Exhibit 99.2

AXIS Capital Holdings Limited

INVESTOR FINANCIAL SUPPLEMENT

SECOND 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. Reinsurance Recoverable Analysis	12-13
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis	14
b. Paid to Incurred Analysis by Segment	15
c. Segment Consecutive Quarters	16-17
d. 2010 Impact of Chilean Earthquake	18
e. Estimated Exposures to Peak Zone Property Catastrophe Losses	19
V. Share Analysis
a. Earnings Per Common Share Analysis - As Reported, GAAP	20
b. Earnings Per Common Share Analysis and Common Share Rollforward - Quarterly	21
c. Diluted Book Value Per Common Share Analysis	22
VI. Non-GAAP Financial Measures
a. Non-GAAP Financial Measure Reconciliation	23

* 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 sheet at December 31, 2009.

• 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 June 30,									Six months ended June 30,
		2010			2009			Change			2010			2009			Change
HIGHLIGHTS	Gross premiums written	$	939,873		$	914,641		2.8	%		$	2,365,074		$	2,238,136		5.7	%
	Gross premiums written - Insurance		65.2	%		57.6	%	7.6		pts		41.7	%		39.8	%	1.9		pts
	Gross premiums written - Reinsurance		34.8	%		42.4	%	(7.6	)	pts		58.3	%		60.2	%	(1.9	)	pts
	Net premiums written	$	788,938		$	701,013		12.5	%		$	2,032,573		$	1,863,314		9.1	%
	Net premiums earned	$	735,027		$	706,770		4.0	%		$	1,431,219		$	1,372,129		4.3	%
	Net premiums earned - Insurance		41.0	%		42.3	%	(1.3	)	pts		39.0	%		41.9	%	(2.9	)	pts
	Net premiums earned - Reinsurance		59.0	%		57.7	%	1.3		pts		61.0	%		58.1	%	2.9		pts
	Net income available to common shareholders	$	204,852		$	159,161		28.7	%		$	316,664		$	274,840		15.2	%
	Operating income [a]		180,180			182,634		(1.3	)%			275,830			338,445		(18.5	)%
	Reserve for losses and loss expenses		6,718,776			6,561,894		2.4	%			6,718,776			6,561,894		2.4	%
	Total shareholders’ equity		5,495,302			4,909,119		11.9	%			5,495,302			4,909,119		11.9	%
PER COMMON SHARE AND	Basic earnings per common share	$	1.68		$	1.15		46.1	%		$	2.53		$	2.00		26.5	%
COMMON SHARE DATA	Diluted earnings per common share	$	1.51		$	1.06		42.5	%		$	2.28		$	1.84		23.9	%
	Operating diluted earnings per common share [b]	$	1.33		$	1.22		9.0	%		$	1.99		$	2.26		(11.9	)%
	Weighted average common shares outstanding		121,766			137,849		(11.7	)%			124,961			137,586		(9.2	)%
	Diluted weighted average common shares outstanding		135,665			149,861		(9.5	)%			138,899			149,448		(7.1	)%
	Book value per common share	$	41.54		$	32.02		29.7	%		$	41.54		$	32.02		29.7	%
	Diluted book value per common share (treasury stock method)	$	36.57		$	28.72		27.3	%		$	36.57		$	28.72		27.3	%
	Accumulated dividends paid per common share	$	4.31		$	3.49		23.5	%		$	4.31		$	3.49		23.5	%
FINANCIAL RATIOS	ROACE [c]		16.6	%		15.2	%	1.4		pts		12.7	%		13.1	%	(0.4	)	pts
	Operating ROACE [b]		14.6	%		17.4	%	(2.8	)	pts		11.0	%		16.2	%	(5.2	)	pts
	Net loss and loss expense ratio		54.9	%		53.5	%	1.4		pts		60.9	%		55.8	%	5.1		pts
	Acquisition cost ratio		16.9	%		14.6	%	2.3		pts		16.8	%		15.0	%	1.8		pts
	General and administrative expense ratio		14.4	%		12.3	%	2.1		pts		14.4	%		12.6	%	1.8		pts
	Combined ratio		86.2	%		80.4	%	5.8		pts		92.1	%		83.4	%	8.7		pts
INVESTMENT DATA	Total assets	$	16,558,280		$	15,378,885		7.7	%		$	16,558,280		$	15,378,885		7.7	%
	Total cash and invested assets [d]		12,157,045			10,986,113		10.7	%			12,157,045			10,986,113		10.7	%
	Net investment income		82,584			112,220		(26.4	)%			187,203			211,512		(11.5	)%
	Net realized investment gains (losses)		24,619			(23,678	)	nm				40,795			(64,275	)	nm
	Total return on cash and investments [e]		1.3	%		3.0	%	(1.7	)	pts		3.1	%		3.1	%	—		pts
	Return on other investments [f]		(0.4	)%		2.3	%	nm		pts		2.6	%		3.8	%	(1.2	)	pts
	Annualized pre-tax yield of fixed maturities [g]		3.6	%		4.4	%	(0.8	)	pts		3.7	%		4.3	%	(0.6	)	pts

[a] Operating income is a “Non-GAAP financial measure” as defined by Regulation G. See page 23 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.

[g] Annualized pre-tax yield of fixed maturities is calculated by dividing the pre-tax net investment income generated from fixed maturities by the average month-end amortized cost balance of the fixed maturities.

nm not meaningful

1

AXIS Capital Holdings Limited

CONSOLIDATED STATEMENTS OF INCOME - QUARTERLY

	Q2 2010			Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q2 2008
UNDERWRITING REVENUES
Gross premiums written	$	939,873		$	1,425,201		$	573,845		$	775,314		$	914,641		$	874,169
Premiums ceded		(150,935	)		(181,566	)		(215,874	)		(180,170	)		(213,628	)		(189,953	)
Net premiums written		788,938			1,243,635			357,971			595,144			701,013			684,216
Gross premiums earned		905,137			888,607			912,520			898,268			890,194			845,249
Ceded premiums amortized		(170,110	)		(192,415	)		(198,910	)		(192,243	)		(183,424	)		(164,958	)
Net premiums earned		735,027			696,192			713,610			706,025			706,770			680,291
Other insurance related income (loss)		217			626			29,713			(135,738	)		(14,261	)		(7,269	)
Total underwriting revenues		735,244			696,818			743,323			570,287			692,509			673,022
UNDERWRITING EXPENSES
Net losses and loss expenses		403,370			468,262			346,512			311,109			378,252			371,717
Acquisition costs		124,176			116,649			101,787			113,423			103,309			97,780
General and administrative expenses		86,862			83,461			79,507			74,404			70,418			65,218
Total underwriting expenses		614,408			668,372			527,806			498,936			551,979			534,715
UNDERWRITING INCOME		120,836			28,446			215,517			71,351			140,530			138,307
OTHER OPERATING REVENUE (EXPENSES)
Net investment income		82,584			104,619			118,178			134,788			112,220			137,015
Net realized investment gains (losses)		24,619			16,176			6,056			(253,365	)		(23,678	)		1,552
Interest expense and financing costs		(15,697	)		(8,688	)		(8,162	)		(7,977	)		(7,971	)		(7,890	)
Total other operating revenue (expenses)		91,506			112,107			116,072			(126,554	)		80,571			130,677
OTHER (EXPENSES) REVENUE
Foreign exchange (losses) gains		27,229			8,147			2,018			(6,784	)		(24,184	)		(6,564	)
Corporate expenses [a]		(19,200	)		(16,308	)		(25,135	)		(17,605	)		(16,531	)		(17,735	)
Total other (expenses) revenue		8,029			(8,161	)		(23,117	)		(24,389	)		(40,715	)		(24,299	)
INCOME (LOSS) BEFORE INCOME TAXES		220,371			132,392			308,472			(79,592	)		180,386			244,685
Income tax expense		(6,300	)		(11,361	)		(17,190	)		(7,082	)		(12,006	)		(4,199	)
NET INCOME (LOSS)		214,071			121,031			291,282			(86,674	)		168,380			240,486
Preferred share dividends		(9,219	)		(9,219	)		(9,219	)		(9,218	)		(9,219	)		(9,219	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	204,852		$	111,812		$	282,063		$	(95,892	)	$	159,161		$	231,267
KEY RATIOS/PER COMMON SHARE DATA
Net loss and loss expense ratio		54.9	%		67.3	%		48.6	%		44.1	%		53.5	%		54.6	%
Acquisition cost ratio		16.9	%		16.7	%		14.3	%		16.1	%		14.6	%		14.4	%
General and administrative expense ratio [a]		14.4	%		14.3	%		14.6	%		13.0	%		12.3	%		12.2	%
Combined ratio		86.2	%		98.3	%		77.5	%		73.2	%		80.4	%		81.2	%
Weighted average basic shares outstanding		121,766			128,202			136,049			137,904			137,849			142,333
Weighted average diluted shares outstanding		135,665			142,176			150,718			137,904			149,861			157,602
Basic earnings per common share	$	1.68		$	0.87		$	2.07		($	0.70	)	$	1.15		$	1.62
Diluted earnings per common share	$	1.51		$	0.79		$	1.87		($	0.70	)	$	1.06		$	1.47
ROACE (annualized)		16.6	%		9.1	%		22.8	%		(8.2	)%		15.2	%		19.2	%
Operating ROACE (annualized)		14.6	%		7.7	%		22.3	%		13.0	%		17.4	%		19.0	%

[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

	Six months ended June 30,									Year December 31,
	2010			2009			2008			2009			2008
UNDERWRITING REVENUES
Gross premiums written	$	2,365,074		$	2,238,136		$	2,138,350		$	3,587,295		$	3,390,388
Premiums ceded		(332,501	)		(374,822	)		(362,359	)		(770,866	)		(723,508	)
Net premiums written		2,032,573			1,863,314			1,775,991			2,816,429			2,666,880
Gross premiums earned		1,793,744			1,729,510			1,680,763			3,540,298			3,374,076
Ceded premiums amortized		(362,525	)		(357,381	)		(341,838	)		(748,534	)		(686,895	)
Net premiums earned		1,431,219			1,372,129			1,338,925			2,791,764			2,687,181
Other insurance related income (loss)		843			(23,656	)		(5,267	)		(129,681	)		(38,667	)
Total underwriting revenues		1,432,062			1,348,473			1,333,658			2,662,083			2,648,514
UNDERWRITING EXPENSES
Net losses and loss expenses		871,632			766,251			733,398			1,423,872			1,712,766
Acquisition costs		240,825			205,285			192,260			420,495			366,509
General and administrative expenses		170,323			139,170			130,407			293,081			262,571
Total underwriting expenses		1,282,780			1,110,706			1,056,065			2,137,448			2,341,846
UNDERWRITING INCOME		149,282			237,767			277,593			524,635			306,668
OTHER OPERATING REVENUE
Net investment income		187,203			211,512			222,666			464,478			247,237
Net realized investment gains (losses)		40,795			(64,275	)		37,237			(311,584	)		(85,267	)
Interest expense and financing costs		(24,385	)		(15,892	)		(15,848	)		(32,031	)		(31,673	)
Total other operating revenue		203,613			131,345			244,055			120,863			130,297
OTHER (EXPENSES) REVENUE
Foreign exchange (losses) gains		35,376			(23,795	)		13,733			(28,561	)		43,707
Corporate expenses [a]		(35,508	)		(34,336	)		(31,296	)		(77,076	)		(73,187	)
Total other expenses		(132	)		(58,131	)		(17,563	)		(105,637	)		(29,480	)
INCOME BEFORE INCOME TAXES		352,763			310,981			504,085			539,861			407,485
Income tax expense		(17,661	)		(17,703	)		(16,658	)		(41,975	)		(20,109	)
NET INCOME		335,102			293,278			487,427			497,886			387,376
Preferred share dividends		(18,438	)		(18,438	)		(18,438	)		(36,875	)		(36,875	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	316,664		$	274,840		$	468,989		$	461,011		$	350,501
KEY RATIOS/PER SHARE DATA
Net loss and loss expense ratio		60.9	%		55.8	%		54.8	%		51.0	%		63.7	%
Acquisition cost ratio		16.8	%		15.0	%		14.3	%		15.1	%		13.6	%
General and administrative expense ratio [a]		14.4	%		12.6	%		12.1	%		13.2	%		12.5	%
Combined ratio		92.1	%		83.4	%		81.2	%		79.3	%		89.8	%
Weighted average basic shares outstanding		124,961			137,586			142,786			137,279			140,322
Weighted average diluted shares outstanding		138,899			149,447			158,893			150,371			155,320
Basic earnings per common share	$	2.53		$	2.00		$	3.28		$	3.36		$	2.50
Diluted earnings per common share	$	2.28		$	1.84		$	2.95		$	3.07		$	2.26
ROACE [b]		12.7	%		13.1	%		19.9	%		10.3	%		8.1	%
Operating ROACE [b]		11.0	%		16.2	%		18.4	%		17.1	%		10.1	%

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

[b] Annualized for the six-months periods.

3

AXIS Capital Holdings Limited

CONSOLIDATED SEGMENT DATA

	Three months ended June 30, 2010									Six months ended June 30, 2010
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	612,893		$	326,980		$	939,873		$	985,822		$	1,379,252		$	2,365,074
Net premiums written		466,880			322,058			788,938			673,692			1,358,881			2,032,573
Gross premiums earned		466,627			438,510			905,137			909,677			884,067			1,793,744
Ceded premiums amortized		(164,975	)		(5,135	)		(170,110	)		(351,744	)		(10,781	)		(362,525	)
Net premiums earned		301,652			433,375			735,027			557,933			873,286			1,431,219
Other insurance related income		217			—			217			843			—			843
Total underwriting revenues		301,869			433,375			735,244			558,776			873,286			1,432,062
UNDERWRITING EXPENSES
Net losses and loss expenses		155,494			247,876			403,370			286,197			585,435			871,632
Acquisition costs		40,567			83,609			124,176			71,708			169,117			240,825
General and administrative expenses		64,045			22,817			86,862			125,655			44,668			170,323
Total underwriting expenses		260,106			354,302			614,408			483,560			799,220			1,282,780
UNDERWRITING INCOME	$	41,763		$	79,073		$	120,836		$	75,216		$	74,066		$	149,282
KEY RATIOS
Net loss and loss expense ratio		51.6	%		57.2	%		54.9	%		51.3	%		67.0	%		60.9	%
Acquisition cost ratio		13.4	%		19.3	%		16.9	%		12.9	%		19.4	%		16.8	%
General and administrative expense ratio		21.2	%		5.3	%		11.8	%		22.5	%		5.1	%		11.9	%
Corporate expense ratio								2.6	%								2.5	%
Combined ratio		86.2	%		81.8	%		86.2	%		86.7	%		91.5	%		92.1	%

4

AXIS Capital Holdings Limited

GROSS PREMIUM WRITTEN BY SEGMENT BY LINE OF BUSINESS

	Q2 2010		Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q2 2008			Six months ended June 30,
																		2010		2009
INSURANCE SEGMENT
Property	$	207,184	$	118,214		$	121,860		$	147,117		$	176,421		$	175,017		$	325,398	$	282,559
Marine		77,996		66,859			32,618			45,765			61,858			64,601			144,855		122,484
Terrorism		17,079		5,091			12,330			7,861			10,165			14,612			22,170		15,832
Aviation		18,649		3,136			40,857			11,098			7,176			8,715			21,785		24,243
Credit and political risk		9,444		(2,698	)		16,639			(3,902	)		4,222			65,636			6,746		6,713
Professional lines		219,432		127,945			184,491			155,382			211,417			175,199			347,377		331,745
Liability		61,817		53,716			61,951			50,601			55,505			52,406			115,533		107,317
Other		1,292		666			—			—			—			(722	)		1,958		29
TOTAL INSURANCE SEGMENT		612,893		372,929			470,746			413,922			526,764			555,464			985,822		890,922
REINSURANCE SEGMENT
Catastrophe		124,168		227,781			9,448			87,700			132,071			117,306			351,949		369,418
Property		75,527		178,498			11,993			78,222			110,083			86,416			254,025		236,513
Professional lines		58,368		106,799			59,546			84,903			70,420			31,806			165,167		184,060
Credit and bond		2,532		228,073			9,556			18,369			(1,632	)		9,230			230,605		195,639
Motor		9,289		118,114			(2,168	)		5,675			23,771			16,831			127,403		101,343
Liability		36,680		133,379			7,979			80,876			29,991			22,493			170,059		183,847
Engineering		7,972		44,376			5,434			5,979			8,839			7,895			52,348		50,105
Other		12,444		15,252			1,311			(332	)		14,334			26,728			27,696		26,289
TOTAL REINSURANCE SEGMENT		326,980		1,052,272			103,099			361,392			387,877			318,705			1,379,252		1,347,214
CONSOLIDATED TOTAL	$	939,873	$	1,425,201		$	573,845		$	775,314		$	914,641		$	874,169		$	2,365,074	$	2,238,136

5

AXIS Capital Holdings Limited

INSURANCE SEGMENT DATA - QUARTERLY

	Q2 2010			Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q2 2008
UNDERWRITING REVENUES
Gross premiums written	$	612,893		$	372,929		$	470,746		$	413,922		$	526,764		$	555,464
Net premiums written		466,880			206,812			260,129			239,781			313,136			365,511
Gross premiums earned		466,627			443,050			494,580			465,701			478,299			458,545
Ceded premiums amortized		(164,975	)		(186,769	)		(189,849	)		(187,064	)		(179,324	)		(161,116	)
Net premiums earned		301,652			256,281			304,731			278,637			298,975			297,429
Other insurance related income (loss)		217			626			29,713			(135,898	)		(14,956	)		(7,509	)
Total underwriting revenues		301,869			256,907			334,444			142,739			284,019			289,920
UNDERWRITING EXPENSES
Net losses and loss expenses		155,494			130,703			161,551			111,228			187,211			159,696
Acquisition costs		40,567			31,141			29,065			29,613			28,306			31,120
General and administrative expenses		64,045			61,610			57,895			55,685			52,893			48,141
Total underwriting expenses		260,106			223,454			248,511			196,526			268,410			238,957
UNDERWRITING INCOME (LOSS)	$	41,763		$	33,453		$	85,933		$	(53,787	)	$	15,609		$	50,963
KEY RATIOS
Net loss and loss expense ratio		51.6	%		51.0	%		53.0	%		39.9	%		62.6	%		53.7	%
Acquisition cost ratio		13.4	%		12.2	%		9.6	%		10.6	%		9.5	%		10.4	%
General and administrative expense ratio		21.2	%		24.0	%		19.0	%		20.0	%		17.7	%		16.2	%
Combined ratio		86.2	%		87.2	%		81.6	%		70.5	%		89.8	%		80.3	%

6

AXIS Capital Holdings Limited

REINSURANCE SEGMENT DATA - QUARTERLY

	Q2 2010			Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q2 2008
UNDERWRITING REVENUES
Gross premiums written	$	326,980		$	1,052,272		$	103,099		$	361,392		$	387,877		$	318,705
Net premiums written		322,058			1,036,823			97,842			355,363			387,877			318,705
Gross premiums earned		438,510			445,557			417,940			432,567			411,895			386,704
Ceded premiums amortized		(5,135	)		(5,646	)		(9,061	)		(5,179	)		(4,100	)		(3,842	)
Net premiums earned		433,375			439,911			408,879			427,388			407,795			382,862
Other insurance related income		—			—			—			160			695			240
Total underwriting revenues		433,375			439,911			408,879			427,548			408,490			383,102
UNDERWRITING EXPENSES
Net losses and loss expenses		247,876			337,559			184,961			199,881			191,041			212,021
Acquisition costs		83,609			85,508			72,722			83,810			75,003			66,660
General and administrative expenses		22,817			21,851			21,612			18,719			17,525			17,077
Total underwriting expenses		354,302			444,918			279,295			302,410			283,569			295,758
UNDERWRITING INCOME (LOSS)	$	79,073		$	(5,007	)	$	129,584		$	125,138		$	124,921		$	87,344
KEY RATIOS
Net loss and loss expense ratio		57.2	%		76.7	%		45.2	%		46.8	%		46.8	%		55.4	%
Acquisition cost ratio		19.3	%		19.4	%		17.8	%		19.6	%		18.4	%		17.4	%
General and administrative expense ratio		5.3	%		5.0	%		5.3	%		4.4	%		4.3	%		4.5	%
Combined ratio		81.8	%		101.1	%		68.3	%		70.8	%		69.5	%		77.3	%

7

AXIS Capital Holdings Limited

CONSOLIDATED BALANCE SHEETS

	Jun 30, 2010			Mar 31, 2010			Dec 31, 2009			Sep 30, 2009			Jun 30, 2009			Jun 30, 2008
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	10,064,335		$	9,649,199		$	9,718,355		$	9,682,932		$	8,872,839		$	8,608,053
Equities, available for sale, at fair value		201,173			201,920			204,375			137,544			96,875			247,845
Other investments, at fair value		547,873			538,917			570,276			541,447			539,545			724,239
Short-term investments		131,104			143,937			129,098			282,737			165,197			95,293
Total investments		10,944,485			10,533,973			10,622,104			10,644,660			9,674,456			9,675,430
Cash and cash equivalents		1,197,543			1,510,027			864,054			1,239,471			1,380,863			1,094,429
Accrued interest receivable		94,686			84,407			89,559			82,169			87,361			89,261
Insurance and reinsurance premium balances receivable		1,722,586			1,708,400			1,292,877			1,497,639			1,707,677			1,652,295
Reinsurance recoverable on paid and unpaid losses		1,545,080			1,445,918			1,424,172			1,406,449			1,443,840			1,423,129
Deferred acquisition costs		419,191			420,283			302,320			363,739			374,849			355,587
Prepaid reinsurance premiums		271,700			291,382			301,885			284,922			296,994			263,461
Securities lending collateral		107,167			86,975			129,814			135,122			146,350			813,737
Net receivable for investments sold		—			—			12,740			—			—			—
Goodwill and intangible assets		90,473			91,217			91,505			93,049			95,058			61,035
Other assets		165,369			156,588			175,494			172,248			171,437			178,025
TOTAL ASSETS	$	16,558,280		$	16,329,170		$	15,306,524		$	15,919,468		$	15,378,885		$	15,606,389
LIABILITIES
Reserve for losses and loss expenses	$	6,718,776		$	6,759,522		$	6,564,133		$	6,579,914		$	6,561,894		$	5,995,731
Unearned premiums		2,781,101			2,748,283			2,209,397			2,548,072			2,671,025			2,603,676
Insurance and reinsurance balances payable		199,463			144,679			173,156			170,664			178,372			249,710
Securities lending payable		107,167			87,975			132,815			138,092			149,288			812,833
Senior notes		993,843			993,712			499,476			499,449			499,422			499,315
Other liabilities		182,959			215,835			227,303			426,068			253,198			144,689
Net payable for investments purchased		79,669			3,145			—			159,102			156,567			37,273
TOTAL LIABILITIES		11,062,978			10,953,151			9,806,280			10,521,361			10,469,766			10,343,227
SHAREHOLDERS’ EQUITY
Series A and B preferred shares		500,000			500,000			500,000			500,000			500,000			500,000
Common shares		1,930			1,929			1,903			1,901			1,900			1,877
Additional paid-in capital		2,038,158			2,027,950			2,014,815			2,003,417			1,989,503			1,922,356
Accumulated other comprehensive income (loss)		221,856			165,455			85,633			74,974			(528,261	)		(150,721	)
Retained earnings		3,824,111			3,649,770			3,569,411			3,319,467			3,447,511			3,377,051
Treasury shares, at cost		(1,090,753	)		(969,085	)		(671,518	)		(501,652	)		(501,534	)		(387,401	)
TOTAL SHAREHOLDERS’ EQUITY		5,495,302			5,376,019			5,500,244			5,398,107			4,909,119			5,263,162
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	16,558,280		$	16,329,170		$	15,306,524		$	15,919,468		$	15,378,885		$	15,606,389
Book value per common share	$	41.54		$	39.27		$	37.84		$	35.54		$	32.02		$	34.11
Diluted book value per common share	$	36.57		$	34.56		$	33.65		$	31.58		$	28.72		$	30.30
Debt (Senior notes) to total capitalization [a]		15.3	%		15.6	%		8.3	%		8.5	%		9.2	%		8.7	%
Debt plus preferred shares to total capitalization		23.0	%		23.5	%		16.7	%		16.9	%		18.5	%		17.3	%

[a] The debt to capitalization 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 June 30, 2010

	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value			Percentage
Fixed Maturities, available for sale
U.S. government and agency	$	1,394,728	$	33,738	$	(36	)	$	1,428,430		12	%
Non-U.S. government		784,486		5,742		(35,460	)		754,768		6	%
Corporate debt		3,971,256		154,373		(63,651	)		4,061,978		33	%
Agency MBS [a]		1,641,101		64,380		(377	)		1,705,104		14	%
Non-Agency CMBS		583,506		29,004		(3,009	)		609,501		5	%
Non-Agency RMBS		234,834		2,218		(16,079	)		220,973		2	%
ABS		661,375		8,791		(15,229	)		654,937		5	%
Municipals		609,189		21,874		(2,419	)		628,644		5	%
Total fixed maturities		9,880,475		320,120		(136,260	)		10,064,335		82	%
Equities, available for sale		218,303		9,058		(26,188	)		201,173		2	%
Total available for sale investments	$	10,098,778	$	329,178	$	(162,448	)		10,265,508		84	%
Other investments (see below)									547,873		5	%
Short-term investments									131,104		1	%
Total investments									10,944,485		90	%
Cash and cash equivalents [b]									1,197,543		10	%
Accrued interest receivable									94,686		1	%
Net receivable/(payable) for investments sold (purchased)									(79,669	)	-1	%
Total Cash and Invested Assets								$	12,157,045		100	%
Other Investments:								Fair Value			Percentage
Hedge funds								$	336,424		61	%
Credit funds									101,097		18	%
Collateralized loan obligations - equity tranches									58,566		11	%
Short duration high yield fund									51,786		10	%
Total								$	547,873		100	%

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

[b] Includes $105 million of restricted cash and cash equivalents.

9

AXIS Capital Holdings Limited

CASH AND INVESTED ASSETS COMPOSITION - QUARTERLY

	Q2 2010		Q1 2010		Q4 2009		Q3 2009		Q2 2009
CASH AND INVESTED ASSETS PORTFOLIO	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
Fixed Maturities:
U.S. government and agency	11.7	%	11.0	%	16.0	%	16.4	%	16.2	%
Non-U.S. government	6.2	%	5.6	%	6.0	%	4.5	%	2.8	%
Corporate debt	33.4	%	31.9	%	30.9	%	29.2	%	24.4	%
MBS
Agency MBS	14.0	%	14.0	%	13.5	%	14.9	%	20.6	%
Non-agency CMBS	5.0	%	5.6	%	5.6	%	6.3	%	6.5	%
Non-agency RMBS	1.7	%	1.6	%	1.9	%	1.9	%	2.3	%
ABS	5.1	%	4.4	%	3.8	%	3.3	%	2.8	%
Municipals	5.2	%	5.4	%	6.0	%	5.6	%	5.2	%
Total Fixed Maturities	82.3	%	79.5	%	83.7	%	82.1	%	80.8	%
Equities	1.7	%	1.7	%	1.8	%	1.2	%	0.9	%
Other Investments	4.5	%	4.4	%	4.9	%	4.6	%	4.9	%
Short-term investments	1.1	%	1.2	%	1.0	%	2.0	%	1.5	%
Total investments	89.6	%	86.8	%	91.4	%	89.9	%	88.1	%
Cash and cash equivalents	9.9	%	12.4	%	7.5	%	10.5	%	12.6	%
Accrued interest receivable	1.2	%	0.8	%	1.0	%	0.9	%	0.8	%
Net receivable/(payable) for investments sold	(0.7	)%	—		0.1	%	(1.3	)%	(1.5	)%
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CREDIT QUALITY OF FIXED MATURITIES	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
U.S. government and agency	14.2	%	13.8	%	19.1	%	20.0	%	20.1	%
AAA	41.9	%	41.7	%	41.2	%	41.9	%	48.2	%
AA	10.7	%	10.6	%	9.4	%	9.0	%	8.0	%
A	19.0	%	19.1	%	18.1	%	17.3	%	14.2	%
BBB	12.7	%	13.2	%	10.7	%	10.5	%	8.5	%
Below BBB	1.5	%	1.6	%	1.5	%	1.3	%	1.0	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
Within one year	7.6	%	7.1	%	7.3	%	5.8	%	4.8	%
From one to five years	40.9	%	39.7	%	43.0	%	41.9	%	34.9	%
From five to ten years	16.8	%	17.2	%	16.3	%	16.9	%	17.5	%
Above ten years	3.0	%	3.5	%	3.7	%	3.3	%	2.9	%
Asset-backed and mortgage-backed securities	31.7	%	32.5	%	29.7	%	32.1	%	39.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
PORTFOLIO CHARACTERISTICS OF FIXED MATURITIES	As of or for the quarter ended
	Q2 2010		Q1 2010		Q4 2009		Q3 2009		Q2 2009
Annualized pre-tax yield	3.6	%	3.8	%	3.9	%	4.1	%	4.4	%
Yield to maturity	3.2	%	3.5	%	3.6	%	3.4	%	4.2	%
Average duration	3.0 yrs		2.9 yrs		3.1 yrs		2.8 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 June 30, 2010

ISSUER [a]	Amortized Cost		Unrealized Gain/(Loss)		Fair Value		% of Total Fixed Maturities		Government Guaranteed  [b]
BANK OF AMERICA CORP	$	167,950	$	2,879	$	170,829	1.7	%	$	19,906
JP MORGAN CHASE CO		135,995		6,646		142,641	1.4	%		2,081
CITIGROUP INC		124,329		2,973		127,302	1.3	%		29,755
MORGAN STANLEY		117,421		610		118,031	1.1	%		7,844
GENERAL ELECTRIC CO		109,607		2,086		111,693	1.1	%		15,269
VERIZON COMMUNICATIONS INC		96,796		8,409		105,205	1.0	%		—
GOLDMAN SACHS		95,238		3,007		98,245	1.0	%		6,100
HSBC HOLDINGS PLC		73,343		962		74,305	0.7	%		4,771
WELLS FARGO & COMPANY		68,126		2,285		70,411	0.7	%		5,380
AT&T INC		58,098		2,847		60,945	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

REINSURANCE RECOVERABLE ANALYSIS

	Q2 2010			Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q2 2008
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	46,511		$	26,447		$	43,119		$	31,630		$	52,769		$	65,438
Reinsurance		4,995			4,995			4,995			4,995			4,995			12,239
Total	$	51,506		$	31,442		$	48,114		$	36,625		$	57,764		$	77,677
Reinsurance recoverable on unpaid losses and loss expenses: OSLR
Insurance	$	445,871		$	377,826		$	376,403		$	388,803		$	402,627		$	484,724
Reinsurance		—			—			—			—			—			—
Total	$	445,871		$	377,826		$	376,403		$	388,803		$	402,627		$	484,724
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	1,029,475		$	1,020,877		$	984,426		$	970,655		$	974,138		$	865,323
Reinsurance		43,514			40,653			38,186			32,799			31,745			29,609
Total	$	1,072,989		$	1,061,530		$	1,022,612		$	1,003,454		$	1,005,883		$	894,932
Provision against reinsurance recoverables:
Insurance	$	(19,941	)	$	(19,563	)	$	(17,691	)	$	(15,623	)	$	(15,624	)	$	(27,394	)
Reinsurance		(5,345	)		(5,317	)		(5,266	)		(6,810	)		(6,810	)		(6,810	)
Total	$	(25,286	)	$	(24,880	)	$	(22,957	)	$	(22,433	)	$	(22,434	)	$	(34,204	)
Net reinsurance recoverables:
Insurance	$	1,501,916		$	1,405,587		$	1,386,257		$	1,375,465		$	1,413,910		$	1,388,091
Reinsurance		43,164			40,331			37,915			30,984			29,930			35,038
Total	$	1,545,080		$	1,445,918		$	1,424,172		$	1,406,449		$	1,443,840		$	1,423,129

12

AXIS Capital Holdings Limited

REINSURANCE RECOVERABLE ANALYSIS

Consolidated Reinsurance Recoverable			June 30, 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	$	1,094,569	$	(14,864	)	$	1,079,705	72.7%	19.6%	$	(9,258	)	0.8%	$	1,085,311
Other reinsurers balances > $20 million		206,852		(17,153	)		189,699	12.8%	3.5%		(4,658	)	2.3%		202,194
Other reinsurers balances < $20 million		268,945		(53,644	)		215,301	14.5%	3.9%		(11,370	)	4.2%		257,575
Total	$	1,570,366	$	(85,661	)	$	1,484,705	100.0%	27.0%	$	(25,286	)	1.6%	$	1,545,080

At June 30, 2010, 97.8% (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.	13.5%	3.7%
Partner Reinsurance Co of US	12.7%	3.4%
Swiss Reinsurance America Corporation	11.8%	3.2%
Berkley Insurance Company	7.6%	2.1%
XL Reinsurance America Inc	7.4%	2.0%
Ace Property & Casualty Ins	6.3%	1.7%
Lloyds of London	5.5%	1.5%
Munich Re America, Inc.	2.8%	0.7%
Liberty Mutual Insurance Co.	2.7%	0.7%
Everest Reinsurance Company	2.4%	0.6%
	72.7%	19.6%

13

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

	Three months ended June 30, 2010									Six months ended June 30, 2010
Reserve for unpaid losses and loss expenses	Gross			Recoveries			Net			Gross			Recoveries			Net
Beginning of period	$	6,759,522		$	(1,427,362	)	$	5,332,160		$	6,564,133		$	(1,381,058	)	$	5,183,075
Incurred		572,640			(169,270	)		403,370			1,128,236			(256,604	)		871,632
Paid		(533,283	)		87,703			(445,580	)		(833,599	)		126,986			(706,613	)
Foreign exchange and other		(80,103	)		2,469			(77,634	)		(139,994	)		4,216			(135,778	)
End of period [a]	$	6,718,776		$	(1,506,460	)	$	5,212,316		$	6,718,776		$	(1,506,460	)	$	5,212,316

[a] At June 30, 2010, the gross reserve for losses and loss expenses included IBNR of $4,809 million, or 72%, of total gross reserves for loss and loss expenses. At December 31, 2009, the comparable amount was $4,669 million, or 71%.

14

AXIS Capital Holdings Limited

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

	Three months ended June 30, 2010									Six months ended June 30, 2010
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross losses paid	$	384,703		$	148,580		$	533,283		$	564,193		$	269,406		$	833,599
Reinsurance recoveries		(87,703	)		—			(87,703	)		(126,986	)		—			(126,986	)
Net losses paid		297,000			148,580			445,580			437,207			269,406			706,613
Change in:
Reported case reserves		81,219			34,429			115,648			(1,371	)		54,587			53,216
IBNR		(143,990	)		67,699			(76,291	)		(25,269	)		266,690			241,421
Reinsurance recoveries on unpaid loss and loss expense reserves		(78,735	)		(2,832	)		(81,567	)		(124,370	)		(5,248	)		(129,618	)
TOTAL NET INCURRED LOSSES AND LOSS EXPENSES	$	155,494		$	247,876		$	403,370		$	286,197		$	585,435		$	871,632
Gross reserve for losses and loss expenses	$	3,460,339		$	3,258,437		$	6,718,776		$	3,460,339		$	3,258,437		$	6,718,776
Prior years net favorable reserve development	$	30,541		$	48,065		$	78,606		$	55,910		$	104,162		$	160,072
Key Ratios
Net paid to net incurred percentage		191.0	%		59.9	%		110.5	%		152.8	%		46.0	%		81.1	%
Net paid losses / Net premiums earned		98.5	%		34.3	%		60.6	%		78.4	%		30.8	%		49.4	%
Change in net loss and loss expense reserves / Net premiums earned		(46.9	%)		22.9	%		(5.7	%)		(27.1	%)		36.2	%		11.5	%
Net loss and loss expense ratio		51.6	%		57.2	%		54.9	%		51.3	%		67.0	%		60.9	%

15

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTERLY

	Q2 2010			Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q2 2008
Gross losses paid	$	384,703		$	179,490		$	324,989		$	244,472		$	226,204		$	161,108
Reinsurance recoveries		(87,703	)		(39,283	)		(89,773	)		(64,649	)		(65,170	)		(66,499	)
Net losses paid		297,000			140,207			235,216			179,823			161,034			94,609
Change in:
Reported case reserves		81,219			(82,590	)		(122,563	)		(97,814	)		(38,506	)		44,365
IBNR		(143,990	)		118,721			47,741			11,911			65,060			21,103
Reinsurance recoveries on unpaid loss and loss expense reserves		(78,735	)		(45,635	)		1,157			17,308			(377	)		(381	)
TOTAL NET INCURRED LOSSES AND LOSS EXPENSES	$	155,494		$	130,703		$	161,551		$	111,228		$	187,211		$	159,696
Gross reserve for losses and loss expenses	$	3,460,339		$	3,533,040		$	3,502,680		$	3,572,266		$	3,654,192		$	3,508,456
Prior years net favorable reserve development	$	30,541		$	25,369		$	72,694		$	55,401		$	46,860		$	46,106
Key Ratios
Net paid to net incurred percentage		191.0	%		107.3	%		145.6	%		161.7	%		86.0	%		59.2	%
Net paid losses / Net premiums earned		98.5	%		54.7	%		77.2	%		64.5	%		53.9	%		31.8	%
Change in net loss and loss expense reserves / Net premiums earned		(46.9	%)		(3.7	%)		(24.2	%)		(24.6	%)		8.8	%		21.9	%
Net loss and loss expense ratio		51.6	%		51.0	%		53.0	%		39.9	%		62.6	%		53.7	%

16

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTERLY

	Q2 2010			Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q2 2008
Gross losses paid	$	148,580		$	120,826		$	125,676		$	132,292		$	144,913		$	101,782
Reinsurance recoveries		—			—			—			—			—			—
Net losses paid		148,580			120,826			125,676			132,292			144,913			101,782
Change in:
Reported case reserves		34,429			20,158			20,902			56,294			(19,222	)		15,193
IBNR		67,699			198,991			45,313			12,349			66,016			104,152
Reinsurance recoveries on unpaid loss and loss expense reserves		(2,832	)		(2,416	)		(6,930	)		(1,054	)		(666	)		(9,106	)
TOTAL NET INCURRED LOSSES AND LOSS EXPENSES	$	247,876		$	337,559		$	184,961		$	199,881		$	191,041		$	212,021
Gross reserve for losses and loss expenses	$	3,258,437		$	3,226,482		$	3,061,453		$	3,007,648		$	2,907,702		$	2,487,275
Prior years net favorable reserve development	$	48,065		$	56,097		$	47,303		$	66,698		$	49,882		$	40,638
Key Ratios
Net paid to net incurred percentage		59.9	%		35.8	%		67.9	%		66.2	%		75.9	%		48.0	%
Net paid losses / Net premiums earned		34.3	%		27.4	%		30.7	%		31.0	%		35.5	%		26.6	%
Change in net loss and loss expense reserves / Net premiums earned		22.9	%		49.3	%		14.5	%		15.8	%		11.3	%		28.8	%
Net loss and loss expense ratio		57.2	%		76.7	%		45.2	%		46.8	%		46.8	%		55.4	%

17

AXIS Capital Holdings Limited

2010 IMPACT OF CHILEAN EARTHQUAKE

	Reinsurance			Insurance			Total
Gross loss and loss expenses	$	130,000		$	2,530		$	132,530
Net loss and loss expenses		130,000			2,530			132,530
Gross and net premiums written [a]		9,447			—			9,447
Gross and net premiums earned [b]		8,955			—			8,955
Total impact before income tax		121,045			2,530			123,575
Income tax benefit		(453	)		(79	)		(532	)
Total impact after income tax	$	120,592		$	2,451		$	123,043

[a] The impact of Chilean Earthquake on gross and net premiums written in 2010 relates to recognition of reinstatement premiums in our reinsurance segment following the event. These premiums will be earned over the remaining risk period.

[b] The impact of Chilean earthquake on gross and net premiums earned in 2010 relates to the accelerated recognition of unearned premiums on policies in our reinsurance segment, prior to the recognition of reinstatement premiums.

18

AXIS Capital Holdings Limited

ESTIMATED NET LOSSES TO PEAK ZONE PROPERTY CATASTROPHE LOSSES - AS OF JULY 1, 2010

		Group Estimated Net Losses (in millions of U.S. dollars)						Estimated Industry Losses (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	$	764	$	1,091	$	1,456	$	78	$	121	$	195
California	Earthquake		441		703		1,071		16		28		50
Europe	Windstorm		375		583		836		18		26		38
Japan	Earthquake		207		330		641		15		22		40
Japan	Windstorm		89		150		162		16		22		36

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 July 1, 2010. 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 $1,091 million (or 20% of shareholders’ equity at June 30, 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 $1,091 million. Conversely, there is a 99% chance that the loss from a U.S. hurricane will fall below $1,091 million. We estimate that, at such hypothetical loss levels, aggregate industry losses would be approximately $121 billion, resulting in an estimated market share of insured losses for the Company of 0.9%.

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.

19

AXIS Capital Holdings Limited

EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, GAAP

	Three months ended June 30,				Six months ended June 30,
	2010		2009		2010		2009
Net income available to common shareholders	$	204,852	$	159,161	$	316,664	$	274,840
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average basic shares outstanding		121,766		137,849		124,961		137,586
Dilutive share equivalents:
Warrants		11,866		10,018		11,771		9,874
Restricted stock		1,251		1,332		1,376		1,323
Options		732		656		747		661
Restricted stock units		50		6		44		4
Weighted average diluted shares outstanding		135,665		149,861		138,899		149,448
EARNINGS PER COMMON SHARE
Basic	$	1.68	$	1.15	$	2.53	$	2.00
Diluted	$	1.51	$	1.06	$	2.28	$	1.84

20

AXIS Capital Holdings Limited

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARE ROLLFOWARD - QUARTERLY

	Q2 2010			Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q2 2008
Net income (loss) available to common shareholders	$	204,852		$	111,812		$	282,063		$	(95,892	)	$	159,161		$	231,267
COMMON SHARES OUTSTANDING
Common Shares - at beginning of period		124,155			132,140			137,835			137,710			137,622			144,590
Shares issued		76			2,008			158			129			93			154
Shares repurchased for treasury		(3,977	)		(9,993	)		(5,853	)		(4	)		(5	)		(5,091	)
Common Shares - at end of period		120,254			124,155			132,140			137,835			137,710			139,653
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average basic shares outstanding		121,766			128,202			136,049			137,904			137,849			142,333
Dilutive share equivalents:
Warrants[a]		11,866			11,675			11,480			—			10,018			12,579
Restricted stock[a]		1,251			1,501			2,387			—			1,332			1,496
Options[a]		732			761			757			—			656			1,194
Restricted stock units		50			37			45			—			6			—
Weighted average diluted shares outstanding		135,665			142,176			150,718			137,904			149,861			157,602
EARNINGS PER COMMON SHARE
Basic	$	1.68		$	0.87		$	2.07		($	0.70	)	$	1.15		$	1.62
Diluted	$	1.51		$	0.79		$	1.87		($	0.70	)	$	1.06		$	1.47

[a] Due to the net loss incurred in the three months ended September 30, 2009, these securities were not included in the computation of diluted earnings per share, because of their anti-dilutive effect.

21

AXIS Capital Holdings Limited

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

	At June 30, 2010
	Weighted Average Strike Price		Common Shareholders’ Equity		Outstanding Common Shares net of Treasury Shares	Per share
Closing stock price						$	29.72
Book value per common share			$	4,995,302	120,254	$	41.54
Dilutive securities:
Warrants	$	12.33		—	11,564		(3.64	)
Restricted stocks				—	3,772		(1.05	)
Options	$	22.03		—	664		(0.19	)
Restricted stock units				—	291		(0.08	)
Phantom stock units				—	68		(0.01	)
Diluted book value per common share			$	4,995,302	136,613	$	36.57
	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 stock units				—	167		(0.03	)
Phantom stock units				—	67		(0.02	)
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.

22

AXIS Capital Holdings Limited

NON-GAAP FINANCIAL MEASURE RECONCILIATION

	Three months ended June 30,						Six months ended June 30,
	2010			2009			2010			2009
	(in thousands)						(in thousands)
Net income available to common shareholders	$	204,852		$	159,161		$	316,664		$	274,840
Adjustment for net realized investment (gains) losses		(24,619	)		23,678			(40,795	)		64,275
Adjustment for associated tax impact		(53	)		(205	)		(39	)		(670	)
Operating income		180,180			182,634			275,830			338,445
Adjustment for foreign exchange (gains) losses		(27,229	)		24,184			(35,376	)		23,795
Adjustment for associated tax impact		(190	)		1,112			(622	)		473
Operating income excluding foreign exchange gains/losses, net of tax	$	152,761		$	207,930		$	239,832		$	362,713
Net income per share – diluted	$	1.51		$	1.06		$	2.28		$	1.84
Adjustment for net realized investment (gains) losses		(0.18	)		0.16			(0.29	)		0.42
Adjustment for associated tax impact		—			—			—			—
Operating income per share – diluted	$	1.33		$	1.22		$	1.99		$	2.26
Adjustment for foreign exchange (gains) losses		(0.20	)		0.16			(0.26	)		0.16
Adjustment for associated tax impact		—			0.01			—			0.01
Operating income per share – diluted, excluding foreign exchange gains/losses, net of tax	$	1.13		$	1.39		$	1.73		$	2.43
Weighted average common shares and common share equivalents – diluted		135,665			149,861			138,899			149,448

23