[August 04, 2015]

A.M. Best Removes From Under Review and Affirms Ratings of AXIS Capital Holdings Limited and Its Subsidiaries

A.M. Best has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of "aa-" of AXIS Specialty Limited (AXIS) and its operating affiliates. Concurrently, the ICR of "a-" of AXIS Capital Holdings Limited (ACHL) (Hamilton, Bermuda) [NYSE: AXS] has been removed from under review with negative implications and affirmed following the recent announcement that the amalgamation agreement between ACHL and PartnerRe Ltd has been terminated. A.M. Best has also removed from under review with negative implications and affirmed the existing issue ratings of ACHL. All aforementioned ratings have been assigned a stable outlook. (See below for a detailed list of the companies and ratings.)

The removal of the under review rating action reflects previous concerns with the sizeable and complex merger, which are no longer present since the proposed transaction has been terminated. A.M. Best views ACHL to be well positioned, as it is, to execute its business plans.

The FSR of A+ (Superior) and the ICRs of "aa-" for AXIS Specialty Limited and its following operating affiliates have been affirmed and assigned a stable outlook:

• AXIS Re SE
• XIS Reinsurance Company
• AXIS Specialty Europe SE
• AXIS Surplus Insurance Company
• AXIS Insurance Company

AXIS Capital Holdings Limited-

-- "bbb" on $250 million 7.50% non-cumulative preferred shares, Series B
-- "bbb" on $400 million 6.875% non-cumulative preferred shares, Series C
-- "bbb" on $200 million 5.5% non-cumulative preferred shares, Series D

AXIS Specialty Finance LLC (guaranteed by AXIS Capital Holdings Limited)-

-- "a-" on $500 million 5.875% senior unsecured notes, due 2020

The following indicative ratings under the current shelf registration have been affirmed with a stable outlook:

AXIS Capital Holdings Limited-

-- "a-" on senior unsecured debt
-- "bbb+" on subordinated debt
-- "bbb" on preferred stock

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best's Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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