8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30,2013

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda	001-31721	98-0395986
(State of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

92 Pitts Bay Road

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))

Item 2.02 Results of Operations and Financial Condition.

On October 30,2013, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its third quarter 2013 results and the availability of its third quarter 2013 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1	Press release dated October 30, 2013
99.2	Third quarter 2013 Investor Financial Supplement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 30,2013

AXIS CAPITAL HOLDINGS LIMITED
By:	/s/ Richard T. Gieryn, Jr.
	Richard T. Gieryn, Jr.
	General Counsel

EXHIBIT INDEX

Exhibit Number	Description of Document
99.1	Press release dated October 30, 2013
99.2	Third quarter 2013 Investor Financial Supplement

EX-99.1

Investor Contact	Media Contact
Linda Ventresca	Michael Herley
AXIS Capital Holdings Limited	Kekst and Company
investorrelations@axiscapital.com	michael-herley@kekst.com
(441) 405-2727	(212) 521-4897

AXIS CAPITAL REPORTS THIRD QUARTER OPERATING INCOME OF $197 MILLION, OR $1.74 PER DILUTED COMMON SHARE

For the third quarter of 2013, company reports:

• Earnings per diluted common share of $1.21

• Annualized return on average common equity of 10.9%

• Annualized operating return on average common equity of 15.6%

Pembroke, Bermuda, October 30,2013 - AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) today reported net income available to common shareholders for the third quarter of 2013 of $137 million, or $1.21 per diluted common share, compared with $223 million, or $1.82 per diluted common share, for the third quarter of 2012. For the nine months endedSeptember 30,2013, AXIS Capital reported net income available to common shareholders of $512 million, or $4.41 per diluted common share, compared with $514 million, or $4.11 per diluted common share, for the corresponding period of 2012.

Operating income¹ for the third quarter of 2013 was $197 million, or $1.74 per diluted common share, compared with $201 million, or $1.63 per diluted common share, for the third quarter of 2012. For the nine months endedSeptember 30,2013, AXIS Capital reported operating income of $474 million, or $4.08 per diluted common share, compared with $449 million, or $3.60 per diluted common share, for the first nine months of 2012.

¹Operating income and operating return on average common equity are “non-GAAP financial measures” as defined in Regulation G. A reconciliation of operating income to net income available to common shareholders (the nearest GAAP financial measure) and the calculation of operating return on average common equity are provided in this release, as is a discussion of the rationale for the presentation of these items.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 1 -

Third Quarter Highlights² 

• Gross premiums written increased7% to $905 million, with growth of 9% in our insurance segment and 4% in our reinsurance segment;

• Net premiums written increased10% to $716 million;

• Net premiums earned increased10% to $945 million;

• Combined ratio of 86.3%, compared to 85.3%;

• Current accident year loss ratio of 61.5%, compared to 58.3%;

• Estimated natural catastrophe and weather-related pre-tax net losses (net of reinstatement premiums) of $51 million;

• Net favorable prior year reserve development of $80 million (benefiting the combined ratio by 8.4 points), compared with $60 million (benefiting the combined ratio by 7.0 points);

• Net investment income was comparable at $103 million;

• Pre-tax total return on cash and investments of 1.4%, compared to 2.1%;

• Net income available to common shareholders of $137 million, compared to $223 million;

• Operating income of $197 million, compared to $201 million;

• Net cash flows from operations of $432 million, compared to $424 million;

• No share repurchases during the quarter;

• Diluted book value per common share of $44.60, a 5% increase during the quarter and a 2% increase over the last 12 months; and

• A.M. Best upgraded the financial strength rating of each of our operating (re)insurance subsidiaries to a financial strength rating of A+ (Superior) in September 2013.

² All comparisons are with the same period of the prior year, unless otherwise stated.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 2 -

Commenting on the third quarter 2013 financial results, Albert Benchimol, President and CEO of AXIS Capital said "We’re pleased to announce a very good quarter on all fronts.  Our annualized operating return on average common equity was 15.6% for the quarter and our diluted book value per share increased 4.5%, with strong contributions from both underwriting and investments.  Our global underwriting platform, breadth of products and excellent financial strength are all highly valued attributes in today’s marketplace, positioning us favorably to achieve our goals.  We are confident our risk selection, combined with our disciplined attention to portfolio construction, will positively differentiate our Company and shareholder returns over the longer term. Our recent upgrade to A+ by A.M. Best is another testimony to our strong track record and the value of our global franchise in the marketplace.”

Segment Highlights

Insurance Segment

Our insurance segment reported gross premiums written of $575 million in the quarter, up $45 million, or 9%, from the third quarter of 2012. The liability and professional lines of business were the biggest drivers of the increase while accident & health continues to contribute meaningfully. Improvements in the U.S. casualty markets continued to benefit our liability lines. Professional lines growth reflects new business, as the Company continues to expand its worldwide operations. The lines that drove growth in the quarter similarly drove the 13% increase in gross premiums written for the first nine months of 2013 to $2.0 billion, with the accident & health line contributing 40% of the year-to-date growth.

Net premiums written were up 18% for the third quarter and 18% for the year to date. Growth rates exceeded those for gross premiums written primarily due to reductions in certain of our ceded reinsurance programs. Net premiums earned increased 12% and 8%, respectively, for the third quarter and the year to date; with growth in our accident & health line being the largest contributor.

Our insurance segment reported an underwriting gain of $89 million for the quarter, compared to $76 million for the third quarter of 2012. The current quarter’s underwriting result reflected a combined ratio of 80.4%, compared with 81.1% in the prior year quarter. The segment’s current accident year loss ratio increased from 54.6% in the third quarter of 2012 to 55.9% this quarter, primarily reflecting a change in the business mix. Net favorable prior year reserve development was $34 million, or 7.6 points, this quarter compared with $32 million, or 7.9 points, in the third quarter of 2012.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 3 -

The segment's acquisition cost ratio decreased for both the quarter and year to date, due to a number of factors, but primarily reflects changes in certain reinsurance programs and changes in business mix including the reduction in the volume of business sourced through MGAs.

The increase during the quarter and for the year to date in general and administrative expenses reflects the continued build-out of the segment's global platform over the past year.

For the nine months endedSeptember 30,2013, we recognized underwriting income of $74 million, compared with underwriting income of $112 million for the same period of 2012; with $39 million of the variance attributable to natural catastrophe and weather-related activity.

Reinsurance Segment

Our reinsurance segment reported gross premiums written of $330 million in the quarter, up $12 million, or 4%, from the third quarter of 2012. The increase during the quarter was driven by our professional lines. Additional growth was largely attributable to continued increases in the agriculture line (reflecting our agricultural initiative during the year).

For the nine months ended September 30,2013, gross premiums written were $1.9 billion, up16% from the comparable period of 2012. Growth was evident across all lines of business, with our agriculture initiative contributing approximately half of the $261 million increase. Our property line of business also contributed meaningfully, primarily due to new business and the expansion of worldwide client relationships. We significantly increased our participation in European catastrophe business and grew in the liability line of business in the U.S.

Net premiums earned increased 7% and 8%, respectively, for the quarter and year to date, primarily attributable to our agriculture expansion.

Our reinsurance segment reported underwriting income of $64 million for the quarter, compared to $79 million for the third quarter of 2012. The segment’s combined ratio increased from 83.1% in the third quarter of 2012 to 87.1% for the current quarter. This included an increase in the current accident year loss ratio from 61.6% in the third quarter of 2012 to 66.6% this quarter, driven by a higher level of natural catastrophe and weather-related losses. The current quarter's result includes aggregate pre-tax net losses emanating from such events (net of reinstatement premiums) of $51 million, or 10.5 points, arising from

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 4 -

worldwide weather-related events. Comparatively, the third quarter of 2012 result included $27 million (net of reinstatement premiums), or 5.9 points, related primarily to crop losses following severe drought conditions in the U.S. The remaining variance in the current year accident loss ratio can be primarily attributed to changes in the business mix. Net favorable prior year reserve development was $46 million, or 9.3 points, this quarter compared with $29 million, or 6.3 points, in the third quarter of 2012.

For the nine months endedSeptember 30,2013, we recognized underwriting income of $260 million compared with $226 million for the same period of 2012; the favorable variance was driven by a number of factors, including a higher level of net favorable prior year reserve development, portfolio expansion, and a lower acquisition cost ratio driven by loss-sensitive features in reinsurance contracts, partially offset by an increase in the natural catastrophe and weather-related losses and changes due to business mix.

Investments

Net investment income of $103 million for the quarter represented a $20 million increase from the second quarter of 2013 and was comparable to the third quarter of 2012, with the variances primarily driven by changes in the fair value of our alternative investments ("other investments"). These investments generated $32 million of income in the current quarter, compared to income of $12 million in the second quarter of 2013 and income of $34 million in the third quarter of 2012.

Net realized investment losses were $5 million, compared to $16 million of net gains last quarter and $51 million in the third quarter of 2012.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 5 -

Capitalization / Shareholders’ Equity

Our total capital at September 30, 2013 was $6.8 billion, including $1.0 billion of long-term debt and $0.6 billion of preferred equity, comparable to $6.8 billion at December 31, 2012.

Diluted book value per common share, calculated on a treasury stock basis, increased by $1.93, or 5%, to $44.60 in the current quarter; the increase was primarily driven by our operating income. Over the past twelve months, diluted book value per common share increased by $1.03, or 2%; growth was driven by operating income, with share repurchase activity also contributing which was offset by the decline in the fair value of our available-for-sale fixed maturity portfolio, following an upward shift in sovereign yield curves.

During the third quarter we did not repurchase any common shares under our Board-authorized share repurchase program. At October 30,2013, we had $409 millionof remaining authorization for common share repurchases through December 31, 2014.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 6 -

Conference Call

We will host a conference call on Thursday, October 31, 2013 at 8:00 AM (Eastern) to discuss the third quarter financial results and related matters. The teleconference can be accessed by dialing (888) 317-6003 (U.S. callers) or (412) 317-6061 (international callers) approximately ten minutes in advance of the call and entering the code 4-4-9-1-3-1-9. A live, listen-only webcast of the call will also be available via the Investor Information section of the Company’s website at www.axiscapital.com. A replay of the teleconference will be available for three weeks by dialing (877) 344-7529 (U.S. callers) or (412) 317-0088 (international callers) and entering the code 1-0-0-3-4-2-1-9. The webcast will be archived in the Investor Information section of our website.

In addition, a financial supplement relating to our financial results for the quarter ended September 30,2013 is available in the Investor Information section of our website.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30,2013 of $5.8 billion and locations in Bermuda, the United States, Europe, Singapore, Canada, Australia and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best. AXIS Capital and AXIS Specialty Finance LLC have been assigned senior unsecured debt ratings of A- (stable) by Standard & Poor’s and Baa1 (stable) by Moody’s Investors Service. For more information about AXIS Capital, visit our website at www.axiscapital.com.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 7 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30,2013 (UNAUDITED) AND DECEMBER 31,2012

		2013			2012
		(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value		$	11,984,740		$	11,928,049
Equity securities, available for sale, at fair value		650,627			666,548
Other investments, at fair value		994,572			843,437
Short-term investments, at fair value and amortized cost		84,709			108,860
Total investments		13,714,648			13,546,894
Cash and cash equivalents		1,049,553			759,817
Restricted cash and cash equivalents		60,445			90,733
Accrued interest receivable		98,285			97,220
Insurance and reinsurance premium balances receivable		1,920,985			1,474,821
Reinsurance recoverable on unpaid and paid losses		1,899,510			1,863,819
Deferred acquisition costs		505,002			389,248
Prepaid reinsurance premiums		340,280			315,676
Receivable for investments sold		1,317			1,254
Goodwill and intangible assets		91,656			97,493
Other assets		251,268			215,369
	Total assets	$	19,932,949		$	18,852,344
Liabilities
Reserve for losses and loss expenses		$	9,484,516		$	9,058,731
Unearned premiums		2,990,301			2,454,692
Insurance and reinsurance balances payable		261,737			270,739
Senior notes		995,699			995,245
Payable for investments purchased		174,034			64,553
Other liabilities		238,833			228,623
	Total liabilities	14,145,120			13,072,583
Shareholders' equity
Preferred shares - Series A, B, C and D		627,843			502,843
Common shares		2,172			2,146
Additional paid-in capital		2,225,826			2,179,034
Accumulated other comprehensive income		130,373			362,622
Retained earnings		4,921,716			4,497,789
Treasury shares, at cost		(2,120,101		)	(1,764,673		)
	Total shareholders' equity	5,787,829			5,779,761
	Total liabilities and shareholders' equity	$	19,932,949		$	18,852,344

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 8 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDEDSEPTEMBER 30,2013 AND 2012

			Three months ended					Nine months ended
			2013			2012		2013		2012
			(in thousands, except per share amounts)
Revenues
	Net premiums earned		$	945,242		$	862,447	$	2,765,154	$	2,559,414
	Net investment income		103,429			103,638		295,450		294,110
	Net realized investment gains (losses)		(4,708		)	50,803		56,004		95,699
	Other insurance related income		725			953		1,756		1,884
		Total revenues	1,044,688			1,017,841		3,118,364		2,951,107
Expenses
	Net losses and loss expenses		501,522			442,652		1,582,835		1,420,981
	Acquisition costs		173,682			158,796		488,892		483,589
	General and administrative expenses		140,699			134,611		431,207		419,595
	Foreign exchange losses		56,860			23,927		11,659		8,212
	Interest expense and financing costs		15,260			15,558		46,355		46,365
		Total expenses	888,023			775,544		2,560,948		2,378,742
Income before income taxes			156,665			242,297		557,416		572,365
	Income tax expense		6,030			10,149		11,500		15,314
Net income			150,635			232,148		545,916		557,051
	Preferred shares dividends		13,514			8,741		30,452		29,487
	Loss on repurchase of preferred shares		—			—		3,081		14,009
Net income available to common shareholders			$	137,121		$	223,407	$	512,383	$	513,555
Per share data
Net income per common share:
Basic net income			$	1.23		$	1.84	$	4.47	$	4.16
Diluted net income			$	1.21		$	1.82	$	4.41	$	4.11
Weighted average number of common shares outstanding - basic			111,676			121,127		114,606		123,568
Weighted average number of common shares outstanding - diluted			113,355			122,952		116,214		124,858
Cash dividends declared per common share			$	0.25		$	0.24	$	0.75	$	0.72

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 9 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED SEPTEMBER 30,2013 AND 2012

	2013									2012
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	(in thousands)
Gross premiums written	$	574,778		$	330,019		$	904,797		$	529,678		$	318,008		$	847,686
Net premiums written	393,627			322,762			716,389			332,591			318,008			650,599
Net premiums earned	448,072			497,170			945,242			398,338			464,109			862,447
Other insurance related income	725			—			725			953			—			953
Net losses and loss expenses	(216,440		)	(285,082		)	(501,522		)	(185,845		)	(256,807		)	(442,652		)
Acquisition costs	(61,087		)	(112,595		)	(173,682		)	(59,026		)	(99,770		)	(158,796		)
Underwriting-related general and
administrative expenses(3)	(82,548		)	(35,127		)	(117,675		)	(78,029		)	(28,924		)	(106,953		)
Underwriting income (3)	$	88,722		$	64,366		153,088			$	76,391		$	78,608		154,999
Corporate expenses							(23,024		)							(27,658		)
Net investment income							103,429									103,638
Net realized investment gains (losses)							(4,708		)							50,803
Foreign exchange losses							(56,860		)							(23,927		)
Interest expense and financing costs							(15,260		)							(15,558		)
Income before income taxes							$	156,665								$	242,297
Net loss and loss expense ratio	48.3		%	57.3		%	53.1		%	46.7		%	55.3		%	51.3		%
Acquisition cost ratio	13.6		%	22.6		%	18.4		%	14.8		%	21.5		%	18.4		%
General and administrative
expense ratio	18.5		%	7.2		%	14.8		%	19.6		%	6.3		%	15.6		%
Combined ratio	80.4		%	87.1		%	86.3		%	81.1		%	83.1		%	85.3		%

³Underwriting-related general and administrative expenses and consolidated underwriting income are "non-GAAP financial measures", as defined in SEC Regulation G. Reconciliations of these amounts to the nearest GAAP financial measures (total general and administrative expenses and income before taxes, respectively) are provided in this release, as are discussions of the rationale for the presentation of these items.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 10 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE NINE MONTHS ENDEDSEPTEMBER 30,2013 AND 2012

	2013									2012
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	(in thousands)
Gross premiums written	$	1,952,548		$	1,918,537		$	3,871,085		$	1,729,365		$	1,657,864		$	3,387,229
Net premiums written	1,385,892			1,894,344			3,280,236			1,176,443			1,642,917			2,819,360
Net premiums earned	1,272,297			1,492,857			2,765,154			1,175,173			1,384,241			2,559,414
Other insurance related income	1,756			—			1,756			1,884			—			1,884
Net losses and loss expenses	(764,768		)	(818,067		)	(1,582,835		)	(653,471		)	(767,510		)	(1,420,981		)
Acquisition costs	(177,097		)	(311,795		)	(488,892		)	(178,834		)	(304,755		)	(483,589		)
Underwriting-related general and
administrative expenses	(257,962		)	(103,411		)	(361,373		)	(233,243		)	(86,057		)	(319,300		)
Underwriting income	$	74,226		$	259,584		333,810			$	111,509		$	225,919		337,428
Corporate expenses							(69,834		)							(100,295		)
Net investment income							295,450									294,110
Net realized investment gains							56,004									95,699
Foreign exchange losses							(11,659		)							(8,212		)
Interest expense and financing costs							(46,355		)							(46,365		)
Income before income taxes							$	557,416								$	572,365
Net loss and loss expense ratio	60.1		%	54.8		%	57.2		%	55.6		%	55.4		%	55.5		%
Acquisition cost ratio	13.9		%	20.9		%	17.7		%	15.2		%	22.0		%	18.9		%
General and administrative
expense ratio	20.3		%	6.9		%	15.6		%	19.9		%	6.3		%	16.4		%
Combined ratio	94.3		%	82.6		%	90.5		%	90.7		%	83.7		%	90.8		%

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 11 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURE RECONCILIATION (UNAUDITED)

OPERATING INCOME, OPERATING RETURN ON AVERAGE COMMON EQUITY

AND UNDERWRITING-RELATED GENERAL AND ADMINISTRATIVE EXPENSES

FOR THE THREE AND NINE MONTHS ENDEDSEPTEMBER 30,2013 AND 2012

	Three months ended						Nine months ended
	2013			2012			2013			2012
	(in thousands, except per share amounts)
Net income available to common shareholders	$	137,121		$	223,407		$	512,383		$	513,555
Net realized investment (gains) losses, net of tax(1)	4,368			(46,241		)	(51,306		)	(86,305		)
Foreign exchange losses, net of tax(2)	55,188			23,474			10,057			7,948
Loss on repurchase of preferred shares, net of tax(3)	—			—			3,081			14,009
Operating income	$	196,677		$	200,640		$	474,215		$	449,207
Earnings per common share - diluted	$	1.21		$	1.82		$	4.41		$	4.11
Net realized investment (gains) losses, net of tax	0.04			(0.38		)	(0.45		)	(0.69		)
Foreign exchange losses, net of tax	0.49			0.19			0.09			0.07
Loss on repurchase of preferred shares, net of tax	—			—			0.03			0.11
Operating income per common share - diluted	$	1.74		$	1.63		$	4.08		$	3.60
Weighted average common shares and common share
equivalents - diluted	113,355			122,952			116,214			124,858
Average common shareholders' equity	$	5,047,045		$	5,274,211		$	5,218,452		$	5,148,752
Annualized return on average common equity	10.9		%	16.9		%	13.1		%	13.3		%
Annualized operating return on average common equity	15.6		%	15.2		%	12.1		%	11.6		%

(1) Tax cost (benefit) of ($340) and $4,562 for the three months ended September 30, 2013 and 2012, respectively, and $4,698 and $9,394 for the nine months endedSeptember 30, 2013 and 2012, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

(2) Tax benefit of $1,672 and $453 for the three months ended September 30, 2013 and 2012, respectively, and $1,602 and $264 for the nine months endedSeptember 30, 2013 and 2012, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

(3) Tax impact is nil.

In addition to underwriting-related general and administrative expenses, our total general and administrative expenses of $140,699 and $134,611 for the three months ended September 30,2013 and 2012, respectively, and $431,207 and $419,595 for the nine months endedSeptember 30,2013 and 2012, respectively, include corporate expenses.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 12 -

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements contained in this release include our expectations regarding market conditions and information regarding our estimates of losses related to natural disasters. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Important factors that could cause actual events or results to be materially different from our expectations include (1) the occurrence and magnitude of natural and man-made disasters, (2) actual claims exceeding our loss reserves, (3) general economic, capital, and credit market conditions, (4) the failure of any of the loss limitation methods we employ, (5) the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions, (6) the failure of our cedants to adequately evaluate risks, (7) inability to obtain additional capital on favorable terms, or at all, (8) the loss of one or more key executives, (9) a decline in our ratings with rating agencies, (10) the loss of business provided to us by our major brokers, (11) changes in accounting policies or practices, (12) the use of industry catastrophe models and changes to these models, (13) changes in governmental regulations, (14) increased competition, (15) changes in the political environment of certain countries in which we operate or underwrite business, (16) fluctuations in interest rates, credit spreads, equity prices and/or currency values, and (17) the other factors set forth in our most recent report on Form 10-K, Form 10-Q and other documents on file with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 13 -

Non-GAAP Financial Measures

In this release, we present operating income, consolidated underwriting income and underwriting-related general and administrative expenses, which are “non-GAAP financial measures” as defined in Regulation G.

Operating income represents after-tax operational results without consideration of after-tax net realized investment gains (losses), foreign exchange losses (gains) and losses on the repurchase of preferred shares. We also present diluted operating earnings per share and operating return on average common equity ("operating ROACE"), which are derived from the non-GAAP operating income measure. Reconciliations of operating income, diluted operating earnings per share and operating ROACE to the nearest GAAP financial measures (based on net income available to common shareholders) are included above.

Consolidated underwriting income is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative costs as expenses. Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our individual underwriting operations. While these measures are presented in the Segment Information footnote to our Consolidated Financial Statements, they are considered non-GAAP financial measures when presented elsewhere on a consolidated basis. A reconciliation of consolidated underwriting income to income before income taxes (the nearest GAAP financial measure) is included in the 'Consolidated Segmental Data' section of this release. Our total general and administrative expenses (the nearest GAAP financial measure to underwriting-related general and administrative expenses) also includes corporate expenses; the two components are separately presented in the 'Consolidated Segmental Data' section of this release.

We present our results of operations in the way we believe will be most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. This includes the presentation of “operating income” (in total and on a per share basis), “annualized operating ROACE” (which is based on the “operating income” measure) and "consolidated underwriting income", which incorporates "underwriting-related general and administrative expenses".

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 14 -

Operating Income

Although the investment of premiums to generate income and realized investment gains (or losses) is an integral part of our operations, the determination to realize investment gains (or losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (or losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our Consolidated Statements of Operations are primarily driven by the impact of foreign exchange rate movements on net insurance-related liabilities. However, this movement is only one element of the overall impact of foreign exchange rate fluctuations on our financial position. In addition, we recognize unrealized foreign exchange losses (gains) on our available-for-sale investments in other comprehensive income and foreign exchange losses (gains) realized upon the sale of these investments in net realized investment gains (or losses). These unrealized and realized foreign exchange movements generally offset a large portion of the foreign exchange losses (gains) reported separately in earnings, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As such, the Statement of Operations foreign exchange losses (gains) in isolation are not a fair representation of the performance of our business.

Losses on repurchase of preferred shares arise from capital transactions and, therefore, are not reflective of underlying business performance.

In this regard, certain users of our financial statements evaluate earnings excluding after-tax net realized investment gains, foreign exchange losses (gains) and losses on repurchase of preferred shares to understand the profitability of recurring sources of income.

We believe that showing net income available to common shareholders exclusive of net realized gains, foreign exchange losses (gains) and losses on repurchase of preferred shares reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 15 -

Consolidated Underwriting Income/Underwriting-Related General and Administrative Expenses

Corporate expenses include holding company costs necessary to support our worldwide (re)insurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our individual underwriting operations, we exclude them from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income. Interest expense and financing costs primarily relate to interest payable on our senior notes and are excluded from consolidated underwriting income for the same reason.

We evaluate our underwriting results separately from the performance of our investment portfolio. As such, we believe it appropriate to exclude net investment income and net realized investment gains (losses) from our underwriting profitability measure.

As noted above, foreign exchange losses (gains) in our Consolidated Statement of Operations primarily relate to our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange rate gains (losses) on our investment portfolio generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) are not a meaningful contributor to our underwriting performance and, therefore, exclude them from consolidated underwriting income.

We believe that presentation of underwriting-related general and administrative expenses and consolidated underwriting income provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 16 -

EX-99.2

AXIS Capital Holdings Limited

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2013

	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 to Date	3
c. Consolidated Segment Data	4
d. Gross Premium Written by Segment by Line of Business	5
e. Segment Data - Quarterly	6-7
f. Net Investment Income - Quarterly and Year to Date	8
III. Balance Sheets
a. Consolidated Balance Sheets	9
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	10
•    Cash and Invested Assets Composition - Quarterly	11
•    Geographic Distribution of Fixed Maturities and Equities	12
•    Corporate Debt Composition	13
•    Ten Largest Corporate Debt Holdings	14
•    Mortgage-Backed and Asset-Backed Securities Composition	15
c. Reinsurance Recoverable Analysis	16-17
IV. Analysis of Reserve for Losses and Loss Expenses
a. Paid to Incurred Analysis	18
b. Paid to Incurred Analysis by Segment	19
c. Paid to Incurred Analysis by Segment - Quarterly	20-21
d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	22
V. Share Analysis
a. Earnings Per Common Share Analysis - As Reported, GAAP	23
b. Earnings (Loss) Per Common Share Analysis and Common Share Rollforward - Quarterly	24
c. Diluted Book Value Per Common Share Analysis	25
VI. Non-GAAP Financial Measures
a. Non-GAAP Financial Measure Reconciliations	26
b. Use of Non-GAAP Financial Measures	27

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, 2012.

• 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 securities' 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 and magnitude 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, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions,

• 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,

• the use of industry catastrophe models and changes to these models,

• changes in governmental regulations,

• increased competition,

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

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

• the other factors set forth in our most recent report on Form 10-K, Form 10-Q and other documents on file with the Securities and Exchange Commission.

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 coverage includes 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. We also target middle to high excess liability business in the London and Bermuda wholesale markets and primary and excess business in the Canadian market place.

Accident & health: includes accidental death, travel insurance and specialty health products for employer and affinity groups, financial institutions, schools and colleges, as well as accident & health reinsurance for catastrophic or per life events on a quota share and/or excess of loss basis, with aggregate and/or per person deductibles.

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: provides coverage for property damage and related losses resulting from natural and man-made perils contained in underlying personal and commercial policies. While our predominant exposure is to property damage, other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. While our most significant exposures typically relate to losses from windstorms, tornadoes and earthquakes, we are also exposed to other perils such as freezes, riots, floods, industrial explosions, fires, hail and a number of other loss events. We assume business on both a proportional and excess of loss basis.

Professional Lines: covers directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, 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 Surety: 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 insurers to satisfy regulatory demands or contract obligations in a variety of jurisdictions around the world.

Motor: provides coverage to cedants for motor liability and 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.

Agriculture: provides coverage for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. We provide both proportional and aggregate stop loss reinsurance.

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 and personal accident reinsurance.

iii

AXIS Capital Holdings Limited

FINANCIAL HIGHLIGHTS

		Quarter ended September 30,									Nine months ended September 30,
		2013			2012			Change			2013			2012			Change
HIGHLIGHTS	Gross premiums written	$	904,797		$	847,686		6.7	%		$	3,871,085		$	3,387,229		14.3	%
	Gross premiums written - Insurance	63.5		%	62.5		%	1.0		pts	50.4		%	51.1		%	(0.7	)	pts
	Gross premiums written - Reinsurance	36.5		%	37.5		%	(1.0	)	pts	49.6		%	48.9		%	0.7		pts
	Net premiums written	$	716,389		$	650,599		10.1	%		$	3,280,236		$	2,819,360		16.3	%
	Net premiums earned	$	945,242		$	862,447		9.6	%		$	2,765,154		$	2,559,414		8.0	%
	Net premiums earned - Insurance	47.4		%	46.2		%	1.2		pts	46.0		%	45.9		%	0.1		pts
	Net premiums earned - Reinsurance	52.6		%	53.8		%	(1.2	)	pts	54.0		%	54.1		%	(0.1	)	pts
	Net income available to common shareholders	$	137,121		$	223,407		(38.6	%)		$	512,383		$	513,555		(0.2	%)
	Operating income [a]	196,677			200,640			(2.0	%)		474,215			449,207			5.6	%
	Reserve for losses and loss expenses	9,484,516			8,751,070			8.4	%		9,484,516			8,751,070			8.4	%
	Total shareholders’ equity	5,787,829			5,856,268			(1.2	%)		5,787,829			5,856,268			(1.2	%)
PER COMMON SHARE AND COMMON SHARE DATA	Basic earnings per common share		$1.23			$1.84		(33.2	%)			$4.47			$4.16		7.5	%
	Diluted earnings per common share		$1.21			$1.82		(33.5	%)			$4.41			$4.11		7.3	%
	Operating income per common share - diluted [b]		$1.74			$1.63		6.7	%			$4.08			$3.60		13.3	%
	Weighted average common shares outstanding	111,676			121,127			(7.8	%)		114,606			123,568			(7.3	%)
	Diluted weighted average common shares outstanding	113,355			122,952			(7.8	%)		116,214			124,858			(6.9	%)
	Book value per common share		$46.22			$45.42		1.8	%			$46.22			$45.42		1.8	%
	Diluted book value per common share (treasury stock method)		$44.60			$43.57		2.4	%			$44.60			$43.57		2.4	%
	Diluted tangible book value per common share (treasury stock method) [a]		$43.81			$42.77		2.4	%			$43.81			$42.77		2.4	%
	Accumulated dividends paid per common share		$7.36			$6.37		15.5	%			$7.36			$6.37		15.5	%
FINANCIAL RATIOS	ROACE [c]	10.9		%	16.9		%	(6.0	)	pts	13.1		%	13.3		%	(0.2	)	pts
	Operating ROACE [d]	15.6		%	15.2		%	0.4		pts	12.1		%	11.6		%	0.5		pts
	Net loss and loss expense ratio	53.1		%	51.3		%	1.8		pts	57.2		%	55.5		%	1.7		pts
	Acquisition cost ratio	18.4		%	18.4		%	—		pts	17.7		%	18.9		%	(1.2	)	pts
	General and administrative expense ratio	14.8		%	15.6		%	(0.8	)	pts	15.6		%	16.4		%	(0.8	)	pts
	Combined ratio	86.3		%	85.3		%	1.0		pts	90.5		%	90.8		%	(0.3	)	pts
INVESTMENT DATA	Total assets	$	19,932,949		$	18,897,781		5.5	%		$	19,932,949		$	18,897,781		5.5	%
	Total cash and invested assets [e]	14,750,214			14,243,058			3.6	%		14,750,214			14,243,058			3.6	%
	Net investment income	103,429			103,638			(0.2	%)		295,450			294,110			0.5	%
	Net realized investment gains (losses)	(4,708		)	50,803			nm			56,004			95,699			(41.5	%)
	Total return on cash and investments [f]	1.4		%	2.1		%	(0.7	)	pts	0.8		%	4.7		%	(3.9	)	pts
	Return on other investments [g]	3.3		%	4.2		%	(0.9	)	pts	9.2		%	9.3		%	(0.1	)	pts
	Book yield of fixed maturities	2.6		%	2.7		%	(0.1	)	pts	2.6		%	2.7		%	(0.1	)	pts

[a] Operating income and diluted tangible book value per common share are “non-GAAP financial measures” as defined by Regulation G. See page 26 for reconciliation of operating income to net income available to common shareholders and diluted tangible book value per common share to diluted book value per common share.

[b] Operating income per common share - diluted, is calculated by dividing operating income for the period by weighted average common shares and share equivalents.

[c] Return on average common equity (“ROACE”) is calculated by dividing net income available to common shareholders for the period by the average common shareholders’ equity determined by using the common shareholders’ equity balances at the beginning and end of the period. Net income for the quarter-periods is annualized.

[d] Operating 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.

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

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

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

1

AXIS Capital Holdings Limited

CONSOLIDATED STATEMENTS OF INCOME - QUARTERLY

	Q3 2013			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q3 2011
UNDERWRITING REVENUES
Gross premiums written	$	904,797		$	1,219,805		$	1,746,483		$	752,414		$	847,686		$	835,056
Premiums ceded	(188,408		)	(226,398		)	(176,043		)	(234,318		)	(197,087		)	(161,603		)
Net premiums written	716,389			993,407			1,570,440			518,096			650,599			673,453
Gross premiums earned	1,125,289			1,139,904			1,064,930			1,068,259			1,037,600			1,005,761
Ceded premiums expensed	(180,047		)	(194,031		)	(190,891		)	(212,210		)	(175,153		)	(165,769		)
Net premiums earned	945,242			945,873			874,039			856,049			862,447			839,992
Other insurance related income	725			435			595			791			953			1,156
Total underwriting revenues	945,967			946,308			874,634			856,840			863,400			841,148
UNDERWRITING EXPENSES
Net losses and loss expenses	501,522			642,899			438,414			675,047			442,652			506,839
Acquisition costs	173,682			169,719			145,491			144,063			158,796			146,836
Underwriting-related general and administrative expenses [a]	117,675			123,769			119,930			112,021			106,953			97,444
Total underwriting expenses	792,879			936,387			703,835			931,131			708,401			751,119
UNDERWRITING INCOME (LOSS) [b]	153,088			9,921			170,799			(74,291		)	154,999			90,029
OTHER OPERATING REVENUE (EXPENSES)
Net investment income	103,429			83,112			108,908			86,847			103,638			49,396
Net realized investment gains (losses)	(4,708		)	16,235			44,478			31,771			50,803			57,557
Interest expense and financing costs	(15,260		)	(15,260		)	(15,834		)	(15,498		)	(15,558		)	(15,677		)
Total other operating revenues	83,461			84,087			137,552			103,120			138,883			91,276
OTHER (EXPENSES) REVENUE
Foreign exchange (losses) gains	(56,860		)	10,320			34,882			(21,300		)	(23,927		)	60,830
Corporate expenses [a]	(23,024		)	(25,265		)	(21,545		)	(29,365		)	(27,658		)	(17,093		)
Total other (expenses) revenues	(79,884		)	(14,945		)	13,337			(50,665		)	(51,585		)	43,737
INCOME (LOSS) BEFORE INCOME TAXES	156,665			79,063			321,688			(21,836		)	242,297			225,042
Income tax (expense) benefit	(6,030		)	4,662			(10,131		)	12,026			(10,149		)	(3,765		)
NET INCOME (LOSS)	150,635			83,725			311,557			(9,810		)	232,148			221,277
Preferred share dividends	(13,514		)	(8,197		)	(8,741		)	(8,741		)	(8,741		)	(9,219		)
Loss on repurchase of preferred shares	—			(3,081		)	—			—			—			—
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	137,121		$	72,447		$	302,816		$	(18,551	)	$	223,407		$	212,058
KEY RATIOS/PER SHARE DATA
Net loss and loss expense ratio	53.1		%	68.0		%	50.2		%	78.9		%	51.3		%	60.3		%
Acquisition cost ratio	18.4		%	17.9		%	16.6		%	16.8		%	18.4		%	17.5		%
General and administrative expense ratio [a]	14.8		%	15.8		%	16.2		%	16.5		%	15.6		%	13.7		%
Combined ratio	86.3		%	101.7		%	83.0		%	112.2		%	85.3		%	91.5		%
Weighted average basic shares outstanding	111,676			115,163			117,022			117,918			121,127			125,971
Weighted average diluted shares outstanding	113,355			116,671			118,658			117,918			122,952			128,002
Basic earnings (loss) per common share		$1.23			$0.63			$2.59			($0.16	)		$1.84			$1.68
Diluted earnings (loss) per common share		$1.21			$0.62			$2.55			($0.16	)		$1.82			$1.66
ROACE (annualized)	10.9		%	5.6		%	22.7		%	(1.4		%)	16.9		%	17.5		%
Operating ROACE (annualized)	15.6		%	3.9		%	17.1		%	(2.1		%)	15.2		%	7.8		%

[a] Underwriting-related general and administrative expenses is a "non-GAAP financial measure" as defined in SEC Regulation G. Our total general and administrative expenses also include corporate expenses. Both underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

[b] Group (or consolidated) underwriting income (loss) is also a "non-GAAP financial measure". Reconciliations of consolidated underwriting income (loss) to the nearest GAAP financial measure (income (loss) before income taxes) are presented above.

2

AXIS Capital Holdings Limited

CONSOLIDATED STATEMENTS OF INCOME - YEAR TO DATE

	Nine months ended September 30,									Year ended December 31,
	2013			2012			2011			2012			2011
UNDERWRITING REVENUES
Gross premiums written	$	3,871,085		$	3,387,229		$	3,429,649		$	4,139,643		$	4,096,153
Premiums ceded	(590,849		)	(567,869		)	(505,277		)	(802,187		)	(676,719		)
Net premiums written	3,280,236			2,819,360			2,924,372			3,337,456			3,419,434
Gross premiums earned	3,330,123			3,072,778			2,954,002			4,141,037			3,973,956
Ceded premiums expensed	(564,969		)	(513,364		)	(485,795		)	(725,574		)	(658,995		)
Net premiums earned	2,765,154			2,559,414			2,468,207			3,415,463			3,314,961
Other insurance related income	1,756			1,884			2,047			2,676			2,396
Total underwriting revenues	2,766,910			2,561,298			2,470,254			3,418,139			3,317,357
UNDERWRITING EXPENSES
Net losses and loss expenses	1,582,835			1,420,981			2,091,598			2,096,028			2,675,052
Acquisition costs	488,892			483,589			430,097			627,653			587,469
Underwriting-related general and administrative expenses	361,373			319,300			290,860			431,321			382,062
Total underwriting expenses	2,433,100			2,223,870			2,812,555			3,155,002			3,644,583
UNDERWRITING INCOME (LOSS)	333,810			337,428			(342,301		)	263,137			(327,226		)
OTHER OPERATING REVENUE (EXPENSES)
Net investment income	295,450			294,110			260,068			380,957			362,430
Net realized investment gains	56,004			95,699			125,177			127,469			121,439
Interest expense and financing costs	(46,355		)	(46,365		)	(46,982		)	(61,863		)	(62,598		)
Total other operating revenues	305,099			343,444			338,263			446,563			421,271
OTHER (EXPENSES) REVENUE
Foreign exchange (losses) gains	(11,659		)	(8,212		)	27,254			(29,512		)	44,582
Corporate expenses [a]	(69,834		)	(100,295		)	(58,302		)	(129,660		)	(77,089		)
Total other expenses	(81,493		)	(108,507		)	(31,048		)	(159,172		)	(32,507		)
INCOME (LOSS) BEFORE INCOME TAXES	557,416			572,365			(35,086		)	550,528			61,538
Income tax expense	(11,500		)	(15,314		)	(7,892		)	(3,287		)	(15,233		)
NET INCOME (LOSS)	545,916			557,051			(42,978		)	547,241			46,305
Preferred share dividends	(30,452		)	(29,487		)	(27,656		)	(38,228		)	(36,875		)
Loss on repurchase of preferred shares	(3,081		)	(14,009		)	—			(14,009		)	—
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	512,383		$	513,555		$	(70,634	)	$	495,004		$	9,430
KEY RATIOS/PER SHARE DATA
Net loss and loss expense ratio	57.2		%	55.5		%	84.7		%	61.4		%	80.7		%
Acquisition cost ratio	17.7		%	18.9		%	17.4		%	18.4		%	17.7		%
General and administrative expense ratio [a]	15.6		%	16.4		%	14.2		%	16.4		%	13.9		%
Combined ratio	90.5		%	90.8		%	116.3		%	96.2		%	112.3		%
Weighted average basic shares outstanding	114,606			123,568			121,197			122,148			122,499
Weighted average diluted shares outstanding	116,214			124,858			121,197			123,654			128,122
Basic earnings (loss) per common share		$4.47			$4.16			($0.58	)		$4.05			$0.08
Diluted earnings (loss) per common share		$4.41			$4.11			($0.58	)		$4.00			$0.07
ROACE [b]	13.1		%	13.3		%	(1.9		%)	9.7		%	0.2		%
Operating ROACE [b]	12.1		%	11.6		%	(5.9		%)	8.2		%	(3.1		%)

[a] Both underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

[b] Annualized for the nine-month periods.

3

AXIS Capital Holdings Limited

CONSOLIDATED SEGMENT DATA

	Quarter ended September 30, 2013									Nine months ended September 30, 2013
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	574,778		$	330,019		$	904,797		$	1,952,548		$	1,918,537		$	3,871,085
Net premiums written	393,627			322,762			716,389			1,385,892			1,894,344			3,280,236
Gross premiums earned	626,005			499,284			1,125,289			1,826,660			1,503,463			3,330,123
Ceded premiums expensed	(177,933		)	(2,114		)	(180,047		)	(554,363		)	(10,606		)	(564,969		)
Net premiums earned	448,072			497,170			945,242			1,272,297			1,492,857			2,765,154
Other insurance related income	725			—			725			1,756			—			1,756
Total underwriting revenues	448,797			497,170			945,967			1,274,053			1,492,857			2,766,910
UNDERWRITING EXPENSES
Net losses and loss expenses	216,440			285,082			501,522			764,768			818,067			1,582,835
Acquisition costs	61,087			112,595			173,682			177,097			311,795			488,892
Underwriting-related general and administrative expenses	82,548			35,127			117,675			257,962			103,411			361,373
Total underwriting expenses	360,075			432,804			792,879			1,199,827			1,233,273			2,433,100
UNDERWRITING INCOME	$	88,722		$	64,366		$	153,088		$	74,226		$	259,584		$	333,810
KEY RATIOS
Current accident year loss ratio	55.9		%	66.6		%	61.5		%	63.8		%	63.5		%	63.6		%
Prior period reserve development	(7.6		%)	(9.3		%)	(8.4		%)	(3.7		%)	(8.7		%)	(6.4		%)
Net loss and loss expense ratio	48.3		%	57.3		%	53.1		%	60.1		%	54.8		%	57.2		%
Acquisition cost ratio	13.6		%	22.6		%	18.4		%	13.9		%	20.9		%	17.7		%
Underwriting-related general and administrative expense ratio	18.5		%	7.2		%	12.4		%	20.3		%	6.9		%	13.1		%
Corporate expense ratio							2.4		%							2.5		%
Combined ratio	80.4		%	87.1		%	86.3		%	94.3		%	82.6		%	90.5		%

4

AXIS Capital Holdings Limited

GROSS PREMIUM WRITTEN BY SEGMENT BY LINE OF BUSINESS

															Nine months ended September 30,
	Q3 2013		Q2 2013		Q1 2013		Q4 2012			Q3 2012		Q3 2011			2013		2012
INSURANCE SEGMENT
Property	$	147,485	$	228,741	$	151,376	$	148,216		$	136,759	$	158,786		$	527,650	$	502,971
Marine	38,406		88,047		79,893		29,898			45,435		46,905			206,345		222,536
Terrorism	10,418		9,478		8,213		8,681			10,589		13,216			28,109		28,504
Aviation	4,379		12,321		3,376		29,142			16,470		11,957			20,076		36,001
Credit and political risk	7,099		19,537		10,003		26,126			4,553		(148		)	36,639		13,279
Professional lines	208,174		262,611		159,809		255,891			191,882		173,608			630,547		580,743
Liability	100,018		104,952		57,811		72,834			74,642		52,065			262,780		193,862
Accident & health	58,799		55,368		126,234		9,328			49,348		37,071			240,402		151,469
TOTAL INSURANCE SEGMENT	574,778		781,055		596,715		580,116			529,678		493,460			1,952,548		1,729,365
REINSURANCE SEGMENT
Catastrophe	71,851		138,461		167,803		24,325			73,329		91,340			378,115		343,989
Property	58,294		63,457		221,876		9,991			64,717		79,196			343,626		305,767
Professional lines	66,017		57,406		90,555		90,313			50,648		51,341			213,978		211,551
Credit and surety	29,487		20,327		208,308		7,225			30,728		38,292			258,122		257,347
Motor	4,286		16,557		224,991		8,940			10,622		13,074			245,834		226,708
Liability	75,100		78,868		99,587		13,976			78,118		62,366			253,555		228,841
Agriculture	8,659		55,319		80,017		3,789			2,015		119			143,995		15,537
Engineering	12,462		5,741		40,912		14,033			6,745		4,906			59,115		56,564
Other	3,863		2,614		15,719		(294		)	1,086		962			22,197		11,560
TOTAL REINSURANCE SEGMENT	330,019		438,750		1,149,768		172,298			318,008		341,596			1,918,537		1,657,864
CONSOLIDATED TOTAL	$	904,797	$	1,219,805	$	1,746,483	$	752,414		$	847,686	$	835,056		$	3,871,085	$	3,387,229

5

AXIS Capital Holdings Limited

INSURANCE SEGMENT DATA - QUARTERLY

	Q3 2013			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q3 2011
UNDERWRITING REVENUES
Gross premiums written	$	574,778		$	781,055		$	596,715		$	580,116		$	529,678		$	493,460
Net premiums written	393,627			559,584			432,681			345,802			332,591			331,857
Gross premiums earned	626,005			611,585			589,071			591,310			569,710			529,847
Ceded premiums expensed	(177,933		)	(189,240		)	(187,191		)	(208,425		)	(171,372		)	(159,327		)
Net premiums earned	448,072			422,345			401,880			382,885			398,338			370,520
Other insurance related income	725			435			595			791			953			1,156
Total underwriting revenues	448,797			422,780			402,475			383,676			399,291			371,676
UNDERWRITING EXPENSES
Net losses and loss expenses	216,440			330,992			217,336			300,094			185,845			207,403
Acquisition costs	61,087			58,749			57,261			48,024			59,026			51,753
General and administrative expenses	82,548			88,526			86,889			81,591			78,029			72,005
Total underwriting expenses	360,075			478,267			361,486			429,709			322,900			331,161
UNDERWRITING INCOME (LOSS)	$	88,722		$	(55,487	)	$	40,989		$	(46,033	)	$	76,391		$	40,515
KEY RATIOS
Current accident year loss ratio	55.9		%	80.0		%	55.5		%	88.9		%	54.6		%	64.8		%
Prior period reserve development	(7.6		%)	(1.6		%)	(1.4		%)	(10.5		%)	(7.9		%)	(8.8		%)
Net loss and loss expense ratio	48.3		%	78.4		%	54.1		%	78.4		%	46.7		%	56.0		%
Acquisition cost ratio	13.6		%	13.9		%	14.2		%	12.5		%	14.8		%	14.0		%
General and administrative expense ratio	18.5		%	20.9		%	21.6		%	21.3		%	19.6		%	19.4		%
Combined ratio	80.4		%	113.2		%	89.9		%	112.2		%	81.1		%	89.4		%

6

AXIS Capital Holdings Limited

REINSURANCE SEGMENT DATA - QUARTERLY

	Q3 2013			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q3 2011
UNDERWRITING REVENUES
Gross premiums written	$	330,019		$	438,750		$	1,149,768		$	172,298		$	318,008		$	341,596
Net premiums written	322,762			433,823			1,137,759			172,294			318,008			341,596
Gross premiums earned	499,284			528,319			475,859			476,949			467,890			475,914
Ceded premiums expensed	(2,114		)	(4,791		)	(3,700		)	(3,785		)	(3,781		)	(6,442		)
Net premiums earned	497,170			523,528			472,159			473,164			464,109			469,472
Total underwriting revenues	497,170			523,528			472,159			473,164			464,109			469,472
UNDERWRITING EXPENSES
Net losses and loss expenses	285,082			311,907			221,078			374,953			256,807			299,436
Acquisition costs	112,595			110,970			88,230			96,039			99,770			95,083
General and administrative expenses	35,127			35,243			33,041			30,430			28,924			25,439
Total underwriting expenses	432,804			458,120			342,349			501,422			385,501			419,958
UNDERWRITING INCOME (LOSS)	$	64,366		$	65,408		$	129,810		$	(28,258	)	$	78,608		$	49,514
KEY RATIOS
Current accident year loss ratio	66.6		%	66.3		%	57.2		%	84.4		%	61.6		%	73.5		%
Prior period reserve development	(9.3		%)	(6.7		%)	(10.4		%)	(5.2		%)	(6.3		%)	(9.7		%)
Net loss and loss expense ratio	57.3		%	59.6		%	46.8		%	79.2		%	55.3		%	63.8		%
Acquisition cost ratio	22.6		%	21.2		%	18.7		%	20.3		%	21.5		%	20.3		%
General and administrative expense ratio	7.2		%	6.7		%	7.0		%	6.5		%	6.3		%	5.4		%
Combined ratio	87.1		%	87.5		%	72.5		%	106.0		%	83.1		%	89.5		%

7

AXIS Capital Holdings Limited

NET INVESTMENT INCOME - QUARTERLY AND YEAR TO DATE

																			Nine months ended September 30,
	Q3 2013			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q3 2011			2013			2012
Fixed maturities	$	74,691		$	74,503		$	69,683		$	75,968		$	72,251		$	81,900		$	218,877		$	228,432
Other investments	32,127			11,848			43,431			15,302			34,242			(30,376		)	87,406			72,358
Equity securities	3,871			3,134			1,414			2,862			2,862			2,079			8,419			9,042
Cash and cash equivalents	382			1,265			1,267			549			708			1,148			2,915			3,979
Short-term investments	127			397			532			(129		)	537			302			1,056			725
Gross investment income	111,198			91,147			116,327			94,552			110,600			55,053			318,673			314,536
Investment expense	(7,769		)	(8,035		)	(7,419		)	(7,705		)	(6,962		)	(5,657		)	(23,223		)	(20,426		)
Net investment income	$	103,429		$	83,112		$	108,908		$	86,847		$	103,638		$	49,396		$	295,450		$	294,110

8

AXIS Capital Holdings Limited

CONSOLIDATED BALANCE SHEETS

	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,
	2013			2013			2013			2012			2012			2011
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	11,984,740		$	11,644,912		$	11,973,364		$	11,928,049		$	11,794,985		$	10,736,729
Equity securities, available for sale, at fair value	650,627			618,795			617,436			666,548			650,168			567,881
Other investments, at fair value	994,572			962,315			972,364			843,437			838,641			643,270
Short-term investments, at fair value and amortized cost	84,709			45,904			98,964			108,860			91,814			149,136
Total investments	13,714,648			13,271,926			13,662,128			13,546,894			13,375,608			12,097,016
Cash and cash equivalents	1,109,998			1,116,248			856,215			850,550			869,444			1,201,037
Accrued interest receivable	98,285			95,098			95,877			97,220			95,654			95,320
Insurance and reinsurance premium balances receivable	1,920,985			2,166,982			2,015,578			1,474,821			1,712,025			1,665,636
Reinsurance recoverable on paid and unpaid losses	1,899,510			1,981,441			1,895,547			1,863,819			1,789,410			1,759,017
Deferred acquisition costs	505,002			543,069			561,417			389,248			460,661			477,403
Prepaid reinsurance premiums	340,280			331,528			300,617			315,676			293,684			239,769
Receivable for investments sold	1,317			1,399			12,546			1,254			7,375			86,932
Goodwill and intangible assets	91,656			91,370			97,001			97,493			98,165			98,260
Other assets	251,268			247,252			214,016			215,369			195,755			223,540
TOTAL ASSETS	$	19,932,949		$	19,846,313		$	19,710,942		$	18,852,344		$	18,897,781		$	17,943,930
LIABILITIES
Reserve for losses and loss expenses	$	9,484,516		$	9,342,817		$	9,097,703		$	9,058,731		$	8,751,070		$	8,334,841
Unearned premiums	2,990,301			3,209,055			3,135,610			2,454,692			2,770,889			2,805,620
Insurance and reinsurance balances payable	261,737			292,572			208,018			270,739			239,394			179,081
Senior notes	995,699			995,546			995,394			995,245			995,097			994,523
Payable for investments purchased	174,034			234,001			169,646			64,553			105,023			127,989
Other liabilities	238,833			210,375			215,141			228,623			180,040			144,771
TOTAL LIABILITIES	14,145,120			14,284,366			13,821,512			13,072,583			13,041,513			12,586,825
SHAREHOLDERS’ EQUITY
Preferred shares - Series A, B, C and D	627,843			627,843			502,843			502,843			502,843			500,000
Common shares	2,172			2,172			2,168			2,146			2,145			2,112
Additional paid-in capital	2,225,826			2,213,204			2,199,092			2,179,034			2,165,478			2,095,727
Accumulated other comprehensive income	130,373			24,755			310,108			362,622			373,199			50,932
Retained earnings	4,921,716			4,813,687			4,769,764			4,497,789			4,576,381			4,105,216
Treasury shares, at cost	(2,120,101		)	(2,119,714		)	(1,894,545		)	(1,764,673		)	(1,763,778		)	(1,396,882		)
TOTAL SHAREHOLDERS’ EQUITY	5,787,829			5,561,947			5,889,430			5,779,761			5,856,268			5,357,105
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	19,932,949		$	19,846,313		$	19,710,942		$	18,852,344		$	18,897,781		$	17,943,930
Basic common shares outstanding	111,651			111,588			116,306			117,920			117,857			126,141
Diluted common shares outstanding	115,684			115,631			120,594			122,793			122,865			131,067
Book value per common share		$46.22			$44.22			$46.31			$44.75			$45.42			$38.51
Diluted book value per common share		$44.60			$42.67			$44.67			$42.97			$43.57			$37.06
Diluted tangible book value per common share		$43.81			$41.88			$43.86			$42.18			$42.77			$36.31
Debt to total capital [a]	14.7		%	15.2		%	14.5		%	14.7		%	14.5		%	15.7		%
Debt and preferred equity to total capital	23.9		%	24.8		%	21.8		%	22.1		%	21.9		%	23.5		%

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

9

AXIS Capital Holdings Limited

CASH AND INVESTED ASSETS PORTFOLIO

At September 30, 2013

	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value			Percentage
Fixed Maturities, available for sale
U.S. government and agency	$	1,508,828	$	2,266	$	(26,208	)	$	1,484,886		10.1	%
Non-U.S. government	1,225,569		17,032		(35,430		)	1,207,171			8.2	%
Corporate debt	3,446,032		78,101		(13,647		)	3,510,486			23.8	%
Agency RMBS	2,518,166		30,040		(36,450		)	2,511,756			17.0	%
CMBS	723,102		12,265		(3,840		)	731,527			5.0	%
Non-Agency RMBS	72,639		2,372		(785		)	74,226			0.5	%
ABS	916,055		6,278		(6,659		)	915,674			6.2	%
Municipals	1,529,831		33,252		(14,069		)	1,549,014			10.5	%
Total fixed maturities	11,940,222		181,606		(137,088		)	11,984,740			81.3	%
Equity securities, available for sale
Common stocks	338,131		73,234		(7,640		)	403,725			2.7	%
Exchange traded funds	106,495		21,975		—			128,470			0.9	%
Non-U.S. bond mutual funds	110,109		8,323		—			118,432			0.8	%
Total equity securities	554,735		103,532		(7,640		)	650,627			4.4	%
Total available for sale investments	$	12,494,957	$	285,138	$	(144,728	)	12,635,367			85.7	%
Other investments (see below)								994,572			6.7	%
Short-term investments								84,709			0.6	%
Total investments								13,714,648			93.0	%
Cash and cash equivalents [a]								1,109,998			7.5	%
Accrued interest receivable								98,285			0.7	%
Net receivable/(payable) for investments sold (purchased)								(172,717		)	(1.2	%)
Total cash and invested assets								$	14,750,214		100.0	%
								Fair Value			Percentage
Other Investments:
Long/short equity funds								$	408,834		41.1	%
Multi-strategy funds								270,180			27.2	%
Event-driven funds								184,771			18.6	%
Leveraged bank loan funds								47,572			4.8	%
Direct lending funds								13,015			1.3	%
Collateralized loan obligations - equity tranches								70,200			7.0	%
Total								$	994,572		100.0	%

[a] Includes $60 million of restricted cash and cash equivalents.

10

AXIS Capital Holdings Limited

CASH AND INVESTED ASSETS COMPOSITION - QUARTERLY

	Q3 2013		Q2 2013		Q1 2013		Q4 2012		Q3 2012		Q3 2011
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities:
U.S. government and agency	10.1	%	9.4	%	9.6	%	9.9	%	8.7	%	8.2	%
Non-U.S. government	8.2	%	8.3	%	7.7	%	7.7	%	8.0	%	7.4	%
Corporate debt	23.8	%	24.4	%	25.8	%	26.9	%	25.7	%	27.9	%
MBS:
Agency RMBS	17.0	%	16.4	%	17.6	%	18.4	%	21.0	%	19.6	%
CMBS	5.0	%	5.4	%	5.7	%	5.8	%	5.0	%	2.1	%
Non-agency RMBS	0.5	%	0.6	%	0.6	%	0.7	%	1.0	%	1.3	%
ABS	6.2	%	6.4	%	6.4	%	4.5	%	4.4	%	4.8	%
Municipals	10.5	%	10.8	%	9.5	%	8.9	%	9.1	%	8.8	%
Total Fixed Maturities	81.3	%	81.7	%	82.9	%	82.8	%	82.9	%	80.1	%
Equity securities	4.4	%	4.3	%	4.2	%	4.6	%	4.5	%	4.3	%
Other investments	6.7	%	6.8	%	6.7	%	5.8	%	5.9	%	4.8	%
Short-term investments	0.6	%	0.3	%	0.7	%	0.6	%	0.6	%	1.2	%
Total investments	93.0	%	93.1	%	94.5	%	93.8	%	93.9	%	90.4	%
Cash and cash equivalents	7.5	%	7.8	%	5.9	%	5.9	%	6.1	%	9.1	%
Accrued interest receivable	0.7	%	0.7	%	0.7	%	0.7	%	0.7	%	0.8	%
Net receivable/(payable) for investments sold or purchased	(1.2	%)	(1.6	%)	(1.1	%)	(0.4	%)	(0.7	%)	(0.3	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CREDIT QUALITY	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
Cash and cash equivalents [a]	7.2	%	6.9	%	5.5	%	6.1	%	6.0	%	9.6	%
U.S. government and agency	11.4	%	10.7	%	10.9	%	11.1	%	9.8	%	9.2	%
AAA	33.6	%	33.5	%	37.0	%	37.7	%	38.9	%	37.1	%
AA	14.0	%	13.8	%	11.2	%	9.5	%	10.4	%	15.2	%
A	16.2	%	17.0	%	17.1	%	17.3	%	16.8	%	16.5	%
BBB	10.4	%	10.7	%	10.9	%	11.6	%	10.5	%	8.7	%
Below BBB	7.2	%	7.4	%	7.4	%	6.7	%	7.6	%	3.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
Within one year (includes cash & cash equivalents)	6.1	%	5.8	%	6.9	%	6.3	%	12.4	%	14.4	%
From one to five years	42.5	%	40.5	%	38.5	%	41.5	%	36.8	%	38.7	%
From five to ten years	15.3	%	17.6	%	17.6	%	16.2	%	15.1	%	14.3	%
Above ten years	1.0	%	0.9	%	0.7	%	0.8	%	0.6	%	1.9	%
Asset-backed and mortgage-backed securities	35.1	%	35.2	%	36.3	%	35.2	%	35.1	%	30.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	2.6	%	2.6	%	2.6	%	2.6	%	2.7	%	3.0	%
Yield to maturity of fixed maturities	2.2	%	2.4	%	1.7	%	1.6	%	1.4	%	2.4	%
Average duration of fixed maturities (inclusive of duration hedges)	3.2 yrs		3.5 yrs		3.1 yrs		3.0 yrs		2.7 yrs		2.9 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA

[a] Cash and cash equivalents are net of receivables/payables for investments sold/purchased.

11

AXIS Capital Holdings Limited

GEOGRAPHIC DISTRIBUTION OF FIXED MATURITIES AND EQUITIES

At September 30, 2013

				Corporate Debt
	Governments and Agencies			Financials		Non-Financials		Government Guaranteed		Total		Agency RMBS		Non-Agency RMBS/CMBS		ABS		Total Fixed Maturities		Equities			Total Fixed Maturities and Equities
Composition by country
Eurozone countries:
Supranational [a]	$	110,450		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	110,450	$	—		$	110,450
Germany	19,499			2,964		55,226		9,373		67,563		—		—		5,863		92,925		5,072			97,997
Netherlands	29,955			8,595		42,541		—		51,136		—		520		5,025		86,636		5,976			92,612
France	—			4,398		44,241		—		48,639		—		—		4,273		52,912		14,328			67,240
Luxembourg	—			—		17,578		—		17,578		—		—		—		17,578		148			17,726
Ireland	—			—		4,654		—		4,654		—		—		5,636		10,290		2,181			12,471
Belgium	—			—		6,445		—		6,445		—		—		—		6,445		1,187			7,632
Spain	—			—		4,754		—		4,754		—		—		—		4,754		802			5,556
Austria	1,260			—		2,657		—		2,657		—		—		—		3,917		—			3,917
Italy	—			—		865		—		865		—		—		—		865		—			865
Other [b]	—			—		—		—		—		—		—		—		—		118,432			118,432
Total eurozone	161,164			15,957		178,961		9,373		204,291		—		520		20,797		386,772		148,126			534,898
Other concentrations:
United Kingdom	210,991			9,508		174,013		13,008		196,529		—		10,849		33,863		452,232		21,095			473,327
Canada	154,281			14,811		59,682		41,941		116,434		—		—		—		270,715		10,319			281,034
Australia	167,571			—		41,160		—		41,160		—		—		2,948		211,679		4,016			215,695
Mexico	68,222			—		42,684		1,145		43,829		—		—		—		112,051		3,674			115,725
Other	444,942			9,699		89,831		792		100,322		—		6,915		5,791		557,970		124,915		[c]	682,885
Total other concentrations	1,046,007			34,018		407,370		56,886		498,274		—		17,764		42,602		1,604,647		164,019			1,768,666
Total Non-U.S. concentrations	1,207,171			49,975		586,331		66,259		702,565		—		18,284		63,399		1,991,419		312,145			2,303,564
United States	1,199,163		[d]	1,239,108		1,568,813		—		2,807,921		2,511,756		787,469		852,275		8,158,584		338,482		[e]	8,497,066
United States agencies	285,723			—		—		—		—		—		—		—		285,723		—			285,723
United States local governments	1,549,014			—		—		—		—		—		—		—		1,549,014		—			1,549,014
Total U.S. concentrations	3,033,900			1,239,108		1,568,813		—		2,807,921		2,511,756		787,469		852,275		9,993,321		338,482			10,331,803
Totals	$	4,241,071		$	1,289,083	$	2,155,144	$	66,259	$	3,510,486	$	2,511,756	$	805,753	$	915,674	$	11,984,740	$	650,627		$	12,635,367

[a] Represents holdings of the European Investment Bank.

[b] Represents holdings in two non-U.S. bond mutual funds with underlying exposure to primarily sovereign and corporate debt. The primary countries of risk for these underlying securities are countries within the eurozone.

[c] Represents exchange-trade funds (“ETF’s”) designed to track indexes with primary underlying exposures to countries other than the United States and those within the eurozone.

[d] Represents United States Treasuries.

[e] Represents $257 million of common stocks of companies with the United States as their primary country of risk and $81 million of ETF’s designed to track the S&P 500, an index consisting primarily of exposure to the United States.

12

AXIS Capital Holdings Limited

CORPORATE DEBT COMPOSITION

At September 30, 2013

	Fair Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banking	$	867,518	24.7	%	5.9	%
Insurance	180,828		5.2	%	1.2	%
Corporate/commercial finance	122,047		3.5	%	0.8	%
Foreign banking [a]	16,172		0.5	%	0.1	%
Investment brokerage	6,634		0.2	%	—	%
Total financial institutions	1,193,199		34.1	%	8.0	%
Communications	288,242		8.2	%	2.0	%
Consumer cyclical	251,848		7.2	%	1.7	%
Utilities	245,696		7.0	%	1.7	%
Consumer non-cyclicals	243,552		6.9	%	1.7	%
Industrials	133,108		3.8	%	0.9	%
Energy	88,265		2.5	%	0.6	%
Transportation	71,571		2.0	%	0.5	%
Non-U.S. government guaranteed [b]	66,259		1.9	%	0.4	%
Technology	49,770		1.4	%	0.3	%
Total investment grade	2,631,510		75.0	%	17.8	%
Total non-investment grade	878,976		25.0	%	6.0	%
Total corporate debt	$	3,510,486	100.0	%	23.8	%

[a] Located in Canada, New Zealand, Brazil and Japan.

[b] Includes $9 million from Germany. No other corporate debt guaranteed by a eurozone country.

13

AXIS Capital Holdings Limited

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At September 30, 2013

	Amortized Cost	Net Unrealized Gain	Fair Value	% of Total Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP	160,901	4,167	165,068	1.4	%
CITIGROUP INC	139,132	4,595	143,727	1.2	%
JP MORGAN CHASE & CO	134,169	1,734	135,903	1.1	%
MORGAN STANLEY	120,498	4,759	125,257	1.0	%
GOLDMAN SACHS GROUP	114,804	4,104	118,908	1.0	%
DAIMLER AG	75,013	320	75,333	0.6	%
WELLS FARGO & COMPANY	71,371	1,755	73,126	0.6	%
GENERAL ELECTRIC CO	72,272	643	72,915	0.6	%
FORD MOTOR COMPANY	59,110	1,259	60,369	0.5	%
AMERICAN INTERNATIONAL GROUP INC	54,688	1,491	56,179	0.5	%

[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.

14

AXIS Capital Holdings Limited

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At September 30, 2013

	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	2,511,756		$	16,176		$	422		$	3,215		$	11,765		$	42,648		$	2,585,982
Commercial MBS	—			465,400			203,212			46,384			14,711			1,820			731,527
ABS	—			609,688			224,657			31,346			46,670			3,313			915,674
Total mortgage-backed and asset-backed securities	$	2,511,756		$	1,091,264		$	428,291		$	80,945		$	73,146		$	47,781		$	4,233,183
Percentage of total	59.3		%	25.8		%	10.1		%	1.9		%	1.7		%	1.2		%	100.0		%

15

AXIS Capital Holdings Limited

REINSURANCE RECOVERABLE ANALYSIS

	Q3 2013			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q3 2011
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	16,713		$	35,648		$	14,286		$	39,201		$	21,527		$	21,071
Reinsurance	—			—			—			—			—			—
Total	$	16,713		$	35,648		$	14,286		$	39,201		$	21,527		$	21,071
Reinsurance recoverable on unpaid losses and loss expenses: OSLR
Insurance	$	608,886		$	635,089		$	590,478		$	561,652		$	528,009		$	536,811
Reinsurance	—			—			—			—			—			—
Total	$	608,886		$	635,089		$	590,478		$	561,652		$	528,009		$	536,811
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	1,285,078		$	1,258,113		$	1,239,615		$	1,214,482		$	1,194,561		$	1,165,884
Reinsurance	6,982			69,897			66,781			64,580			62,329			53,987
Total	$	1,292,060		$	1,328,010		$	1,306,396		$	1,279,062		$	1,256,890		$	1,219,871
Provision against reinsurance recoverables:
Insurance	$	(18,149	)	$	(17,306	)	$	(15,613	)	$	(16,096	)	$	(16,473	)	$	(18,278	)
Reinsurance	—			—			—			—			(543		)	(458		)
Total	$	(18,149	)	$	(17,306	)	$	(15,613	)	$	(16,096	)	$	(17,016	)	$	(18,736	)
Net reinsurance recoverables:
Insurance	$	1,892,528		$	1,911,544		$	1,828,766		$	1,799,239		$	1,727,624		$	1,705,488
Reinsurance	6,982			69,897			66,781			64,580			61,786			53,529
Total	$	1,899,510		$	1,981,441		$	1,895,547		$	1,863,819		$	1,789,410		$	1,759,017

16

AXIS Capital Holdings Limited

REINSURANCE RECOVERABLE ANALYSIS

At September 30, 2013

Categories	Gross Recoverable		Collateral			Gross Recoverable Net of Collateral		% of  Total Gross Recoverable Net  of Collateral	% of  Total Shareholders’ Equity	Provision Against Reinsurance Recoverable			Provision Against  Reinsurance Recoverable as % of Gross Recoverable	Net Recoverable
Top 10 reinsurers based on gross recoverables	1,438,386		$	(24,049	)	$	1,414,337	76.3%	24.4%	$	(12,809	)	0.9%	$	1,425,577
Other reinsurers balances > $20 million	167,631		(4,625		)	163,006		8.8%	2.8%	(1,274		)	0.8%	166,357
Other reinsurers balances < $20 million	311,642		(35,525		)	276,117		14.9%	4.8%	(4,066		)	1.3%	307,576
Total	$	1,917,659	$	(64,199	)	$	1,853,460	100.0%	32.0%	$	(18,149	)	0.9%	$	1,899,510

At September 30, 2013, 98.9% (December 31, 2012: 98.8%) of our gross recoverables were collectible from reinsurers rated the equivalent of A- or better by internationally recognized rating agencies.

Top 10 Reinsurers (net of collateral)	% of  Total Gross Recoverable Net  of Collateral	% of  Total Shareholders’ Equity
Transatlantic Reinsurance Company	13.9%	4.5%
Lloyds of London	11.1%	3.6%
Swiss Reinsurance America Corporation	10.9%	3.5%
Partner Reinsurance Company of the US	10.8%	3.5%
Berkley Insurance Company	7.9%	2.5%
Ace Property & Casualty Insurance	6.2%	2.0%
XL Reinsurance America Inc	5.4%	1.7%
Liberty Mutual Insurance Company	3.5%	1.1%
Hannover Ruckversicherungs Aktiengesellschaft	3.5%	1.1%
Everest Reinsurance Company	3.1%	0.9%
	76.3%	24.4%

17

AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

	Quarter ended September 30, 2013									Nine months ended September 30, 2013
	Gross			Recoveries			Net			Gross			Recoveries			Net
Reserve for unpaid losses and loss expenses
Beginning of period	$	9,342,817		$	(1,945,793	)	$	7,397,024		$	9,058,731		$	(1,825,617	)	$	7,233,114
Incurred	520,576			(19,054		)	501,522			1,881,330			(298,495		)	1,582,835
Paid	(499,660		)	89,562			(410,098		)	(1,435,591		)	238,626			(1,196,965		)
Foreign exchange and other	120,783			(7,512		)	113,271			(19,954		)	2,689			(17,265		)
End of period [a]	$	9,484,516		$	(1,882,797	)	$	7,601,719		$	9,484,516		$	(1,882,797	)	$	7,601,719

[a] At September 30, 2013, the gross reserve for losses and loss expenses included IBNR of $6,029 million, or 64%, of total gross reserves for loss and loss expenses. At December 31, 2012, the comparable amount was $5,786 million, or 64%.

18

AXIS Capital Holdings Limited

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

	Quarter ended September 30, 2013									Nine months ended September 30, 2013
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross losses paid	$	275,082		$	224,578		$	499,660		$	778,900		$	656,691		$	1,435,591
Reinsurance recoveries	(89,562		)	—			(89,562		)	(238,626		)	—			(238,626		)
Net losses paid	185,520			224,578			410,098			540,274			656,691			1,196,965
Change in:
Reported case reserves	8,348			19,370			27,718			202,254			520			202,774
IBNR	14,979			(21,781		)	(6,802		)	139,708			103,257			242,965
Reinsurance recoveries on unpaid loss and loss expense reserves	7,593			62,915			70,508			(117,468		)	57,599			(59,869		)
Total net incurred losses and loss expenses	$	216,440		$	285,082		$	501,522		$	764,768		$	818,067		$	1,582,835
Gross reserve for losses and loss expenses	$	4,819,976		$	4,664,540		$	9,484,516		$	4,819,976		$	4,664,540		$	9,484,516
Net favorable prior year reserve development	$	34,065		$	45,970		$	80,035		$	46,355		$	130,293		$	176,648
Key Ratios
Net paid to net incurred percentage	85.7		%	78.8		%	81.8		%	70.6		%	80.3		%	75.6		%
Net paid losses / Net premiums earned	41.4		%	45.2		%	43.4		%	42.5		%	44.0		%	43.3		%
Change in net loss and loss expense reserves / Net premiums earned	6.9		%	12.1		%	9.7		%	17.6		%	10.8		%	13.9		%
Net loss and loss expense ratio	48.3		%	57.3		%	53.1		%	60.1		%	54.8		%	57.2		%

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AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTERLY

	Q3 2013			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q3 2011
Gross losses paid	$	275,082		$	269,569		$	234,250		$	250,927		$	208,617		$	198,120
Reinsurance recoveries	(89,562		)	(89,115		)	(59,950		)	(87,520		)	(75,749		)	(48,301		)
Net losses paid	185,520			180,454			174,300			163,407			132,868			149,819
Change in:
Reported case reserves	8,348			144,059			49,847			199,775			27,634			(3,088		)
IBNR	14,979			73,154			51,575			(9,596		)	24,796			51,501
Reinsurance recoveries on unpaid loss and loss expense reserves	7,593			(66,675		)	(58,386		)	(53,492		)	547			9,171
Total net incurred losses and loss expenses	$	216,440		$	330,992		$	217,336		$	300,094		$	185,845		$	207,403
Gross reserve for losses and loss expenses	$	4,819,976		$	4,771,435		$	4,579,672		$	4,492,553		$	4,302,340		$	4,045,488
Net favorable prior year reserve development	$	34,065		$	6,693		$	5,598		$	40,353		$	31,566		$	32,594
Key Ratios
Net paid to net incurred percentage	85.7		%	54.5		%	80.2		%	54.5		%	71.5		%	72.2		%
Net paid losses/Net premiums earned	41.4		%	42.7		%	43.4		%	42.7		%	33.4		%	40.4		%
Change in net loss and loss expense reserves / Net premiums earned	6.9		%	35.7		%	10.7		%	35.7		%	13.3		%	15.6		%
Net loss and loss expense ratio	48.3		%	78.4		%	54.1		%	78.4		%	46.7		%	56.0		%

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AXIS Capital Holdings Limited

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTERLY

	Q3 2013			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q3 2011
Gross losses paid	$	224,578		$	236,602		$	195,510		$	284,517		$	220,024		$	278,529
Reinsurance recoveries	—			—			—			—			—			—
Net losses paid	224,578			236,602			195,510			284,517			220,024			278,529
Change in:
Reported case reserves	19,370			(3,577		)	(15,273		)	38,303			(4,092		)	90,009
IBNR	(21,781		)	81,998			43,041			54,928			42,580			(66,812		)
Reinsurance recoveries on unpaid loss and loss expense reserves	62,915			(3,116		)	(2,200		)	(2,795		)	(1,705		)	(2,290		)
Total net incurred losses and loss expenses	$	285,082		$	311,907		$	221,078		$	374,953		$	256,807		$	299,436
Gross reserve for losses and loss expenses	$	4,664,540		$	4,571,382		$	4,518,031		$	4,566,178		$	4,448,730		$	4,289,353
Net favorable prior year reserve development	$	45,970		$	35,422		$	48,901		$	24,213		$	28,865		$	45,837
Key Ratios
Net paid to net incurred percentage	78.8		%	75.9		%	88.4		%	75.9		%	85.7		%	93.0		%
Net paid losses / Net premiums earned	45.2		%	45.2		%	41.4		%	60.1		%	47.4		%	59.3		%
Change in net loss and loss expense reserves / Net premiums earned	12.1		%	14.4		%	5.4		%	19.1		%	7.9		%	4.5		%
Net loss and loss expense ratio	57.3		%	59.6		%	46.8		%	79.2		%	55.3		%	63.8		%

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AXIS Capital Holdings Limited

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF OCTOBER 1, 2013

		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		100 Year Return Period		250 Year Return Period
Single zone, single event
Southeast	U.S. Hurricane	$	509	$	716	$	911
Northeast	U.S. Hurricane	80		230		450
Mid-Atlantic	U.S. Hurricane	136		375		797
Gulf of Mexico	U.S. Hurricane	333		500		811
California	Earthquake	371		518		616
Europe	Windstorm	321		425		548
Japan	Earthquake	223		300		523
Japan	Windstorm	71		124		179

The above table shows our Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at October 1, 2013. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast hurricane, net of reinsurance, is approximately $0.7 billion. According to our modeling, there is a one percent chance that on an annual basis, our losses incurred from a Southeast hurricane event could be in excess of $0.7 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast hurricane will fall below $0.7 billion.

We have developed our PML estimates using multiple commercially available catastrophe vendor models, including AIR and RMS. We weight the use of these vendor models based upon our own judgment and experience, and include in our estimates non-modeled perils and other factors which we believe provide us with a more complete view of catastrophe risk.

A supplementary disclosure entitled “Overview of AXIS Natural Peril Catastrophe Risk Measurement and Management” dated August 3, 2011 is available in the Investor Information section of our website. This disclosure provides an overview of our PML methodology, including our approach to zonal aggregation, as well as information about zonal definitions commonly used by other external parties.

Our PML estimates are based on assumptions 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. We aim to reduce the potential for model error in a number of ways, foremost by ensuring that management’s judgment supplements the model outputs. We also perform ongoing model validation both within our business units and through our catastrophe model validation unit. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

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, changes to our reinsurance purchasing strategy and changes in foreign exchange rates.

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AXIS Capital Holdings Limited

EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, GAAP

	Quarter ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Net income available to common shareholders	$	137,121	$	223,407	$	512,383	$	513,555
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average shares outstanding - basic	111,676		121,127		114,606		123,568
Dilutive share equivalents:
Stock compensation plans	1,679		1,825		1,608		1,290
Weighted average shares outstanding - diluted	113,355		122,952		116,214		124,858
EARNINGS PER COMMON SHARE
Basic		$1.23		$1.84		$4.47		$4.16
Diluted		$1.21		$1.82		$4.41		$4.11

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AXIS Capital Holdings Limited

EARNINGS (LOSS) PER COMMON SHARE INFORMATION AND COMMON SHARE ROLLFOWARD - QUARTERLY

	Q3 2013			Q2 2013			Q1 2013			Q4 2012			Q3 2012			Q3 2011
Net income (loss) available to common shareholders	$	137,121		$	72,447		$	302,816		$	(18,551	)	$	223,407		$	212,058
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	111,588			116,306			117,920			117,857			122,773			125,811
Shares issued, including those sourced from treasury	74			404			1,755			88			311			362
Shares repurchased for treasury	(11		)	(5,122		)	(3,369		)	(25		)	(5,227		)	(32		)
Common shares - at end of period	111,651			111,588			116,306			117,920			117,857			126,141
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares outstanding - basic	111,676			115,163			117,022			117,918			121,127			125,971
Dilutive share equivalents: [a]
Warrants	—			—			—			—			—			1,108
Stock compensation plans	1,679			1,508			1,636			—			1,825			923
Weighted average shares outstanding - diluted	113,355			116,671			118,658			117,918			122,952			128,002
EARNINGS (LOSS) PER COMMON SHARE
Basic		$1.23			$0.63			$2.59			($0.16	)		$1.84			$1.68
Diluted		$1.21			$0.62			$2.55			($0.16	)		$1.82			$1.66

[a] Due to the net loss incurred in the three months ended December 31, 2012, these securities were not included in the computation of diluted earnings per share because of their anti-dilutive effect.

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AXIS Capital Holdings Limited

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

	At September 30, 2013
	Weighted Average Strike Price		Common Shareholders’ Equity		Outstanding Common Shares net of Treasury Shares	Per share
Closing stock price							$43.31
Book value per common share			$	5,159,986	111,651		$46.22
Dilutive securities: [b]
Restricted stocks					2,636	(1.07		)
Options		$28.51			118	(0.05		)
Restricted and phantom stock units					1,279	(0.50		)
Diluted book value per common share			$	5,159,986	115,684		$44.60
	At December 31, 2012
	Weighted Average Strike Price		Common Shareholders’ Equity		Outstanding Common Shares net of Treasury Shares	Per share
Closing stock price							$34.64
Book value per common share			$	5,276,918	117,920		$44.75
Dilutive securities:
Restricted stocks					4,281	(1.57		)
Options		$28.74			157	(0.05		)
Restricted and phantom stock units					435	(0.16		)
Diluted book value per common share			$	5,276,918	122,793		$42.97

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

[b] Excludes cash-settled restricted stock unit awards.

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AXIS Capital Holdings Limited

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS

OPERATING INCOME
	Quarter ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Net income available to common shareholders	$	137,121		$	223,407		$	512,383		$	513,555
Adjustment for:
Net realized (gains) losses	4,708			(50,803		)	(56,004		)	(95,699		)
Associated tax impact	(340		)	4,562			4,698			9,394
Foreign exchange losses	56,860			23,927			11,659			8,212
Associated tax impact	(1,672		)	(453		)	(1,602		)	(264		)
Loss on repurchase of preferred shares	—			—			3,081			14,009
Associated tax impact	—			—			—			—
Operating income	$	196,677		$	200,640		$	474,215		$	449,207
Net earnings per share - diluted	$	1.21		$	1.82		$	4.41		$	4.11
Adjustment for:
Net realized (gains) losses	0.04			(0.41		)	(0.48		)	(0.77		)
Associated tax impact	—			0.03			0.03			0.08
Foreign exchange losses	0.50			0.19			0.10			0.07
Associated tax impact	(0.01		)	—			(0.01		)	—
Loss on repurchase of preferred shares	—			—			0.03			0.11
Associated tax impact	—			—			—			—
Operating income per share - diluted	$	1.74		$	1.63		$	4.08		$	3.60
Weighted average common shares and common share equivalents - diluted	113,355			122,952			116,214			124,858
Average common shareholders' equity	5,047,045			5,274,211			5,218,452			5,148,752
Annualized return on average common equity	10.9		%	16.9		%	13.1		%	13.3		%
Annualized operating return on average common equity	15.6		%	15.2		%	12.1		%	11.6		%

DILUTED TANGIBLE BOOK VALUE PER COMMON SHARE - TREASURY STOCK METHOD [a]
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,
	2013			2013			2013			2012			2012			2011
Common shareholders' equity	$	5,159,986		$	4,934,104		$	5,386,587		$	5,276,918		$	5,353,425		$	4,857,105
Less: goodwill and intangible assets	(91,656		)	(91,370		)	(97,001		)	(97,493		)	(98,165		)	(98,260		)
Tangible common shareholders' equity	$	5,068,330		$	4,842,734		$	5,289,586		$	5,179,425		$	5,255,260		$	4,758,845
Outstanding diluted common shares net of treasury shares	115,684			115,631			120,594			122,793			122,865			131,067
Diluted book value per common share	$	44.60		$	42.67		$	44.67		$	42.97		$	43.57		$	37.06
Diluted tangible book value per common share	$	43.81		$	41.88		$	43.86		$	42.18		$	42.77		$	36.31

[a] This method assumes that proceeds received upon exercise of options will be used to repurchase our common shares at the closing market price. Unvested restricted stocks and units and unrestricted phantom stock units are also added to determine the diluted common shares outstanding. Cash-settled restricted stock unit awards are excluded.

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AXIS Capital Holdings Limited

USE OF NON-GAAP FINANCIAL MEASURES

In this document, we present operating income, consolidated underwriting income, underwriting-related general and administrative expenses and diluted tangible book value per common share, which are “non-GAAP financial measures” as defined in Regulation G.

Operating income represents after-tax operational results without consideration of after-tax net realized investment gains (losses), foreign exchange losses (gains) and losses on the repurchase of preferred shares. We also present diluted operating earnings per share and operating return on average common equity ("operating ROACE"), which are derived from the non-GAAP operating income measure. Reconciliations of operating income, diluted operating earnings per share and operating ROACE to the nearest GAAP financial measures (based on net income available to common shareholders) are included on the previous page.

Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative costs as expenses. Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our individual underwriting operations. While these measures are presented in the Segment Information footnote to our Consolidated Financial Statements, they are considered non-GAAP financial measures when presented elsewhere on a consolidated basis. A reconciliation of consolidated underwriting income (loss) to income before income taxes (the nearest GAAP financial measure) is included in the 'Consolidated Statements of Income - Quarterly' section of this document. Our total general and administrative expenses (the nearest GAAP financial measure to underwriting-related general and administrative expenses) also includes corporate expenses; the two components are separately presented in the 'Consolidated Statements of Income - Quarterly' section of this document.

Tangible book value is defined as common shareholders' equity excluding goodwill and intangible assets. Diluted tangible book value per common share uses this measure as the numerator, with the denominator being outstanding diluted common shares calculated under the treasury stock method. A reconciliation of diluted tangible book value per common share to diluted book value per common share (the nearest GAAP financial measure) is included on the previous page.

We present our results of operations in the way we believe will be most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. This includes the presentation of “operating income” (in total and on a per share basis), “annualized operating ROACE” (which is based on the “operating income” measure), "consolidated underwriting income (loss)" (which incorporates "underwriting-related general and administrative expenses") and diluted tangible book value per common share.

Operating Income

Although the investment of premiums to generate income and realized investment gains (or losses) is an integral part of our operations, the determination to realize investment gains (or losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (or losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our Consolidated Statements of Operations are primarily driven by the impact of foreign exchange rate movements on net insurance-related liabilities. However, this movement is only one element of the overall impact of foreign exchange rate fluctuations on our financial position. In addition, we recognize unrealized foreign exchange losses (gains) on our available-for-sale investments in other comprehensive income and foreign exchange losses (gains) realized upon the sale of these investments in net realized investment gains (losses). These unrealized and realized foreign exchange movements generally offset a large portion of the foreign exchange losses (gains) reported separately in earnings, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As such, the Statement of Operations foreign exchange losses (gains) in isolation are not a fair representation of the performance of our business.

Losses on repurchase of preferred shares arise from capital transactions and, therefore, are not reflective of underlying business performance.

In this regard, certain users of our financial statements evaluate earnings excluding after-tax net realized investment gains (losses), foreign exchange losses (gains) and losses on repurchase of preferred shares to understand the profitability of recurring sources of income. We believe that showing net income available to common shareholders exclusive of net realized gains (losses), foreign exchange losses (gains) and losses on repurchase of preferred shares reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons.

Consolidated Underwriting Income (Loss)/Underwriting-Related General and Administrative Expenses

Corporate expenses include holding company costs necessary to support our worldwide (re)insurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our individual underwriting operations, we exclude them from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss). Interest expense and financing costs primarily relate to interest payable on our senior notes and are excluded from consolidated underwriting income (loss) for the same reason.

We evaluate our underwriting results separately from the performance of our investment portfolio. As such, we believe it appropriate to exclude net investment income and net realized investment gains (losses) from our underwriting profitability measure.

As noted above, foreign exchange losses (gains) in our Consolidated Statement of Operations primarily relate to our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange rate gains (losses) on our investment portfolio generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) are not a meaningful contributor to our underwriting performance and, therefore, exclude them from consolidated underwriting income (loss). We believe that presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities.

Diluted Tangible Book Value per Common Share

Diluted tangible book value per common share removes certain effects of purchase accounting. We believe that this measure, in combination with diluted book value per common share, is useful in assessing value generated for our common shareholders.

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