXIS Capital Holdings Limited

BASIS OF PRESENTATION

DEFINITIONS AND PRESENTATION

• Unless otherwise noted, all data is in thousands, except for per share amounts and ratio information.

• All financial information contained herein is unaudited, except for the consolidated balance sheets at December 31, 2009 and December 31, 2008 and consolidated statements of income for the years then ended.

• Amounts may not reconcile exactly due to rounding differences.

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

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 catastrophes and other large losses, measurements of potential losses in the fair market value of our investment portfolio, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity prices, credit spreads and foreign currency rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

• the occurrence of natural and man-made disasters,

• actual claims exceeding our loss reserves,

• general economic, capital and credit market conditions and the persistence of the recent financial crisis,

• the failure of any of the loss limitation methods we employ,

• the effects of emerging claims and coverage issues,

• the failure of our cedants to adequately evaluate risks,

• inability to obtain additional capital on favorable terms, or at all,

• the loss of one or more key executives,

• a decline in our ratings with rating agencies,

• loss of business provided to us by our major brokers,

• changes in accounting policies or practices,

• changes in governmental regulations,

• increased competition,

• changes in the political environment of certain countries in which we operate or underwrite business, and

• fluctuations in interest rates, credit spreads, equity prices and/or currency values.

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

i

AXIS Capital Holdings Limited

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

Our insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The following are the lines of business in our insurance segment:

Property: provides physical loss or damage, business interruption and machinery breakdown coverage for virtually all types of property, including commercial buildings, residential premises, construction projects and onshore energy installations. This line of business consists of both primary and excess risks, some of which are catastrophe-exposed.

Marine: provides coverage for traditional marine classes, including offshore energy, cargo, liability, recreational marine, fine art, specie, hull and war. Offshore energy coverages include physical damage, business interruption, operators extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.

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

Aviation: provides hull and liability and specific war coverage primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.

Credit and political risk: provides credit and political risk insurance products for banks and corporations. Coverage is provided for a range of risks including sovereign default, credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events. The credit insurance coverage is primarily for lenders seeking to mitigate the risk of non-payment from their borrowers in emerging markets. For the credit insurance contracts, it is necessary for the buyer of the insurance (most often a bank) to hold an insured asset (most often an underlying loan) in order to claim compensation under the insurance contract. The traditional political risk coverage provides protection against sovereign actions that result in the impairment of cross-border investments for banks and major corporations (known as “CEND” coverages).

Professional lines: provides coverage for directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity and other financial insurance related coverages for commercial enterprises, financial institutions and not-for-profit organizations. This business is predominantly written on a claims-made basis.

Liability: primarily targets primary and low/mid-level excess and umbrella commercial liability risks in the U.S. excess and surplus lines markets. Target industry sectors include construction, manufacturing, transportation and trucking and other services.

Other: commencing in Q1 2010, “Other” primarily relates to accidental death and sickness insurance for employer and affinity groups, financial institutions, schools and colleges, as well as accident reinsurance for catastrophic events on a quota share or excess basis, with aggregate and/or per person deductibles. Prior to this, “Other” related primarily to employee medical coverage for self-insured, small and medium sized employers, for losses in excess of a given retention.

ii

AXIS Capital Holdings Limited

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides non-life reinsurance to insurance companies on a worldwide basis. The following are the lines of business in our reinsurance segment:

Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. 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.

Property: includes reinsurance written on both a proportional and a per risk excess of loss basis and covers underlying personal lines and commercial property exposures. Here the primary reason for the product is not simply to protect against catastrophic perils, however they are normally included with limitations.

Professional Liability: covers directors’ and officers’ liability, employment practices liability, medical malpractice, lawyers’ and accountants’ liability, environmental liability and miscellaneous errors and omissions insurance risks. The underlying business is predominantly written on a claims-made basis. Business is written on both a proportional and excess of loss basis.

Credit and Bond: consists 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 in the event of a payment default by the buyer of those goods and services. Also included in this line of business is coverage for 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.

Motor: provides coverage to cedants for motor liability and, to a lesser degree, property damage 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 business, excess and surplus casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, although workers compensation and auto liability are also written.

Engineering: provides coverage for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes coverage for losses arising from operational failures of machinery, plant and equipment and electronic equipment as well as business interruption.

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

iii

AXIS Capital Holdings Limited

FINANCIAL HIGHLIGHTS

		Quarter ended December 31,									Year ended December 31,
		2010			2009			Change			2010			2009			Change
HIGHLIGHTS	Gross premiums written	$	634,774		$	573,845			10.6	%	$	3,750,536		$	3,587,295			4.6	%
	Gross premiums written - Insurance		78.3	%		82.0	%		(3.7	) pts		51.1	%		49.5	%		1.6	pts
	Gross premiums written - Reinsurance		21.7	%		18.0	%		3.7	pts		48.9	%		50.5	%		(1.6	) pts
	Net premiums written	$	488,644		$	357,971			36.5	%	$	3,147,540		$	2,816,429			11.8	%
	Net premiums earned	$	757,318		$	713,610			6.1	%	$	2,947,410		$	2,791,764			5.6	%
	Net premiums earned - Insurance		43.4	%		42.7	%		0.7	pts		40.9	%		41.5	%		(0.6	) pts
	Net premiums earned - Reinsurance		56.6	%		57.3	%		(0.7	) pts		59.1	%		58.5	%		0.6	pts
	Net income available to common shareholders	$	264,343			282,063			(6.3	)%	$	819,848			461,011			77.8	%
	Operating income [a]		187,345			276,238			(32.2	)%		626,724			766,241			(18.2	)%
	Reserve for losses and loss expenses		7,032,375			6,564,133			7.1	%		7,032,375			6,564,133			7.1	%
	Total shareholders’ equity		5,624,970			5,500,244			2.3	%		5,624,970			5,500,244			2.3	%
PER COMMON SHARE AND	Basic earnings per common share	$	2.26		$	2.07			9.1	%	$	6.74		$	3.36			100.4	%
COMMON SHARE DATA	Diluted earnings per common share	$	1.99		$	1.87			6.4	%	$	6.02		$	3.07			96.1	%
	Operating diluted earnings per common share [b]	$	1.41		$	1.83			(23.0	)%	$	4.60		$	5.10			(9.8	)%
	Weighted average common shares outstanding		117,101			136,049			(13.9	)%		121,728			137,279			(11.3	)%
	Diluted weighted average common shares outstanding		132,799			150,718			(11.9	)%		136,199			150,371			(9.4	)%
	Book value per common share	$	45.60		$	37.84			20.5	%	$	45.60		$	37.84			20.5	%
	Diluted book value per common share (treasury stock method)	$	39.37		$	33.65			17.0	%	$	39.37		$	33.65			17.0	%
	Accumulated dividends paid per common share	$	4.73		$	3.89			21.6	%	$	4.73		$	3.89			21.6	%
FINANCIAL RATIOS	ROACE [c]		20.2	%		22.8	%		(2.6	) pts		16.2	%		10.3	%		5.9	pts
	Operating ROACE [b]		14.3	%		22.3	%		(8.0	) pts		12.4	%		17.1	%		(4.7	) pts
	Net loss and loss expense ratio		50.6	%		48.6	%		2.0	pts		56.9	%		51.0	%		5.9	pts
	Acquisition cost ratio		16.4	%		14.3	%		2.1	pts		16.6	%		15.1	%		1.5	pts
	General and administrative expense ratio		18.6	%		14.6	%		4.0	pts		15.2	%		13.2	%		2.0	pts
	Combined ratio		85.6	%		77.5	%		8.1	pts		88.7	%		79.3	%		9.4	pts
INVESTMENT DATA	Total assets	$	16,445,731		$	15,306,524			7.4	%	$	16,445,731		$	15,306,524			7.4	%
	Total cash and invested assets [d]		12,645,634			11,588,457			9.1	%		12,645,634			11,588,457			9.1	%
	Net investment income		107,889			118,178			(8.7	)%		406,892			464,478			(12.4	)%
	Net realized investment gains (losses)		77,772			6,056			nm			195,098			(311,584	)		nm
	Total return on cash and investments [e]		(0.3	)%		1.1	%		nm			5.5	%		8.5	%		(3.0	) pts
	Return on other investments [f]		4.9	%		4.5	%		0.4	pts		12.1	%		15.8	%		(3.7	) pts
	Book yield of fixed maturities		3.3	%		3.9	%		(0.6	) pts		3.3	%		3.9	%		(0.6	) pts

[a] Operating income is a “Non-GAAP financial measure” as defined by Regulation G. See page 24 for reconciliation of operating income to net income available to common shareholders.

[b] Operating return on average common equity (“ROACE”), also a “Non-GAAP financial measure”, is calculated by dividing operating income 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. Operating income for the quarter-periods is annualized. Operating diluted earnings per share is calculated by dividing operating income for the period by weighted average common shares and share equivalents.

[c] 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. Net income for the quarter-periods is annualized.

[d] Cash and invested assets represents the total cash, available for sale investments, other investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).

[e] 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 month-end cash and investment balances.

[f] Return on other investments is calculated by dividing other investment income by the average month-end other investment balances for the period.

nm not meaningful

1

AXIS Capital Holdings Limited

CONSOLIDATED STATEMENTS OF INCOME - QUARTERLY

	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q4 2008
UNDERWRITING REVENUES
Gross premiums written	$	634,774		$	750,687		$	939,873		$	1,425,201		$	573,845		$	526,755
Premiums ceded		(146,130	)		(124,365	)		(150,935	)		(181,566	)		(215,874	)		(187,282	)
Net premiums written		488,644			626,322			788,938			1,243,635			357,971			339,473
Gross premiums earned		917,480			920,954			905,137			888,607			912,520			830,975
Ceded premiums amortized		(160,162	)		(162,081	)		(170,110	)		(192,415	)		(198,910	)		(172,689	)
Net premiums earned		757,318			758,873			735,027			696,192			713,610			658,286
Other insurance related income (loss)		345			884			217			626			29,713			(19,594	)
Total underwriting revenues		757,663			759,757			735,244			696,818			743,323			638,692
UNDERWRITING EXPENSES
Net losses and loss expenses		383,345			422,154			403,370			468,262			346,512			273,837
Acquisition costs		124,098			123,788			124,176			116,649			101,787			83,916
General and administrative expenses		117,674			86,439			86,862			83,461			79,507			65,437
Total underwriting expenses		625,117			632,381			614,408			668,372			527,806			423,190
UNDERWRITING INCOME		132,546			127,376			120,836			28,446			215,517			215,502
OTHER OPERATING REVENUE (EXPENSES)
Net investment income (loss)		107,889			111,800			82,584			104,619			118,178			(26,012	)
Net realized investment gains (losses)		77,772			76,531			24,619			16,176			6,056			(33,425	)
Interest expense and financing costs		(15,690	)		(15,800	)		(15,697	)		(8,688	)		(8,162	)		(7,884	)
Total other operating revenues (expenses)		169,971			172,531			91,506			112,107			116,072			(67,321	)
OTHER (EXPENSES) REVENUE
Foreign exchange (losses) gains		5,120			(24,961	)		27,229			8,147			2,018			22,347
Corporate expenses [a]		(22,946	)		(16,996	)		(19,200	)		(16,308	)		(25,135	)		(21,896	)
Total other (expenses) revenue		(17,826	)		(41,957	)		8,029			(8,161	)		(23,117	)		451
INCOME BEFORE INCOME TAXES		284,691			257,950			220,371			132,392			308,472			148,632
Income tax expense		(11,129	)		(9,890	)		(6,300	)		(11,361	)		(17,190	)		(8,555	)
NET INCOME		273,562			248,060			214,071			121,031			291,282			140,077
Preferred share dividends		(9,219	)		(9,218	)		(9,219	)		(9,219	)		(9,219	)		(9,219	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	264,343		$	238,842		$	204,852		$	111,812		$	282,063		$	130,858
KEY RATIOS/PER SHARE DATA
Net loss and loss expense ratio		50.6	%		55.6	%		54.9	%		67.3	%		48.6	%		41.6	%
Acquisition cost ratio		16.4	%		16.3	%		16.9	%		16.7	%		14.3	%		12.7	%
General and administrative expense ratio [a]		18.6	%		13.7	%		14.4	%		14.3	%		14.6	%		13.3	%
Combined ratio		85.6	%		85.6	%		86.2	%		98.3	%		77.5	%		67.6	%
Weighted average basic shares outstanding		117,101			120,091			121,766			128,202			136,049			136,433
Weighted average diluted shares outstanding		132,799			134,406			135,665			142,176			150,718			149,363
Basic earnings per common share	$	2.26		$	1.99		$	1.68		$	0.87		$	2.07		$	0.96
Diluted earnings per common share	$	1.99		$	1.78		$	1.51		$	0.79		$	1.87		$	0.88
ROACE (annualized)		20.2	%		18.5	%		16.6	%		9.1	%		22.8	%		13.0	%
Operating ROACE (annualized)		14.3	%		12.6	%		14.6	%		7.7	%		22.3	%		16.2	%

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

2

AXIS Capital Holdings Limited

CONSOLIDATED STATEMENTS OF INCOME - YTD

	Year ended December 31,
	2010			2009			2008
UNDERWRITING REVENUES
Gross premiums written	$	3,750,536		$	3,587,295		$	3,390,388
Premiums ceded		(602,996	)		(770,866	)		(723,508	)
Net premiums written		3,147,540			2,816,429			2,666,880
Gross premiums earned		3,632,177			3,540,298			3,374,076
Ceded premiums amortized		(684,767	)		(748,534	)		(686,895	)
Net premiums earned		2,947,410			2,791,764			2,687,181
Other insurance related income (loss)		2,073			(129,681	)		(38,667	)
Total underwriting revenues		2,949,483			2,662,083			2,648,514
UNDERWRITING EXPENSES
Net losses and loss expenses		1,677,132			1,423,872			1,712,766
Acquisition costs		488,712			420,495			366,509
General and administrative expenses		374,436			293,081			262,571
Total underwriting expenses		2,540,280			2,137,448			2,341,846
UNDERWRITING INCOME		409,203			524,635			306,668
OTHER OPERATING REVENUE (EXPENSES)
Net investment income		406,892			464,478			247,237
Net realized investment gains (losses)		195,098			(311,584	)		(85,267	)
Interest expense and financing costs		(55,876	)		(32,031	)		(31,673	)
Total other operating revenues		546,114			120,863			130,297
OTHER (EXPENSES) REVENUE
Foreign exchange (losses) gains		15,535			(28,561	)		43,707
Corporate expenses [a]		(75,449	)		(77,076	)		(73,187	)
Total other expenses		(59,914	)		(105,637	)		(29,480	)
INCOME BEFORE INCOME TAXES		895,403			539,861			407,485
Income tax expense		(38,680	)		(41,975	)		(20,109	)
NET INCOME		856,723			497,886			387,376
Preferred share dividends		(36,875	)		(36,875	)		(36,875	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	819,848		$	461,011		$	350,501
KEY RATIOS/PER SHARE DATA
Net loss and loss expense ratio		56.9	%		51.0	%		63.7	%
Acquisition cost ratio		16.6	%		15.1	%		13.6	%
General and administrative expense ratio [a]		15.2	%		13.2	%		12.5	%
Combined ratio		88.7	%		79.3	%		89.8	%
Weighted average basic shares outstanding		121,728			137,279			140,322
Weighted average diluted shares outstanding		136,199			150,371			155,320
Basic earnings per common share	$	6.74		$	3.36		$	2.50
Diluted earnings per common share	$	6.02		$	3.07		$	2.26
ROACE		16.2	%		10.3	%		8.1	%
Operating ROACE		12.4	%		17.1	%		10.1	%

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

3

AXIS Capital Holdings Limited

CONSOLIDATED SEGMENT DATA

	Quarter ended December 31, 2010									Year ended December 31, 2010
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	496,744		$	138,030		$	634,774		$	1,916,116		$	1,834,420		$	3,750,536
Net premiums written		349,250			139,394			488,644			1,332,220			1,815,320			3,147,540
Gross premiums earned		485,188			432,291			917,479			1,872,014			1,760,163			3,632,177
Ceded premiums amortized		(156,813	)		(3,348	)		(160,161	)		(665,521	)		(19,246	)		(684,767	)
Net premiums earned		328,375			428,943			757,318			1,206,493			1,740,917			2,947,410
Other insurance related income		345			—			345			2,073			—			2,073
Total underwriting revenues		328,720			428,943			757,663			1,208,566			1,740,917			2,949,483
UNDERWRITING EXPENSES
Net losses and loss expenses		132,811			250,534			383,345			569,869			1,107,263			1,677,132
Acquisition costs		41,553			82,545			124,098			152,223			336,489			488,712
General and administrative expenses		86,633			31,041			117,674			276,435			98,001			374,436
Total underwriting expenses		260,997			364,120			625,117			998,527			1,541,753			2,540,280
UNDERWRITING INCOME	$	67,723		$	64,823		$	132,546		$	210,039		$	199,164		$	409,203
KEY RATIOS
Net loss and loss expense ratio		40.4	%		58.4	%		50.6	%		47.2	%		63.6	%		56.9	%
Acquisition cost ratio		12.7	%		19.2	%		16.4	%		12.6	%		19.3	%		16.6	%
General and administrative expense ratio		26.4	%		7.3	%		15.6	%		23.0	%		5.7	%		12.7	%
Corporate expense ratio								3.0	%								2.5	%
Combined ratio		79.5	%		84.9	%		85.6	%		82.8	%		88.6	%		88.7	%

4

AXIS Capital Holdings Limited

GROSS PREMIUM WRITTEN BY SEGMENT BY LINE OF BUSINESS

																Year ended December 31,
	Q4 2010		Q3 2010		Q2 2010		Q1 2010			Q4 2009			Q4 2008			2010		2009
INSURANCE SEGMENT
Property	$	125,285	$	150,123	$	207,184	$	118,214		$	121,860		$	99,413		$	600,806	$	551,536
Marine		33,556		46,403		77,996		66,859			32,618			22,625			224,814		200,867
Terrorism		7,047		8,029		17,079		5,091			12,330			6,215			37,246		36,023
Aviation		44,118		9,891		18,649		3,136			40,857			29,825			75,794		76,198
Credit and political risk		13,169		10,754		9,444		(2,698	)		16,639			38,012			30,669		19,450
Professional lines		208,400		156,276		219,432		127,945			184,491			180,945			712,053		671,618
Liability		62,266		50,448		61,817		53,716			61,951			71,467			228,247		219,869
Other		2,903		1,626		1,292		666			—			439			6,487		29
TOTAL INSURANCE SEGMENT		496,744		433,550		612,893		372,929			470,746			448,941			1,916,116		1,775,590
REINSURANCE SEGMENT
Catastrophe		8,631		92,479		124,168		227,781			9,448			9,298			453,059		466,566
Property		27,424		73,080		75,527		178,498			11,993			3,609			354,528		326,728
Professional lines		66,106		56,963		58,368		106,799			59,546			52,208			288,236		328,509
Credit and bond		5,997		17,527		2,532		228,073			9,556			5,610			254,130		223,564
Motor		9,408		11,872		9,289		118,114			(2,168	)		1,033			148,683		104,850
Liability		11,565		56,437		36,680		133,379			7,979			(2,212	)		238,062		272,702
Engineering		8,443		7,424		7,972		44,376			5,434			4,856			68,215		61,518
Other		456		1,355		12,444		15,252			1,311			3,412			29,507		27,268
TOTAL REINSURANCE SEGMENT		138,030		317,137		326,980		1,052,272			103,099			77,814			1,834,420		1,811,705
CONSOLIDATED TOTAL	$	634,774	$	750,687	$	939,873	$	1,425,201		$	573,845		$	526,755		$	3,750,536	$	3,587,295

5

AXIS Capital Holdings Limited

INSURANCE SEGMENT DATA - QUARTERLY

	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q4 2008
UNDERWRITING REVENUES
Gross premiums written	$	496,744		$	433,550		$	612,893		$	372,929		$	470,746		$	448,941
Net premiums written		349,250			309,277			466,880			206,812			260,129			260,934
Gross premiums earned		485,188			477,149			466,627			443,050			494,580			461,931
Ceded premiums amortized		(156,813	)		(156,965	)		(164,975	)		(186,769	)		(189,849	)		(169,346	)
Net premiums earned		328,375			320,184			301,652			256,281			304,731			292,585
Other insurance related income (loss)		345			884			217			626			29,713			(19,789	)
Total underwriting revenues		328,720			321,068			301,869			256,907			334,444			272,796
UNDERWRITING EXPENSES
Net losses and loss expenses		132,811			150,860			155,494			130,703			161,551			109,945
Acquisition costs		41,553			38,962			40,567			31,141			29,065			17,677
General and administrative expenses		86,633			64,147			64,045			61,610			57,895			48,560
Total underwriting expenses		260,997			253,969			260,106			223,454			248,511			176,182
UNDERWRITING INCOME	$	67,723		$	67,099		$	41,763		$	33,453		$	85,933		$	96,614
KEY RATIOS
Net loss and loss expense ratio		40.4	%		47.1	%		51.6	%		51.0	%		53.0	%		37.6	%
Acquisition cost ratio		12.7	%		12.2	%		13.4	%		12.2	%		9.6	%		6.0	%
General and administrative expense ratio		26.4	%		20.0	%		21.2	%		24.0	%		19.0	%		16.6	%
Combined ratio		79.5	%		79.3	%		86.2	%		87.2	%		81.6	%		60.2	%

6

AXIS Capital Holdings Limited

REINSURANCE SEGMENT DATA - QUARTERLY

	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q4 2008
UNDERWRITING REVENUES
Gross premiums written	$	138,030		$	317,137		$	326,980		$	1,052,272		$	103,099		$	77,814
Net premiums written		139,394			317,045			322,058			1,036,823			97,842			78,539
Gross premiums earned		432,291			443,805			438,510			445,557			417,940			369,044
Ceded premiums amortized		(3,348	)		(5,116	)		(5,135	)		(5,646	)		(9,061	)		(3,343	)
Net premiums earned		428,943			438,689			433,375			439,911			408,879			365,701
Other insurance related income		—			—			—			—			—			195
Total underwriting revenues		428,943			438,689			433,375			439,911			408,879			365,896
UNDERWRITING EXPENSES
Net losses and loss expenses		250,534			271,294			247,876			337,559			184,961			163,892
Acquisition costs		82,545			84,826			83,609			85,508			72,722			66,239
General and administrative expenses		31,041			22,292			22,817			21,851			21,612			16,877
Total underwriting expenses		364,120			378,412			354,302			444,918			279,295			247,008
UNDERWRITING INCOME (LOSS)	$	64,823		$	60,277		$	79,073		$	(5,007	)	$	129,584		$	118,888
KEY RATIOS
Net loss and loss expense ratio		58.4	%		61.8	%		57.2	%		76.7	%		45.2	%		44.8	%
Acquisition cost ratio		19.2	%		19.4	%		19.3	%		19.4	%		17.8	%		18.1	%
General and administrative expense ratio		7.3	%		5.1	%		5.3	%		5.0	%		5.3	%		4.6	%
Combined ratio		84.9	%		86.3	%		81.8	%		101.1	%		68.3	%		67.5	%

7

AXIS Capital Holdings Limited

CONSOLIDATED BALANCE SHEETS

	Dec 31, 2010			Sep 30, 2010			Jun 30, 2010			Mar 31, 2010			Dec 31, 2009			Dec 31, 2008
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	10,482,897		$	10,664,824		$	10,064,335		$	9,649,199		$	9,718,355		$	7,750,654
Equities, available for sale, at fair value		349,254			251,005			201,173			201,920			204,375			107,283
Other investments, at fair value		519,296			533,072			547,873			538,917			570,276			492,082
Short-term investments, at amortized cost		172,719			129,042			131,104			143,937			129,098			261,879
Total investments		11,524,166			11,577,943			10,944,485			10,533,973			10,622,104			8,611,898
Cash and cash equivalents		1,045,355			1,205,393			1,197,543			1,510,027			864,054			1,820,673
Accrued interest receivable		96,364			92,758			94,686			84,407			89,559			79,232
Insurance and reinsurance premium balances receivable		1,343,665			1,536,944			1,722,586			1,708,400			1,292,877			1,185,785
Reinsurance recoverable on paid and unpaid losses		1,577,547			1,551,612			1,545,080			1,445,918			1,424,172			1,378,630
Deferred acquisition costs		359,300			402,887			419,191			420,283			302,320			273,096
Prepaid reinsurance premiums		221,396			234,850			271,700			291,382			301,885			279,553
Securities lending collateral		—			—			107,167			86,975			129,814			412,823
Net receivable for investments sold		—			—			—			—			12,740			—
Goodwill and intangible assets		103,231			89,744			90,473			91,217			91,505			60,417
Other assets		174,707			154,399			165,369			156,588			175,494			180,727
TOTAL ASSETS	$	16,445,731		$	16,846,530		$	16,558,280		$	16,329,170		$	15,306,524		$	14,282,834
LIABILITIES
Reserve for losses and loss expenses	$	7,032,375		$	6,934,528		$	6,718,776		$	6,759,522		$	6,564,133		$	6,244,783
Unearned premiums		2,333,676			2,614,239			2,781,101			2,748,283			2,209,397			2,162,401
Insurance and reinsurance balances payable		164,927			123,127			199,463			144,679			173,156			202,145
Securities lending payable		—			—			107,167			87,975			132,815			415,197
Senior notes		994,110			993,976			993,843			993,712			499,476			499,368
Other liabilities		275,422			240,338			182,959			215,835			227,303			233,082
Net payable for investments purchased		20,251			91,384			79,669			3,145			—			64,817
TOTAL LIABILITIES		10,820,761			10,997,592			11,062,978			10,953,151			9,806,280			9,821,793
SHAREHOLDERS’ EQUITY
Series A and B preferred shares		500,000			500,000			500,000			500,000			500,000			500,000
Common shares		1,934			1,931			1,930			1,929			1,903			1,878
Additional paid-in capital		2,059,708			2,046,297			2,038,158			2,027,950			2,014,815			1,962,779
Accumulated other comprehensive income (loss)		176,821			371,625			221,856			165,455			85,633			(706,499	)
Retained earnings		4,267,608			4,033,018			3,824,111			3,649,770			3,569,411			3,198,492
Treasury shares, at cost		(1,381,101	)		(1,103,933	)		(1,090,753	)		(969,085	)		(671,518	)		(495,609	)
TOTAL SHAREHOLDERS’ EQUITY		5,624,970			5,848,938			5,495,302			5,376,019			5,500,244			4,461,041
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	16,445,731		$	16,846,530		$	16,558,280		$	16,329,170		$	15,306,524		$	14,282,834
Basic common shares outstanding		112,393			119,958			120,254			124,155			132,140			136,212
Diluted common shares outstanding		130,189			137,115			136,613			141,076			148,596			153,588
Book value per common share	$	45.60		$	44.59		$	41.54		$	39.27		$	37.84		$	29.08
Diluted book value per common share	$	39.37		$	39.01		$	36.57		$	34.56		$	33.65		$	25.79
Debt (Senior notes) to total capital [a]		15.0	%		14.5	%		15.3	%		15.6	%		8.3	%		10.1	%
Debt plus preferred shares to total capital		22.6	%		21.8	%		23.0	%		23.5	%		16.7	%		20.1	%

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

8

AXIS Capital Holdings Limited

CASH AND INVESTED ASSETS

At December 31, 2010

	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value			Percentage
Fixed Maturities, available for sale
U.S. government and agency	$	856,711	$	7,101	$	(3,692	)	$	860,120			7	%
Non-U.S. government		777,236		9,321		(13,759	)		772,798			6	%
Corporate debt		4,054,048		144,956		(36,096	)		4,162,908			33	%
Agency MBS [a]		2,571,124		43,160		(20,702	)		2,593,582			20	%
Non-Agency CMBS		454,288		21,998		(1,501	)		474,785			4	%
Non-Agency RMBS		252,460		3,287		(11,545	)		244,202			2	%
ABS		668,037		8,856		(15,050	)		661,843			5	%
Municipals		712,339		11,870		(11,550	)		712,659			6	%
Total fixed maturities		10,346,243		250,549		(113,895	)		10,482,897			83	%
Equities, available for sale		327,207		26,761		(4,714	)		349,254			3	%
Total available for sale investments	$	10,673,450	$	277,310	$	(118,609	)		10,832,151			86	%
Other investments (see below)									519,296			4	%
Short-term investments									172,719			1	%
Total investments									11,524,166			91	%
Cash and cash equivalents [b]									1,045,355			8	%
Accrued interest receivable									96,364			1	%
Net receivable/(payable) for investments sold (purchased)									(20,251	)		—
Total Cash and Invested Assets								$	12,645,634			100	%
								Fair Value			Percentage
Other Investments:
Hedge funds								$	358,277			69	%
Credit funds									104,756			20	%
Collateralized loan obligations - equity tranches									56,263			11	%
Total								$	519,296			100	%

[a] Agency motgage-backed securities include both agency RMBS and agency CMBS.

[b] Includes $116 million of restricted cash and cash equivalents.

9

AXIS Capital Holdings Limited

CASH AND INVESTED ASSETS COMPOSITION - QUARTERLY

	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009
	Fair Value %			Fair Value %			Fair Value %			Fair Value %			Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities:
U.S. government and agency		6.8	%		10.7	%		11.7	%		11.0	%		16.0	%
Non-U.S. government		6.1	%		6.2	%		6.2	%		5.6	%		6.0	%
Corporate debt		32.9	%		33.7	%		33.4	%		31.9	%		30.9	%
MBS
Agency MBS		20.5	%		16.4	%		14.0	%		14.0	%		13.5	%
Non-agency CMBS		3.8	%		3.9	%		5.0	%		5.6	%		5.6	%
Non-agency RMBS		1.9	%		1.7	%		1.7	%		1.6	%		1.9	%
ABS		5.2	%		5.2	%		5.1	%		4.4	%		3.8	%
Municipals		5.6	%		5.6	%		5.2	%		5.4	%		6.0	%
Total Fixed Maturities		82.8	%		83.4	%		82.3	%		79.5	%		83.7	%
Equities		2.8	%		2.0	%		1.7	%		1.7	%		1.8	%
Other investments		4.1	%		4.2	%		4.5	%		4.4	%		4.9	%
Short-term investments		1.4	%		1.0	%		1.1	%		1.2	%		1.0	%
Total investments		91.1	%		90.6	%		89.6	%		86.8	%		91.4	%
Cash and cash equivalents		8.3	%		9.4	%		9.9	%		12.4	%		7.5	%
Accrued interest receivable		0.8	%		0.7	%		1.2	%		0.8	%		1.0	%
Net receivable/(payable) for investments sold or purchased		(0.2	)%		(0.7	)%		(0.7	)%		—			0.1	%
Total Cash and Invested Assets		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
	Fair Value %			Fair Value %			Fair Value %			Fair Value %			Fair Value %
CREDIT QUALITY
Cash and cash equivalents		8.9	%		10.1	%		10.5	%		13.4	%		8.1	%
U.S. government and agency		7.4	%		11.4	%		12.5	%		11.8	%		17.3	%
AAA		42.6	%		38.4	%		37.9	%		36.4	%		38.1	%
AA		9.3	%		9.4	%		9.5	%		9.1	%		8.6	%
A		18.5	%		17.6	%		17.0	%		16.5	%		16.9	%
BBB		10.0	%		10.5	%		11.3	%		11.2	%		9.7	%
Below BBB		3.3	%		2.6	%		1.3	%		1.6	%		1.3	%
Total		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
	Fair Value %			Fair Value %			Fair Value %			Fair Value %			Fair Value %
MATURITY PROFILE
Within one year (includes cash & cash equivalents)		14.6	%		16.8	%		18.4	%		20.7	%		15.9	%
From one to five years		35.4	%		38.4	%		36.2	%		33.9	%		39.0	%
From five to ten years		14.1	%		13.9	%		14.8	%		14.7	%		14.8	%
Above ten years		1.9	%		1.9	%		2.6	%		3.0	%		3.4	%
Asset-backed and mortgage-backed securities		34.0	%		29.0	%		28.0	%		27.7	%		26.9	%
Total		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities		3.3	%		3.3	%		3.6	%		3.7	%		3.9	%
Yield to maturity of fixed maturities		2.8	%		2.3	%		3.2	%		3.5	%		3.6	%
Average duration of fixed maturities		3.2 yrs			3.1 yrs			3.0 yrs			2.9 yrs			3.1 yrs
Average credit quality		AA			AA			AA			AA			AA

10

AXIS Capital Holdings Limited

INVESTMENT PORTFOLIO

TEN LARGEST ISSUER HOLDINGS IN FIXED MATURITY PORTFOLIO

At December 31, 2010

	Amortized Cost		Unrealized Gain		Fair Value		% of Total Fixed Maturities			Government Guaranteed  [b]
ISSUER [a]
JPMORGAN CHASE & CO	$	138,074	$	3,099	$	141,173		1.3	%	$	—
MORGAN STANLEY		129,827		2,198		132,025		1.3	%		7,816
GENERAL ELECTRIC CO		112,357		40		112,397		1.1	%		9,887
BANK OF AMERICA CORP		104,122		2,525		106,647		1.0	%		14,808
GOLDMAN SACHS GROUP		86,508		4,289		90,798		0.9	%		6,070
CITIGROUP INC		85,907		5,445		91,352		0.9	%		7,989
BP PLC		74,985		3,731		78,716		0.8	%		—
HSBC HOLDINGS PLC		66,285		1,655		67,941		0.6	%		—
US BANCORP		66,155		228		66,383		0.6	%		—
KRAFT FOODS INC		58,782		2,663		61,444		0.6	%		—

[a] The holdings represent direct investments in fixed maturities of the parent issuer and its major subsidiaries. These investments exclude asset and mortgage backed securities that were issued, sponsored or serviced by the parent.

[b] Amounts guaranteed by the U.S. Federal Deposit Insurance Corporation (“FDIC”) and foreign government and agencies included in Fair Value.

11

AXIS Capital Holdings Limited

NET INVESTMENT INCOME

	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q4 2008			YTD 2010			YTD 2009
Fixed maturities	$	84,887		$	89,580		$	86,772		$	91,118		$	94,483		$	109,366		$	352,357		$	385,418
Other investments		25,391			25,094			(1,985	)		16,265			24,658			(138,056	)		64,765			82,042
Cash and cash equivalents		1,595			1,517			989			1,735			2,362			4,438			5,836			8,302
Equities		63			917			1,332			588			1,313			1,442			2,900			3,765
Short-term investments		706			308			207			220			127			461			1,441			651
Gross investment income		112,642			117,416			87,315			109,926			122,943			(22,349	)		427,299			480,178
Investment expense		(4,753	)		(5,616	)		(4,731	)		(5,307	)		(4,765	)		(3,663	)		(20,407	)		(15,700	)
Net investment income	$	107,889		$	111,800		$	82,584		$	104,619		$	118,178		$	(26,012	)	$	406,892		$	464,478

12

AXIS Capital Holdings Limited

REINSURANCE RECOVERABLE ANALYSIS

	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q4 2008
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	41,077		$	31,007		$	46,511		$	26,447		$	43,119		$	64,084
Reinsurance		—			5,000			4,995			4,995			4,995			4,995
Total	$	41,077		$	36,007		$	51,506		$	31,442		$	48,114		$	69,079
Reinsurance recoverable on unpaid losses and loss expenses: OSLR
Insurance	$	432,426		$	424,234		$	445,871		$	377,826		$	376,403		$	422,370
Reinsurance		—			—			—			—			—			—
Total	$	432,426		$	424,234		$	445,871		$	377,826		$	376,403		$	422,370
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	1,073,960		$	1,067,630		$	1,029,475		$	1,020,877		$	984,426		$	877,588
Reinsurance		47,204			46,020			43,514			40,653			38,186			30,026
Total	$	1,121,164		$	1,113,650		$	1,072,989		$	1,061,530		$	1,022,612		$	907,614
Provision against reinsurance recoverables:
Insurance	$	(16,737	)	$	(16,911	)	$	(19,941	)	$	(19,563	)	$	(17,691	)	$	(13,623	)
Reinsurance		(383	)		(5,368	)		(5,345	)		(5,317	)		(5,266	)		(6,810	)
Total	$	(17,120	)	$	(22,279	)	$	(25,286	)	$	(24,880	)	$	(22,957	)	$	(20,433	)
Net reinsurance recoverables:
Insurance	$	1,530,726		$	1,505,960		$	1,501,916		$	1,405,587		$	1,386,257		$	1,350,419
Reinsurance		46,821			45,652			43,164			40,331			37,915			28,211
Total	$	1,577,547		$	1,551,612		$	1,545,080		$	1,445,918		$	1,424,172		$	1,378,630

13

AXIS Capital Holdings Limited

REINSURANCE RECOVERABLE ANALYSIS

Consolidated Reinsurance Recoverable	December 31, 2010
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 based on gross recoverables	$	1,119,181	$	(22,947	)	$	1,096,234		72.9	%		19.5	%	$	(9,690	)		0.9	%	$	1,109,491
Other reinsurers balances > $20 million		185,887		(16,205	)		169,682		11.3	%		3.0	%		(724	)		0.4	%		185,163
Other reinsurers balances < $20 million		289,599		(51,174	)		238,425		15.8	%		4.2	%		(6,706	)		2.3	%		282,893
Total	$	1,594,667	$	(90,326	)	$	1,504,341		100.0	%		26.7	%	$	(17,120	)		1.1	%	$	1,577,547

At December 31, 2010, 97.9% (December 31, 2009: 97.8%) of our gross recoverables were collectible from reinsurers 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
Transatlantic Reinsurance Co.		13.7	%		3.7	%
Swiss Reinsurance America Corporation		12.2	%		3.3	%
Partner Reinsurance Co of US		12.0	%		3.2	%
Berkley Insurance Company		8.3	%		2.2	%
Ace Property & Casualty Ins		6.7	%		1.8	%
XL Reinsurance America Inc		6.5	%		1.7	%
Lloyds of London		5.5	%		1.5	%
Liberty Mutual Insurance Co.		3.0	%		0.8	%
Munich Re America, Inc		2.6	%		0.7	%
Everest Reinsurance Company		2.4	%		0.6	%
		72.9	%		19.5	%

14

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

	Quarter ended December 31, 2010									Year ended December 31, 2010
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for unpaid losses and loss expenses
Beginning of period	$	6,934,528		$	(1,524,768	)	$	5,409,760		$	6,564,133		$	(1,381,058	)	$	5,183,075
Incurred		475,210			(91,865	)		383,345			2,102,509			(425,377	)		1,677,132
Paid		(377,514	)		78,224			(299,290	)		(1,612,012	)		268,829			(1,343,183	)
Foreign exchange and other		151			(2,224	)		(2,073	)		(22,255	)		(3,027	)		(25,282	)
End of period [a]	$	7,032,375		$	(1,540,633	)	$	5,491,742		$	7,032,375		$	(1,540,633	)	$	5,491,742

[a] At December 31, 2010, the gross reserve for losses and loss expenses included IBNR of $4,935 million, or 70%, of total gross reserves for loss and loss expenses. At December 31, 2009, the comparable amount was $4,669 million, or 71%.

15

AXIS Capital Holdings Limited

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

	Quarter ended December 31, 2010									Year ended December 31, 2010
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross losses paid	$	203,863		$	173,651		$	377,514		$	986,551		$	625,461		$	1,612,012
Reinsurance recoveries		(78,224	)		—			(78,224	)		(268,829	)		—			(268,829	)
Net losses paid		125,639			173,651			299,290			717,722			625,461			1,343,183
Change in:
Reported case reserves		13,991			161,567			175,558			(56,185	)		252,939			196,754
IBNR		5,653			(83,515	)		(77,862	)		55,979			237,764			293,743
Reinsurance recoveries on unpaid loss and loss expense reserves		(12,472	)		(1,169	)		(13,641	)		(147,647	)		(8,901	)		(156,548	)
Total net incurred losses and loss expenses	$	132,811		$	250,534		$	383,345		$	569,869		$	1,107,263		$	1,677,132
Gross reserve for losses and loss expenses	$	3,512,002		$	3,520,373		$	7,032,375		$	3,512,002		$	3,520,373		$	7,032,375
Prior years net favorable reserve development	$	34,603		$	46,673		$	81,276		$	118,336		$	194,719		$	313,055
Key Ratios
Net paid to net incurred percentage		94.6	%		69.3	%		78.1	%		125.9	%		56.5	%		80.1	%
Net paid losses / Net premiums earned		38.2	%		40.5	%		39.5	%		59.5	%		35.9	%		45.6	%
Change in net loss and loss expense reserves / Net premiums earned		2.2	%		17.9	%		11.1	%		(12.3	%)		27.7	%		11.3	%
Net loss and loss expense ratio		40.4	%		58.4	%		50.6	%		47.2	%		63.6	%		56.9	%

16

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTERLY

	Quarter ended																		Year ended December 31,
	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q4 2008			2010			2009
Gross losses paid	$	203,863		$	218,495		$	384,703		$	179,490		$	324,989		$	270,708		$	986,551		$	994,723
Reinsurance recoveries		(78,224	)		(63,619	)		(87,703	)		(39,283	)		(89,773	)		(137,255	)		(268,829	)		(256,352	)
Net losses paid		125,639			154,876			297,000			140,207			235,216			133,453			717,722			738,371
Change in:
Reported case reserves		13,991			(88,805	)		81,219			(62,590	)		(122,563	)		32,149			(56,185	)		(289,511	)
IBNR		5,653			95,595			(143,990	)		98,721			47,741			(159,195	)		55,979			216,562
Reinsurance recoveries on unpaid loss and loss expense reserves		(12,472	)		(10,806	)		(78,735	)		(45,635	)		1,157			103,538			(147,647	)		(52,728	)
Total net incurred losses and loss expenses	$	132,811		$	150,860		$	155,494		$	130,703		$	161,551		$	109,945		$	569,869		$	612,694
Gross reserve for losses and loss expenses	$	3,512,002		$	3,488,114		$	3,460,339		$	3,533,040		$	3,502,680		$	3,547,071		$	3,512,002		$	3,502,680
Prior years net favorable reserve development	$	34,603		$	27,823		$	30,541		$	25,369		$	72,694		$	60,045		$	118,336		$	210,861
Key Ratios
Net paid to net incurred percentage		94.6	%		102.7	%		191.0	%		107.3	%		145.6	%		121.4	%		125.9	%		120.5	%
Net paid losses / Net premiums earned		38.2	%		48.4	%		98.5	%		54.7	%		77.2	%		45.6	%		59.5	%		63.8	%
Change in net loss and loss expense reserves / Net premiums earned		2.2	%		(1.3	%)		(46.9	%)		(3.7	%)		(24.2	%)		(8.0	%)		(12.3	%)		(10.9	%)
Net loss and loss expense ratio		40.4	%		47.1	%		51.6	%		51.0	%		53.0	%		37.6	%		47.2	%		52.9	%

17

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS REINSURANCE - QUARTERLY

	Quarter ended																		Year ended December 31,
	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q4 2008			2010			2009
Gross losses paid	$	173,651		$	182,404		$	148,580		$	120,826		$	125,676		$	139,509		$	625,461		$	514,676
Reinsurance recoveries		—			—			—			—			—			—			—			—
Net losses paid		173,651			182,404			148,580			120,826			125,676			139,509			625,461			514,676
Change in:
Reported case reserves		161,567			36,785			34,429			20,158			20,902			41,589			252,939			96,391
IBNR		(83,515	)		54,589			67,699			198,991			45,313			(17,585	)		237,764			209,814
Reinsurance recoveries on unpaid loss and loss expense reserves		(1,169	)		(2,484	)		(2,832	)		(2,416	)		(6,930	)		379			(8,901	)		(9,703	)
Total net incurred losses and loss expenses	$	250,534		$	271,294		$	247,876		$	337,559		$	184,961		$	163,892		$	1,107,263		$	811,178
Gross reserve for losses and loss expenses	$	3,520,373		$	3,446,414		$	3,258,437		$	3,226,482		$	3,061,453		$	2,697,712		$	3,520,373		$	3,061,453
Prior years net favorable reserve development	$	46,673		$	43,884		$	48,065		$	56,097		$	47,303		$	65,116		$	194,719		$	212,311
Key Ratios
Net paid to net incurred percentage		69.3	%		67.2	%		59.9	%		35.8	%		67.9	%		85.1	%		56.5	%		63.4	%
Net paid losses / Net premiums earned		40.5	%		41.6	%		34.3	%		27.4	%		30.7	%		38.1	%		35.9	%		31.5	%
Change in net loss and loss expense reserves / Net premiums earned		17.9	%		20.2	%		22.9	%		49.3	%		14.5	%		6.7	%		27.7	%		18.1	%
Net loss and loss expense ratio		58.4	%		61.8	%		57.2	%		76.7	%		45.2	%		44.8	%		63.6	%		49.6	%

18

AXIS Capital Holdings Limited

2010 IMPACT OF MAJOR CATASTROPHE EVENTS

	Chile			New Zealand			Total
Gross loss and loss expenses	$	118,366		$	137,930		$	256,296
Net loss and loss expenses		118,366			137,930			256,296
Gross and net premiums written and earned [a]		8,234			—			8,234
Total impact before income tax		110,132			137,930			248,062
Income tax benefit		(453	)		(50	)		(503	)
Total impact after income tax	$	109,679		$	137,880		$	247,559

[a] The impact of the earthquakes on gross and net premiums written and earned in 2010 relates to recognition of reinstatement premiums in our reinsurance segment following the event.

19

AXIS Capital Holdings Limited

ESTIMATED NET MODELED LOSSES TO PEAK ZONE CATASTROPHE EXPOSURES - AS OF JANUARY 1, 2011

		Group Estimated Net Exposures (in millions of U.S.  dollars)						Estimated Industry Exposures (in billions of U.S.  dollars)
Zones	Perils	50 Year Return Period		100 Year Return Period		250 Year Return Period		50 Year Return Period		100 Year Return Period		250 Year Return Period
United States	Hurricane	$	796	$	1,085	$	1,459	$	83	$	125	$	204
California	Earthquake		471		722		1,128		18		31		55
Europe	Windstorm		326		441		646		16		21		29
Japan	Earthquake		203		316		663		20		28		51
Japan	Windstorm		88		150		178		20		27		45

For natural peril catastrophes, based on our current tolerances, we are not willing to lose more than 25% of our prior year-end capital for a modeled single occurrence 1-in-250 year return period probable maximum net loss. We reserve the right to change these thresholds at any time.

The above table shows our net loss estimates to the peak natural catastrophe territories at January 1, 2011. We have developed these loss estimates using multiple commercially available catastrophe models and our own assessments for non-modeled exposures. These models allow us to simulate many hypothetical loss scenarios to supplement our underwriting judgment. These estimates include assumptions regarding the location, size and magnitude of an event, the frequency of events, the construction type and damageability of property in a zone, and the cost of rebuilding property in a zone. Loss estimates for non-U.S. territories will be subject to fluctuations in currency rates, although from a financial statement point of view, we may mitigate this currency variability. Return period refers to the frequency with which losses of a given amount or greater are expected to occur.

The figures take into account the fact that an event may trigger claims in a number of lines of business. For instance, our U.S. hurricane modeling includes, among other things, the estimated pre-tax impact to our financial results arising from our catastrophe, property, engineering, energy, marine and aviation lines of business. As indicated in the table above, our modeled single occurrence 1-in-100 year return period U.S. hurricane probable maximum loss, net of reinsurance, is approximately $1,085 million (or 19% of shareholders’ equity at December 31, 2010). According to our modeling, there is a one percent chance that our losses incurred in any single U.S. hurricane event could be in excess of $1,085 million. Conversely, there is a 99% chance that the loss from a U.S. hurricane will fall below $1,085 million. We estimate that, at such hypothetical loss levels, aggregate industry losses would be approximately $125 billion, resulting in an estimated market share of insured losses for the Company of around 1%.

Net loss estimates are before income tax, net of reinstatement premiums, and net of reinsurance recoveries. The estimates set forth above are based on assumptions (see above) that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. In particular, modeled loss estimates do not necessarily accurately predict actual losses, and may significantly misstate actual losses. Such estimates, therefore, should not be considered as a representation of actual losses. Our estimated net losses from peak zone catastrophes may change from period to period as a result of several factors, which include but are not limited to, updates to vendor catastrophe models, changes in our own modeling, changes in our underwriting portfolios and changes in foreign exchange rates.

20

AXIS Capital Holdings Limited

EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, GAAP

	Quarter ended December 31,				Year ended December 31,
	2010		2009		2010		2009
Net income available to common shareholders	$	264,343	$	282,063	$	819,848	$	461,011
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average basic shares outstanding		117,101		136,049		121,728		137,279
Dilutive share equivalents:
Warrants		12,873		11,480		12,106		10,616
Stock compensation plans		2,825		3,189		2,365		2,476
Weighted average diluted shares outstanding		132,799		150,718		136,199		150,371
EARNINGS PER COMMON SHARE
Basic	$	2.26	$	2.07	$	6.74	$	3.36
Diluted	$	1.99	$	1.87	$	6.02	$	3.07

21

AXIS Capital Holdings Limited

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARE ROLLFOWARD - QUARTERLY

	Q4 2010			Q3 2010			Q2 2010			Q1 2010			Q4 2009			Q4 2008
Net income available to common shareholders	$	264,343		$	238,842		$	204,852		$	111,812		$	282,063		$	130,858
COMMON SHARES OUTSTANDING
Common shares - at beginning of period		119,958			120,254			124,155			132,140			137,835			137,991
Shares issued		215			148			76			2,008			158			13
Shares repurchased for treasury		(7,780	)		(444	)		(3,977	)		(9,993	)		(5,853	)		(1,792	)
Common shares - at end of period		112,393			119,958			120,254			124,155			132,140			136,212
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average basic shares outstanding		117,101			120,091			121,766			128,202			136,049			136,433
Dilutive share equivalents:
Warrants		12,873			12,012			11,866			11,675			11,480			10,293
Stock compensation plans		2,825			2,303			2,033			2,299			3,189			2,637
Weighted average diluted shares outstanding		132,799			134,406			135,665			142,176			150,718			149,363
EARNINGS PER COMMON SHARE
Basic	$	2.26		$	1.99		$	1.68		$	0.87		$	2.07		$	0.96
Diluted	$	1.99		$	1.78		$	1.51		$	0.79		$	1.87		$	0.88

22

AXIS Capital Holdings Limited

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

	At December 31, 2010
	Weighted Average Strike Price		Common Shareholders’ Equity		Outstanding Common Shares net of Treasury Shares		Per share
Closing stock price							$	35.88
Book value per common share			$	5,124,970		112,393	$	45.60
Dilutive securities:
Warrants	$	12.31		—		12,999		(4.73	)
Restricted Stocks				—		3,592		(1.13	)
Options	$	22.26		—		880		(0.28	)
Restricted and phantom stock units				—		325		(0.09	)
Diluted book value per common share				5,124,970		130,189	$	39.37
	At December 31, 2009
	Weighted Average Strike Price		Common Shareholders’ Equity		Outstanding Common Shares net of Treasury Shares		Per share
Closing stock price							$	28.41
Book value per common share			$	5,000,244		132,140	$	37.84
Dilutive securities:
Warrants	$	12.36		—		11,165		(2.95	)
Restricted Stocks				—		4,388		(1.03	)
Options	$	21.56		—		669		(0.16	)
Restricted and phantom stock units				—		234		(0.05	)
Diluted book value per common share				5,000,244		148,596	$	33.65

[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.

23

AXIS Capital Holdings Limited

NON-GAAP FINANCIAL MEASURE RECONCILIATION

	Quarter ended December 31,						Year ended December 31,
	2010			2009			2010			2009
	(in thousands)						(in thousands)
Net income available to common shareholders	$	264,343		$	282,063		$	819,848		$	461,011
Adjustment for net realized investment (gains) losses		(77,772	)		(6,056	)		(195,098	)		311,584
Adjustment for associated tax impact		774			231			1,974			(6,354	)
Operating income		187,345			276,238			626,724			766,241
Adjustment for foreign exchange (gains) losses		(5,120	)		(2,018	)		(15,535	)		28,561
Adjustment for associated tax impact		234			278			153			1,993
Operating income excluding foreign exchange gains/losses, net of tax	$	182,459		$	274,498		$	611,342		$	796,795
Net income per share - diluted	$	1.99		$	1.87		$	6.02		$	3.07
Adjustment for net realized investment (gains) losses		(0.59	)		(0.04	)		(1.43	)		2.07
Adjustment for associated tax impact		0.01			—			0.01			(0.04	)
Operating income per share - diluted	$	1.41		$	1.83		$	4.60		$	5.10
Adjustment for foreign exchange (gains) losses		(0.04	)		(0.01	)		(0.11	)		0.19
Adjustment for associated tax impact		—			—			—			0.01
Operating income per share - diluted, excluding foreign exchange gains/losses, net of tax	$	1.37		$	1.82		$	4.49		$	5.30
Weighted average common shares and common share equivalents - for net income		132,799			150,718			136,199			150,371

24