AXIS Capital Holdings

Limited

Investment Portfolio

Supplemental Information and Data

December 31, 2010

Exhibit 99.3

Cautionary Note on 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

measurements of potential losses in the fair value of our investment portfolio, our expectations regarding pricing and other market conditions

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,

•

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,

•

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.

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.

3

Total Cash and Invested Assets

Total Cash and Invested Assets: $12.6 Billion

Total Portfolio Allocation

Total Portfolio Ratings Allocation

Note:  Other investments include hedge funds, CLO equity tranches and credit funds.

(As of December 31, 2010)

Equities

3%

Short Term

Investments

1%

Other Investments

4%

Municipals

6%

Corporates

32%

Foreign Govt Agency

6%

Cash & Cash

Equivalents

9%

US Govt/Agency

7%

Agency MBS

21%

ABS

5%

Non Agency RMBS

2%

Non Agency CMBS

4%

AAA

19%

AA

9%

Equities

3%

Below BBB

3%

BBB

9%

A

17%

US

Govt/Agency/Cash &

Cash

Equivalents/Agency

MBS

36%

Other Investments

(unrated)

4%

Non-Agency CMBS: Detail

Fair Value ($ in millions)

Net Unrealized Gain ($ in millions)

Rating by Vintage (%)

Rating by Vintage ($ in millions)

Vintage

AAA

AA

A

BBB

Total

2010

$49

$-

$-

$-

$49

2009

17

6

-

-

23

2008

6

-

-

-

6

2007

8

1

52

2

63

2006

70

21

12

-

103

2005

88

8

8

-

104

Other

120

7

-

-

127

Total

$358

$43

$72

$2

$475

Net

Unrealized

$14

$2

$5

$-

$21

4

Key Characteristics

•

75.3% AAA, 96.1% senior/super senior tranches

•

115 securities

•

Weighted average life of 5.23 years

•

Duration of 3.4

•

Book yield is 5.42%

•

Average price of 104% of par

(As of December 31, 2010)

Total Non Agency CMBS: $475 Million

(4% of total portfolio)

$-

$20

$40

$60

$80

$100

$120

Pre

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

AAA

AA

A

BBB

0%

20%

40%

60%

80%

100%

Pre

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

AAA

AA

A

BBB

Non-Agency CMBS: Detail (Continued)

•

Average loan to value of the underlying collateral is 75.6

•

Average subordination has improved to 27.1% from 26.2% at origination

•

Current percentage of defeased collateral is 6.80%

•

Average current collateral delinquency is 17.64%

Asset Class

Amortized

Cost

Net Unrealized

Gain

Fair Value

Retail

$144

$7

$151

Office

137

6

143

Multifamily

61

3

64

Hotel

34

1

35

Industrial

23

1

24

Mixed use

13

1

14

Self storage

11

1

12

Mobile home

9

-

9

Healthcare

7

-

7

Other

15

1

16

Total

$454

$21

$475

5

Years to Maturity

Amortized

Cost

Net Unrealized

Gain

Fair Value

< 2

$93

$1

$94

2.1 –

3

40

2

42

3.1 –

4

31

1

32

4.1 –

5

34

2

36

5.1 –

7

213

15

228

7.1 –

10

32

-

32

> 10

11

-

11

Total

$454

$21

$475

Collateral Property Type ($ in millions)

Maturity Detail ($ in millions)

(As of December 31, 2010)

6

Agency and Non-Agency RMBS:  Detail

Key Characteristics –

Non Agency RMBS

•

Non-Agency RMBS have an amortized cost     

of $252 million with net unrealized loss of

$8 million

•

This sector includes prime, Alt-A and

subprime collateral

•

Non-Agency RMBS is 67.4% AAA-rated as

detailed on the following slides

Total Agency and Non-Agency RMBS: $2.8 Billion

(22% of total portfolio)

Key Characteristics –

Agency RMBS

•

Primarily pass-through securities

issued by the Federal Home Loan

Mortgage Corporation, Federal

National Mortgage Association, and the

Government National Mortgage

Association

•

These securities have an amortized cost

of $2.6 billion with a net unrealized gain

of $22 million

•

Duration of 3.45

•

Book yield is 2.60%

(As of December 31, 2010)

Agency RMBS

91%

Non-Agency

RMBS

9%

Non-Agency RMBS: Detail

Fair Value ($ in millions)

Rating by Vintage (%)

Rating by Vintage ($ in millions)

Vintage

AAA

AA

A

BBB

Below

BBB

Total

2010

$61

$-

$-

$-

$-

$61

2009

2

-

-

-

-

2

2007

11

-

1

-

20

32

2006

6

1

-

-

19

26

2005

27

2

-

11

17

57

2004

29

1

1

1

1

33

Other

28

4

-

-

1

33

Total

$164

$8

$2

$12

$58

$244

Net

Unrealized

$(4)

$(1)

$-

$(1)

$(2)

$(8)

Net Unrealized (Loss) ($ in millions)

7

Key Characteristics

•

67.4% AAA

•

169 securities

•

Weighted average life of  8.28 years

•

Duration of 0.24

•

Book yield is 4.87%

•

Average price of 94% par

(As of December 31, 2010)

$-

$10

$20

$30

$40

$50

$60

$70

Pre

2001

2002

2003

2004

2005

2006

2007

2009

2010

AAA

AA

A

BBB

Below BBB

0%

20%

40%

60%

80%

100%

Pre

2001

2002

2003

2004

2005

2006

2007

2009

2010

AAA

AA

A

BBB

Below BBB

Direct Non

Financials

56%

Medium Term

Notes*

3%

Direct Financials

41%

8

Corporate Debt:  Detail

Total Corporate Debt: $4.2 Billion

(32% of total portfolio)

(As of December 31, 2010)

*Medium-Term Notes primarily comprise European credit issuances

•

Average corporate debt rating  A-

•

Weighted average life of years 4.40

•

Duration of 3.46

•

Book Yield is 4.83%

Corporate Debt –

Financials: Details

Financials by Subsector: $1.7 Billion

(14% of total portfolio)

9

(As of December 31, 2010)

Commercial Finance

4%

Consumer Finance

5%

Corporate Finance

5%

US

Banking/Brokerage

48%

Insurance

3%

Foreign Banks

20%

Non US Govt

Guaranteed

15%

Amortized

Cost

Net Unrealized

Gain

Fair Value

US Banking / Brokerage

$792

$27

$819

Foreign Banks

344

1

345

Non US Govt Guaranteed

259

3

262

Corporate Finance

94

-

94

Consumer Finance

80

3

83

Commercial Finance

72

-

72

Insurance

47

1

48

Total

$1,688

$35

$1,723

•

Included in Investment Grade Corporate Debt for

Financials are $49 million of FDIC guaranteed bonds

Corporate Debt –

Financials: Details (Continued)

Amortized

Cost

Net

Unrealized

Gain

Fair Value

JP Morgan Chase

$138

$3

$141

Morgan Stanley

130

2

132

Bank of America

104

3

107

General Electric Co

92

-

92

Goldman Sachs

87

4

91

Citigroup Inc

86

5

91

HSBC Holdings PLC

66

2

68

US Bancorp

66

-

66

Credit Suisse

45

2

47

KFW Group Corp

45

-

45

Top 10 Direct Financial Holdings ($ in millions)

Amortized

Cost

Net

Unrealized

Gain

Fair Value

AAA

$292

$6

$298

AA

389

4

393

A

886

20

906

BBB

110

5

115

Below BBB

11

-

11

Total

$1,688

$35

$1,723

Financials by Rating ($ in millions)

(As of December 31, 2010)

10

Corporate Debt –

Non-Financials:  Detail

Amortized

Cost

Net Unrealized

Gain

Fair Value

Communications

$460

$16

$476

Consumer non cyclicals

420

14

434

Electric

318

10

328

Industrial

314

6

320

Energy

281

11

292

Consumer cyclicals

171

2

173

Technology

148

1

149

Natural gas

108

2

110

Transportation

37

0

37

Other

11

0

11

Total

$2,268

$62

$2,330

Non-Financials By Subsector: $2.3 Billion

(18% of total portfolio)

(As of December 31, 2010)

11

Subsector Detail ($ in millions)

Top 10 Direct Non-Financial Holdings ($ in millions)

Corporate Debt –

Non-Financials:  Detail (Continued)

Amortized

Cost

Net Unrealized

Gain/(Loss)

Fair Value

BP PLC

75

4

79

Kraft Foods Inc.

59

3

62

Duke Energy Corp

56

2

58

AT&T

55

2

57

Anheuser-Busch

47

1

48

Directv

45

(1)

44

Occidental

Petroleum Corp

42

2

44

Time Warner Cable

41

2

43

Verizon

Communications

Inc.

40

4

44

Pfizer Inc

35

1

36

Amortized

Cost

Net Unrealized

Gain

Fair Value

AAA

$42

$-

$42

AA

154

5

159

A

927

34

961

BBB

890

22

912

Below BBB

255

1

256

Total

$2,268

$62

$2,330

Non Financials by Rating ($ in millions)

12

(As of December 31, 2010)

ABS:  Detail

Amortized

Cost

Net Unrealized

Gain/(Loss)

Fair Value

Auto

$354

$4

$358

Student Loan

122

3

125

Credit card

83

-

83

CLO –

debt tranches

57

(14)

43

Equipment

15

-

15

CDO

4

-

4

Other ABS

33

1

34

Total

$668

$(6)

$662

13

ABS by Subsector: $662 Million

(5% of total portfolio)

(As of December 31, 2010)

Subsector Detail ($ in millions)

Key Characteristics

•

93.1% AAA

•

105 securities

•

Weighted average life of  years 3.75

•

Duration of  1.04

•

Book yield is 1.97%

•

Average price of 102% of par

Fund of

Funds

66%

Single

Managers

34%

Other Investments Overview

CLO -

equity

tranches

11%

Credit funds

20%

Hedge

Funds

69%

Total Other Investments: $519 million

(4% of total portfolio)

(As of December 31, 2010)

14

Key Characteristics

•

Credit funds –

invest in bank loans, investment grade credit and distressed debt

•

CLO equity tranches –

equity tranches of cash flow collateralized loan

obligations that invest primarily in first-lien bank loans

•

Fund of Funds –

seek to achieve attractive risk adjusted total returns by

investing in a large diversified portfolio of asset managers

•

Single managers –

invest in event driven, equity long short, and energy MLP

strategies

Hedge Funds

Total Other Investments