SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2011

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY [Abstract]

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY [Text Block]

SCHEDULE II

AXIS CAPITAL HOLDINGS LIMITED

CONDENSED BALANCE SHEETS – PARENT COMPANY

DECEMBER 31,2011 AND 2010

				2011		2010
				(in thousands)
Assets
Investments in subsidiaries on equity basis			$	6,201,506	$	6,505,431
Cash and cash equivalents				2,363		8,496
Other assets				3,567		3,716
Total assets			$	6,207,436	$	6,517,643
Liabilities
Intercompany payable			$	250,919	$	295,422
Senior notes				499,691		499,583
Dividends payable				5,250		93,843
Other liabilities				7,497		3,825
Total liabilities				763,357		892,673
Shareholders' equity
Preferred shares - Series A and B				500,000		500,000
Common shares	(2011: 170,159; 2010: 154,912 shares issued
and 2011: 125,588; 2010: 112,393 shares outstanding)				2,125		1,934
Additional paid-in capital				2,105,386		2,059,708
Accumulated other comprehensive income				128,162		176,821
Retained earnings				4,155,392		4,267,608
Treasury shares, at cost		(2011: 44,571; 2010: 42,519 shares)		(1,446,986)		(1,381,101)
Total shareholders' equity				5,444,079		5,624,970
Total liabilities and shareholders' equity			$	6,207,436	$	6,517,643
(1) On November 15, 2004, AXIS Capital issued $500 million aggregate principal amount of 5.75% senior unsecured debt ("Senior Notes") at an issue price of 99.785%, generating net proceeds of $496 million. Interest of the 5.75% Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2005. Unless previously redeemed, the 5.75% Senior Notes will mature on December 1, 2014. (2) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance, an indirect wholly-owned subsidiary, related to the issuance of $500 million aggregate principal amount of 5.875% senior unsecured notes. AXIS Capital’s obligations under this guarantee are unsecured and senior and rank equally with all other senior obligations of AXIS Capital.

SCHEDULE II

AXIS CAPITAL HOLDINGS LIMITED

CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY

YEARS ENDED DECEMBER 31,2011, 2010 AND 2009

	2011		2010		2009
		(in thousands)
Revenues
Net investment income	$	1	$	74	$	27
Total revenues		1		74		27
Expenses
General and administrative expenses		36,248		33,785		42,114
Interest expense and financing costs		29,201		29,201		29,201
Total expenses		65,449		62,986		71,315
Loss before equity in net earnings of subsidiaries		(65,448)		(62,912)		(71,288)
Equity in net earnings of subsidiaries		111,753		919,635		569,174
Net income		46,305		856,723		497,886
Preferred share dividends		36,875		36,875		36,875
Net income available to common shareholders	$	9,430	$	819,848	$	461,011

SCHEDULE II

AXIS CAPITAL HOLDINGS LIMITED

CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY

YEARS ENDED DECEMBER 31,2011, 2010 AND 2009

	2011		2010		2009
		(in thousands)
Cash flows from operating activities:
Net income	$	46,305	$	856,723	$	497,886
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in net earnings of subsidiaries		(111,753)		(919,635)		(569,174)
Change in intercompany payable		(44,503)		103,544		(147,053)
Dividends received from subsidiaries		255,000		697,500		530,000
Other items		21,298		87,277		24,190
Net cash provided by operating activities		166,347		825,409		335,849
Cash flows from investing activities:
Capital repaid from subsidiary		130,000		-		-
Net cash from investing activities		130,000		-		-
Cash flows from financing activities:
Repurchase of shares		(65,885)		(709,583)		(175,909)
Dividends paid - common shares		(206,455)		(108,302)		(112,984)
Dividends paid - preferred shares		(36,875)		(36,875)		(36,875)
Proceeds from issuance of common shares		6,735		8,229		3,844
Net cash used in financing activities		(302,480)		(846,531)		(321,924)
Increase (decrease) in cash and cash equivalents		(6,133)		(21,122)		13,925
Cash and cash equivalents - beginning of period		8,496		29,618		15,693
Cash and cash equivalents - end of period	$	2,363	$	8,496	$	29,618
Supplemental disclosures of cash flow information:
Interest paid	$	28,750	$	28,750	$	28,750