A.M. Best Affirms Ratings Of AXIS Capital Holdings Limited And Its Subsidiaries

These challenges and other rating factors, which could lead to a downgrading of AXIS’ ratings or a revision in its outlook to negative, include unfavorable operating profitability trends, outsized catastrophe or investment losses relative to its peers, significant adverse loss reserve development and/or a material decline in risk-adjusted capital. Alternatively, factors that could lead to an upgrading of the company’s ratings include continued favorable operating profitability coupled with maintenance of strong risk-adjusted capital levels.

The FSR of A (Excellent) and ICRs of “a+” have been affirmed for AXIS Specialty Limited and its following operating affiliates:

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

The following debt ratings have been affirmed:

AXIS Capital Holdings Limited—

-- “bbb+” on $500 million 5.75% senior unsecured notes, due 2014

-- “bbb-” on $250 million 7.25% non-cumulative preferred shares, Series A

-- “bbb-” on $250 million 7.50% non-cumulative preferred shares, Series B

-- “bbb-” on $400 million 6.875% non-cumulative preferred shares, Series C

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

-- “bbb+” on $500 million 5.875% senior unsecured notes, due 2020

The following indicative ratings have been affirmed under the current shelf registration:

AXIS Capital Holdings Limited—

-- “bbb+” on senior unsecured debt

-- “bbb” on subordinated debt

-- “bbb-” on preferred stock

AXIS Capital Trust I, II & III (guaranteed by AXIS Capital Holdings Limited) —

-- “bbb-” on preferred securities

The methodology used in determining these ratings is Best’s Credit Rating Methodology , which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Understanding Universal BCAR”; “Catastrophe Analysis in A.M. Best's Ratings”; “Insurance Holding Company and Debt Ratings”; “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; and “Rating Members of Insurance Groups.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, 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 © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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