142333.367566484se9999se.com

,,,,,,,,,,,,,,,,,,,,,,,,,"AXISCapitalHoldingsLimited""INVESTORFINANCIALSUPPLEMENT""SECONDQUARTER2009",,,,,,,,,,,,,,,,,,,,,,"AXISCapitalHoldingsLimited",,,,,,,,,,,,"92PittsBayRoad",,,,,,,,,,,,"PembrokeHM08Bermuda",,,,,,,,,,,,"ContactInformation:",,,,,,,,,,,,"LindaVentresca",,,,,,,,,,,,"InvestorRelations",,,,,,,,,,,,"4414052727",,,,,,,,,,,,"investorrelations@axiscapital.
com",,,,,,,,,,,,"WebsiteInformation:",,,,,,,,,,,,"www.
axiscapital.
com",,,,,,,,,,,"Thisreportisforinformationalpurposesonly.
Itshouldbereadinconjunction",,,,,"withthedocumentsthatwefilewiththeSecuritiesandExchangeCommission",,,,,"pursuanttotheSecuritiesActof1933andtheSecuritiesExchangeActof1934.
",,,,,,,,,,,,"AXISCapitalHoldingsLimited""FINANCIALSUPPLEMENTTABLEOFCONTENTS"Page(s)","i.
BasisofPresentation"i-iii","I.
FinancialHighlights"1","II.
IncomeStatements","a.
ConsolidatedStatementsofIncome-Quarterly"2","b.
ConsolidatedStatementsofIncome-Year"3","c.
ConsolidatedSegmentData"4","d.
GrossPremiumWrittenbySegmentbyLineofBusiness"5","e.
SegmentConsecutiveQuarters"6-7","III.
BalanceSheets","a.
ConsolidatedBalanceSheets"8","b.
SummaryInvestmentPortfolioInformation"9","c.
InvestmentPortfolioComposition-Quarterly"10","d.
InvestmentPortfolio:MortgageandAssetBackedSecurities"11","e.
InvestmentPortfolio:SubprimeandAlternative-AHoldingsinDirectInvestmentPortfolio"12","f.
InvestmentPortfolio:TenLargestCorporateHoldings"13","g.
InvestmentPortfolio:FinancialIssuerExposureinFixedMaturityPortfolio"14-15","h.
ReconciliationofNetRealizedandNetUnrealizedInvestmentsGains(Losses)16","i.
ReinsuranceRecoverableAnalysis"17-18","IV.
LossReserveAnalysis","a.
PaidtoIncurredAnalysis"19","b.
PaidtoIncurredAnalysisbySegment"20","c.
SegmentConsecutiveQuarters"21-22","d.
EstimatedExposurestoPeakZonePropertyCatastropheLosses"23","V.
ShareAnalysis","a.
EarningsPerCommonShareAnalysis-AsReported,GAAP"24","b.
EarningsPerCommonShareAnalysisandCommonShareRollforward-Quarterly"25","c.
DilutedBookValuePerCommonShareAnalysis"26",,,,"AXISCapitalHoldingsLimited""BASISOFPRESENTATION","DEFINITIONSANDPRESENTATION",,,"Unlessotherwisenoted,alldataisinthousands,exceptforpershareamountsandratioinformation.
,,"Allfinancialinformationcontainedhereinisunaudited,exceptfortheconsolidatedbalancesheetandstatementofincomeatandfortheyearendedDecember31,2008.

,,"Amountsmaynotreconcileexactlyduetoroundingdifferences.
,,"NM-Notmeaningful;NR-NotReported;NA-Notapplicable","CAUTIONARYNOTEREGARDINGFORWARD-LOOKINGSTATEMENTS:",,"Forward-lookingstatementsonlyreflectourexpectationsandarenotguaranteesofperformance.
Accordingly,thereareorwillbeimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseindicatedinsuchstatements.
Webelievethatthesefactorsinclude,butarenotlimitedto,thefollowing:,,"theoccurrenceofnaturalandman-madedisasters,,,"actualclaimsexceedingourlossreserves,,,"generaleconomic,capitalandcreditmarketconditions,,,"thefailureofanyofthelosslimitationmethodsweemploy,,,"theeffectsofemergingclaimsandcoverageissues,,,"thefailureofourcedantstoadequatelyevaluaterisks,,,"thelossofoneormorekeyexecutives,,,"adeclineinourratingswithratingagencies,,,"lossofbusinessprovidedtousbyourmajorbrokers,,,"changesinaccountingpoliciesorpractices,,,"changesingovernmentalregulations,,,"increasedcompetition,,,"changesinthepoliticalenvironmentofcertaincountriesinwhichweoperateorunderwritebusiness,and",,"fluctuationsininterestrates,creditspreads,equitypricesand/orcurrencyvalues.
,"Weundertakenoobligationtoupdateorrevisepubliclyanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.

,,,,,,,,,,,,,,,,,,"AXISCapitalHoldingsLimited","BASISOFPRESENTATION",,"BUSINESSDESCRIPTIONS","INSURANCESEGMENT","Ourinsurancesegmentoffersspecialtyinsuranceproductstoavarietyofnichemarketsonaworldwidebasis.
Thefollowingarethelinesofbusinessinourinsurancesegment:,"Property:providesphysicaldamageandbusinessinterruptioncoverageprimarilyforindustrialandcommercialpropertiesandphysicaldamage,businessinterruptionandliabilitycoverageforonshoreenergypropertiesandoperations.
Thelineofbusinessconsistsofbothprimaryandexcessrisks,someofwhicharecatastrophe-exposed.

,"Marine:providescoverageforhull,liability,cargoandspecieandrecreationalmarinerisks.
Theserisksincludepropertydamageorphysicallosstoships,pollutiondamagecausedbyvesselsonasuddenandaccidentalbasis,protectionforgeneralcargoandthecontentsofarmoredcars,vaults,exhibitionsandmuseums,andspecificwarrelatedrisks.
Thislineofbusinessalsoprovidesphysicaldamage,businessinterruptionandliabilitycoverageforoffshoreenergypropertyandoperations.

,"Terrorism:providescoverageforphysicaldamageandbusinessinterruptionofaninsuredfollowinganactofterrorism.

,"Aviation:includeshullandliabilityandspecificwarcoverageforpassengerandcargoairlinesandprivatelyownedaircraftaswellasselectaviationproductliabilitycoverage.

,"Creditandpoliticalrisk:providescreditinsurance,sovereigndefaultinsurancecoverageandtraditionalpoliticalriskinsurancecoverage.
Thecreditinsurancecoverageisprimarilyforlendersseekingtomitigatetheriskofnon-paymentfromtheirborrowersinemergingmarkets.
Forthecreditinsurancecontracts,itisnecessaryforthebuyeroftheinsurance(mostoftenabank)toholdaninsuredasset(mostoftenanunderlyingloan)inordertoclaimcompensationundertheinsurancecontract.
Thetraditionalpoliticalriskcoverageprovidesprotectionagainstsovereignactionsthatresultintheimpairmentofcross-borderinvestmentsforbanksandmajorcorporations(knownas""CEND""coverage's),"Professionallines:includescoveragefordirectors'andofficers'liability,errorsandomissionsliability,employmentpracticesliability,media,cyber,technologyandmiscellaneousprofessionalliabilitycoverage.

,"Liability:primarilytargetsgeneralliabilityandumbrellaandexcessliabilityintheU.
S.
excessandsurpluslinesmarkets.
Targetclassesincludemercantile,manufacturingandbuilding/premises,withparticularemphasisoncommercialandconsumerproducts,commercialconstructionandmiscellaneousgeneralliability.

,"Other:primarilyconsistsofemployeemedicalcoverageforself-insured,smallandmediumsizedemployers,forlossesinexcessofagivenretention.

,,,,,,,,,"AXISCapitalHoldingsLimited","BASISOFPRESENTATION",,"BUSINESSDESCRIPTIONS(CONTINUED)","REINSURANCESEGMENT","Ourreinsurancesegmentprovidestreatyandfacultativepropertyandcasualtyreinsurancetoinsurancecompaniesonaworldwidebasis.
Thefollowingarethelinesofbusinessinourreinsurancesegment:,"Catastrophe:providesprotectionformostcatastrophiclossesthatarecoveredintheunderlyinginsurancepolicieswrittenbyourcedants.
Theexposureintheunderlyingpoliciesisprincipallypropertyexposurebutalsocoversotherexposuresincludingworkerscompensation,personalaccidentandlife.
Theprincipalperilsinthisportfolioarehurricaneandwindstorm,earthquake,flood,tornado,hailandfire.
Insomeinstances,terrorismmaybeacoveredperilortheonlyperil.
Weunderwritecatastrophereinsuranceprincipallyonanexcessoflossbasis,meaningthatourexposureonlyariseswhenourcustomers'claimsexceedacertainretainedamount.

,"Property:includesreinsurancewrittenonbothaprorataandaperriskbasisandcoversunderlyingpersonallinesandcommercialpropertyexposures.
Propertyproratatreatyreinsurancecoversacedent'saggregatelossesfromalleventsinthecoveredperiodonaproportionalbasis.
Propertyperrisktreatyreinsurancereinsuresaportfolioofparticularpropertyrisksofcedingcompaniesonanexcessoflossbasis.

,"ProfessionalLiability:coversdirectors'andofficers'liability,employmentpracticesliability,medicalmalpracticeandmiscellaneouserrorsandomissionsinsurancerisks.

,"CreditandBond:consistsprincipallyofreinsuranceoftradecreditinsuranceproductsandincludesbothproportionalandexcess-of-lossstructures.
Theunderlyinginsuranceindemnifiessellersofgoodsandservicesintheeventofapaymentdefaultbythebuyerofthosegoodsandservices.
Alsoincludedinthislineofbusinessiscoverageforlossesarisingfromabroadarrayofsuretybondsissuedbybondinsurersprincipallytosatisfyregulatorydemandsinavarietyofjurisdictionsaroundtheworld,butpredominantlyinEurope.

,"Motor:providescoveragetocedantsformotorliabilitylossesarisingoutofanyoneoccurrence.
Theoccurrencecaninvolveoneormanyclaimantswherethecedinginsureraggregatestheclaimsfromtheoccurrence.

,"Liability:providescoveragetoinsurersofstandardcasualtylines,includingautoliability,generalliability,personalandcommercialumbrellaandworkers'compensation.

,"Engineering:providescoverageforalltypesofcivilconstructionrisksandrisksassociatedwitherection,testingandcommissioningofmachineryandplantsduringtheconstructionstage.
Thislineofbusinessalsoincludescoverageforlossesarisingfromoperationalfailuresofmachinery,plantandequipmentandelectronicequipmentaswellasbusinessinterruption.
Wewriteengineeringbusinessonaproportionalandnon-proportionaltreatybasisaswellasonafacultativebasis.

,"Other:includesaviation,marine,personalaccidentandcropreinsurance.
,,,,,,,,,,,,,,,"AXISCapitalHoldingsLimited",,,"FINANCIALHIGHLIGHTS",,,,,,,"QuarterendedJune30,SixmonthsendedJune30,",,,,,,,,,,,"2009",,"2008",,"Change",,"2009",,"2008",,"Change""HIGHLIGHTS",,"Grosspremiumswritten",,,,,"914641",,"874169",,"0.
0462976838574692",,"2238136",,"2138350",,"0.
0466649519489326",,"Grosspremiumswritten-Insurance",,,,,"0.
575924324407062",,"0.
635419466945179",,"-0.
0936312870994388",,"0.
398064282063288",,"0.
46312390394463",,"-0.
140479947865356",,"Grosspremiumswritten-Reinsurance",,,,,"0.
424075675592938",,"0.
364580533054821",,"0.
163187930083942",,"0.
601935717936712",,"0.
53687609605537",,"0.
121181818969701",,"Netpremiumswritten",,,,,"701013",,"684216",,"0.
0245492651443404",,"1863314",,"1775991",,"0.
049168605021084",,"Netpremiumsearned",,,,,"706770",,"680291",,"0.
0389230491069263",,"1372129",,"1338925",,"0.
0247989991971171",,"Netpremiumsearned-Insurance",,,,,"0.
423015974079262",,"0.
437208488720268",,"-0.
0324616630444401",,"0.
418763833429656",,"0.
445869634221484",,"-0.
0607931079207859",,"Netpremiumsearned-Reinsurance",,,,,"0.
576984025920738",,"0.
562791511279732",,"0.
0252180680705966",,"0.
581236166570344",,"0.
554130365778516",,"0.
0489159274889153",,"Netincomeavailabletocommonshareholders",,,,,"159160.
80123",,"231267",,"-0.
311787668668682",,"274840.
10274",,"468989",,"-0.
413973242997171",,"Reserveforlossesandlossexpenses",,,,,"6561894",,"5995731",,"0.
0944276852980896",,"6561894",,"5995731",,"0.
0944276852980896",,"Totalshareholders'equity",,,,,"4909119",,"5263162",,"-0.
0672681175308683",,"4909119",,"5263162",,"-0.
0672681175308683""PERCOMMONSHAREAND""COMMONSHAREDATA",,"Basicearningspercommonshare",,,,,"1.
15459976889218",,"1.
62000122070313",,"-0.
287284093276432",,"1.
9975806513444",,"3.
28000244140625",,"-0.
390981508736465",,"Dilutedearningspercommonshare",,,,,"1.
06205717382863",,"1.
47000122070312",,"-0.
277512126647187",,"1.
83903500040148",,"2.
95000244140625",,"-0.
376598304948652",,"Weightedaveragecommonsharesoutstanding",,,,,"137849.
327115934",,"142333.
367566484",,"-0.
0315037894993592",,"137586.
486210221",,"142786.
419716484",,"-0.
0364175634950964",,"Dilutedweightedaveragecommonsharesoutstanding",,,,,"149860.
859803091",,"157602.
475566484",,"-0.
0491211558420403",,"149448",,"158893.
855716484",,"-0.
05944758325544",,"Bookvaluepercommonshare",,,,,"32.
0174845555555",,"34.
1071179165018",,"-0.
0612667820852519",,"32.
0174845555555",,"34.
1071179165018",,"-0.
0612667820852519",,"Accumulateddividendspaidpercommonshare",,,,,"3.
49000244140625",,"2.
72000244140625",,"0.
283088235294118",,"3.
49000244140625",,"2.
72000244140625",,"0.
283088235294118",,"Dilutedbookvaluepercommonshare(treasurystockmethod)",,,,,"28.
7216988803557",,"30.
2951909401948",,"-0.
0519386744564633",,"28.
7216988803557",,"30.
2951909401948",,"-0.
0519386744564633""FINANCIALRATIOS",,"ROACE[a]",,,,,"0.
151546616049882",,"0.
192030709369496",,"-0.
0404840933196147",,"0.
131342778331636",,"0.
199108364190901",,"-0.
0677655858592642",,"OperatingROACE[b]",,,,,"0.
174",,"0.
190000152587891",,"-0.
016",,"0.
162",,"0.
184",,"-0.
022",,"Netlossandlossexpenseratio",,,,,"0.
535184006112314",,"0.
546408816227173",,"-0.
0112248101148597",,"0.
558439476171701",,"0.
547751367701701",,"0.
0106881084700001",,"Acquisitioncostratio",,,,,"0.
146170607128203",,"0.
143732608545461",,"0.
00243799858274227",,"0.
149610568685597",,"0.
142592807662864",,"0.
00701776102273349",,"Generalandadministrativeexpenseratio",,,,,"0.
123023048516491",,"0.
121937523794964",,"0.
00108552472152629",,"0.
126450209856362",,"0.
120770767593405",,"0.
00567944226295675",,"Combinedratio",,,,,"0.
804377661757007",,"0.
812078948567598",,"-0.
00770128681059101",,"0.
83350025471366",,"0.
81211494295797",,"0.
0213853117556903""INVESTMENTDATA",,"Totalassets",,,,,"15378885",,"15606389",,"-0.
0145776194608503",,"15378885",,"15606389",,"-0.
0145776194608503",,"Totalcashandinvestments[c]",,,,,"10986113",,"10821847",,"0.
0151791094440718",,"10986113",,"10821847",,"0.
0151791094440718",,"Netinvestmentincome",,,,,"112220",,"137015",,"-0.
180965587709375",,"211512",,"222666",,"-0.
0500929643501927",,"Netrealizedinvestment(losses)gains",,,,,"-23678",,"1552",,"nm",,"-64275",,"37237",,"nm",,"Totalreturnoncashandinvestments[d]",,,,,"0.
0301",,"-0.
0012",,"0.
0313",,"0.
0306",,"0.
00750000476837158",,"0.
0231",,"Returnonotherinvestments[e]",,,,,"0.
023",,"0.
029",,"-0.
006",,"0.
038",,"-0.
024",,"0.
062",,"Annualizedeffectiveyieldofinvestedassets[f]",,,,,"0.
042",,"0.
048",,"-0.
006",,"0.
042",,"0.
049",,"-0.
007""[a]Returnonaveragecommonequity(""ROACE"")iscalculatedbydividingnetincomeavailabletocommonshareholdersfortheperiodbytheaveragecommonshareholders'equitydeterminedbyusing""thecommonshareholders'equitybalancesatthebeginningandendoftheperiod.
Percentagesforthequarter-periodsareannualized.

"[b]Operatingreturnonaveragecommonequityiscalculatedbydividingoperatingincomefortheperiodbytheaveragecommonshareholders'equitydeterminedbyusingthecommon""shareholders'equitybalancesatthebeginningandendoftheperiod.
Percentagesforthequarter-periodsareannualized.

"[c]Cashandinvestmentsrepresentsthetotalcash,availableforsaleinvestments,otherinvestments,accruedinterestreceivableandnetreceivable(payable)forinvestmentssold(purchased)"[d]Incalculatingtotalreturn,weincludenetinvestmentincome,netrealizedinvestmentgains(losses)andthechangeinunrealizedgains(losses)generatedbyouraveragecashandinvestmentbalances.
""[e]Returnonotherinvestmentsiscalculatedbydividingotherinvestmentincome(loss)bytheaverageotherinvestmentbalancesfortheperiod.
""[f]Annualizedeffectiveyieldofinvestedassetsiscalculatedbydividingthenetincomegeneratedfrominvestedassetsbytheaveragefairvaluebalanceoftheassetsmanagedbyourexternalinvestmentmanagers.
""nmnotmeaningful",,"AXISCapitalHoldingsLimited""CONSOLIDATEDSTATEMENTSOFINCOME-QUARTERLY",,,,,,"Q22009",,"Q12009",,"Q42008",,"Q32008",,"Q22008",,"Q22007","UNDERWRITINGREVENUES""Grosspremiumswritten",,,,"500",,"914641",,"1323495",,"526755",,"725283",,"874169",,"959378","Premiumsceded",,,,"510",,"-213628",,"-161194",,"-187282",,"-173867",,"-189953",,"-204036","Netpremiumswritten",,,,,,"701013",,"1162301",,"339473",,"551416",,"684216",,"755342","Grosspremiumsearned",,,,">RecalcSheet",">'axb",">'[LASATASETUPFILE]Date=2009-03-1110:51:18FileType=AgoraXLBMacroBuilderVersion=0Buffer=@settngMacroName:Str=RecalcSheet@settngMacroButtonCaption:Str=RecalculateWorksheet@settngMacroShortcutKey:Str=@recipeStep_RecalculateWorksheet_31110510264000:Str=P0=,P1=,P2=@filenmSetupfile:Str=@filenmWorkbookSetupFile:Str=RecalcSheet",,"AXISCapitalHoldingsLimited",,"CONSOLIDATEDSTATEMENTSOFINCOME-YTD"2009/001","2009/001","2009/001"2009/006","2009/006","2009/006",,,,,,,"Sixmonthsended",,,,,,"Yearended",,,,,"BD0+BD1+BD2","BR2+BR3+BR4+BR5+BR6+BR7+CA1+CA2","IR1+IR2+IR3+IR4+IR5+IR6+IR7+IR8+UK2+OA1+OA2",,,,,"June30,2009",,"June30,2008",,"June30,2007",,,"December31,2008",,"December31,2007""UNDERWRITINGREVENUES""Grosspremiumswritten",,,,"500","2238136",,"2138350",,"2262001",,,"3390388",,"3590090",,,,"-527536417.
82","-918222487.
24","-792376929.
72","Premiumsceded",,,,"510","-374822",,"-362359",,"-367301",,,"-723508",,"-726333",,,,"14050927.
58","271048854.
36","89722066.
3","Netpremiumswritten",,,,,"1863314",,"1775991",,"1894700",,,"2666880",,"2863757",,,,,,,"Grosspremiumsearned",,,,"$20million",,,,,"193374",,"-26878",,"166496",,"0.
122",,"0.
034",,"-1800",,,,"0.
00930838685655776",,"191574""Otherreinsurersbalances<$20million",,,,,"271200",,"-41454",,"229746",,"0.
169",,"0.
047",,"-11884",,,,"0.
0438237463126844",,"259315""Total",,,,,"1466275",,"-103683",,"1362592",,"1",,"0.
278",,"-22434",,,,"0.
0153006768853046",,"1443840",,,,,,"AtJune30,2009,97.
2%(December31,2008:97.
1%)ofourgrossrecoverableswerecollectiblefromreinsurersratedtheequivalentofA-orbetterbyinternationallyrecognisedratingagencies.

ofTotal",,,,,,Gross",,,,,,Recoverable",,"%ofTotal",,,,Netof",,"Shareholders'",,,,"Top10Reinsurers(netofcollateral)Collateral",,"Equity",,,,"SwissReinsuranceAmericaCorporation"0.
135000076293945",,"0.
037",,,,"PartnerReinsuranceCoofUS"0.
130000076293945",,"0.
036",,,,"TransatlanticReinsuranceCo.
0.
124",,"0.
0350000190734863",,,,"Lloyd'sofLondon"0.
078",,"0.
022",,,,"XLReinsuranceAmericaInc"0.
072",,"0.
0200000190734863",,,,"BerkleyInsuranceCompany"0.
058",,"0.
016",,,,"AceProperty&CasualtyIns"0.
047",,"0.
013",,,,"FederalInsuranceCompany"0.
028",,"0.
008",,,,"MunichReinsuranceAmerica,Inc"0.
021",,"0.
006",,,,,,"EverestReinsuranceCompany"0.
0200000190734863",,"0.
00500000476837158",,,,,,0.
713",,"0.
198",,,,,,,"AXISCapitalHoldingsLimited""RESERVEFORLOSSESANDLOSSEXPENSES:PAIDTOINCURREDANALYSIS",,,,"QuarterendedJune30,2009",,,,,,"SixmonthsendedJune30,2009""Reserveforlossesandlossexpenses",,,,"Gross",,"Recoveries",,"Net",,"Gross",,"Recoveries",,"Net""Beginningofperiod",,,,"6392278",,"-1432650",,"4959628",,"6244783",,"-1378630",,"4866153""Incurred",,,,"444465",,"-66213",,"378252",,"941093",,"-174842",,"766251""Paid",,,,"-369571",,"59918",,"-309653",,"-679978",,"113074",,"-566904""Foreignexchange(gains)losses",,,,"94722",,"-4895",,"89827",,"55996",,"-3442",,"52554""Endofperiod[a]",,,,"6561894",,"-1443840",,"5118054",,"6561894",,"-1443840",,"5118054""[a]AsatJune30,2009,thegrossreserveforlossesandlossexpensesincludedIBNRof$4,537million,or69%,oftotalgrossreservesforlossandlossexpenses.
AsatDecember31,2008,thecomparableamountwas$4,190million,or67%,"AXISCapitalHoldingsLimited","RESERVEFORLOSSESANDLOSSEXPENSES:PAIDTOINCURREDANALYSISBYSEGMENT",,,,,"QuarterendedJune30,2009",,,,,,"SixmonthsendedJune30,2009",,,,,"Insurance",,"Reinsurance",,"Total",,"Insurance",,"Reinsurance",,"Total",,,,,,,,,,"0",,"0",,,,,,"0","Grosslossespaid",,,,"226204",,"143366",,"369570",,"425262",,"254715",,"679977","Reinsurancerecoveriesreceived",,,,"-59917",,"0",,"-59917",,"-113073",,"0",,"-113073","Netlossespaid",,,,"166287",,"143366",,"309653",,"312189",,"254715",,"566904","Changein:,"Reportedcasereserves",,,,"-38506",,"-17675",,"-56181",,"-69134",,"21188",,"-47946","IBNR",,,,"65060",,"66016",,"131076",,"156910",,"152152",,"309062","Reinsurancerecoveriesonpaidandunpaidlossand","lossexpensereserves",,,,"-5630",,"-666",,"-6296",,"-60050",,"-1719",,"-61769","TOTALNETINCURREDLOSSESANDLOSSEXPENSES",,,,"187211",,"191041",,"378252",,"339915",,"426336",,"766251","Grossreserveforlossesandlossexpenses",,,,"3654192",,"2907702",,"6561894",,"3654192",,"2907702",,"6561894","Prioryearsnetfavorablereservedevelopment",,,,"46860",,"49882",,"96742",,"82766",,"98310",,"181076","KeyRatios","Netpaidtonetincurredpercentage",,,,"0.
888233063228122",,"0.
750446239288948",,"0.
818642069308292",,"0.
918432549313799",,"0.
597451306012159",,"0.
739841122556447","Netpaidlosses/Netpremiumsearned",,,,"0.
55619031691613",,"0.
350563898527446",,"0.
438124142224486",,"0.
543317240923219",,"0.
320379434780592",,"0.
413156488930706","Changeinnetlossandlossexpensereserves/Net","premiumsearned",,,,"0.
0699857847646124",,"0.
116909231353989",,"0.
0970598638878277",,"0.
0492528654816063",,"0.
215190381314331",,"0.
145282987240996","Netlossandlossexpenseratio",,,,"0.
626176101680743",,"0.
468473129881436",,"0.
535184006112314",,"0.
591570106404826",,"0.
534569816094923",,"0.
558439476171701",,,,,"30386"40916",,"-4592","AXISCapitalHoldingsLimited","RESERVEFORLOSSESANDLOSSEXPENSES:PAIDTOINCURREDANALYSIS","INSURANCE-QUARTERLY",,,,,"Quarterended",,,,,"Q22009",,"Q12009",,"Q42008",,"Q32008",,"Q22008",,"Q22007",,,,,"0",,"0",,"0",,"0",,"0",,"0","Grosslossespaid",,,,"226204",,"199058",,"270708",,"148243",,"161108",,"184760","Reinsurancerecoveriesreceived",,,,"-59917",,"-53156",,"-125765",,"-54077",,"-79170",,"-170522",,,,"89538","Netlossespaid",,,,"166287",,"145902",,"144943",,"94166",,"81938",,"14238","Changein:,"Reportedcasereserves",,,,"-38506",,"-30628",,"32149",,"34509",,"44365",,"-75880","IBNR",,,,"65060",,"91850",,"-159195",,"158606",,"21103",,"133548","Reinsurancerecoveriesonpaidandunpaidlossandlossexpensereserves",,,,"-5630",,"-54420",,"92048",,"-56704",,"12290",,"61662","TOTALNETINCURREDLOSSESANDLOSSEXPENSES",,,,"187211",,"152704",,"109945",,"230577",,"159696",,"133568","Grossreserveforlossesandlossexpenses",,,,"3654192",,"3603197",,"3547071",,"3690039",,"3508456",,"3319952",,,"Prioryearsnetfavorablereservedevelopment",,,,"46860",,"35906",,"60045",,"41608",,"46106",,"55814","KeyRatios","Netpaidtonetincurredpercentage",,,,"0.
888233063228122",,"0.
955456307627829",,"1.
31832279776252",,"0.
408392857917312",,"0.
513087365995391",,"0.
107",,,"Netpaidlosses/Netpremiumsearned",,,,"0.
55619031691613",,"0.
529353500977785",,"0.
495387665122956",,"0.
320759472974262",,"0.
275487595358892",,"0.
048",,,"Changeinnetlossandlossexpensereserves/Netpremiumsearned",,,,"0.
0699857847646124",,"0.
0246786371238975",,"-0.
11861652169455",,"0.
464659436186012",,"0.
261433821180853",,"0.
400000305175781",,,"Netlossandlossexpenseratio",,,,"0.
626176101680743",,"0.
554032138101682",,"0.
375771143428405",,"0.
785418909160274",,"0.
536921416539746",,"0.
448","AXISCapitalHoldingsLimited","RESERVEFORLOSSESANDLOSSEXPENSES:PAIDTOINCURREDANALYSIS","REINSURANCE-QUARTERLY",,,,,"Quarterended",,,,,"Q22009",,"Q12009",,"Q42008",,"Q32008",,"Q22008",,"Q22007"0","Grosslossespaid",,,,"143366",,"111349",,"139509",,"164376",,"101782",,"117057","Reinsurancerecoveriesreceived",,,,"0",,"0",,"0",,"-7497",,"0",,"-2250","Netlossespaid",,,,"143366",,"111349",,"139509",,"156879",,"101782",,"114807","Changein:,"Reportedcasereserves",,,,"-17675",,"38863",,"41589",,"161303",,"15193",,"3854","IBNR",,,,"66016",,"86136",,"-17585",,"150324",,"104152",,"103974","Reinsurancerecoveriesonpaidandunpaidlossandlossexpensereserves",,,,"-666",,"-1053",,"379",,"6448",,"-9106",,"2520","TOTALNETINCURREDLOSSESANDLOSSEXPENSES",,,,"191041",,"235295",,"163892",,"474954",,"212021",,"225155","Grossreserveforlossesandlossexpenses",,,,"2907702",,"2789081",,"2697712",,"2716165",,"2487275",,"2040112",,,"Prioryearsnetfavorablereservedevelopment",,,,"49882",,"48428",,"65116",,"34663",,"40638",,"41006","KeyRatios","Netpaidtonetincurredpercentage",,,,"0.
750446239288948",,"0.
473231475381967",,"0.
851225197081005",,"0.
330303566240099",,"0.
480056220846048",,"0.
510000305175781",,,"Netpaidlosses/Netpremiumsearned",,,,"0.
350563898527446",,"0.
285703655808034",,"0.
381483780465462",,"0.
395761330783707",,"0.
265845134800529",,"0.
290000152587891",,,"Changeinnetlossandlossexpensereserves/Netpremiumsearned",,,,"0.
116909231353989",,"0.
318025535234107",,"0.
0666746877913924",,"0.
802413231146474",,"0.
287934033672707",,"0.
279",,,"Netlossandlossexpenseratio",,,,"0.
468473129881436",,"0.
603729191042141",,"0.
448158468256855",,"1.
19817456193018",,"0.
553779168473236",,"0.
569","AXISCapitalHoldingsLimited","ESTIMATEDNETLOSSESTOPEAKZONEPROPERTYCATASTROPHELOSSES-ASOFJULY1,2009",,,,"GroupEstimatedNetLosses(inthousandsofU.
S.
dollars)EstimatedIndustryLosses(inbillionsofU.
S.
dollars),,"Zones","Perils","50YearReturnPeriod",,"100YearReturnPeriod",,"250YearReturnPeriod",,"50YearReturnPeriod",,"100YearReturnPeriod",,"250YearReturnPeriod",,,,,"UnitedStates","Hurricane","682133.
614277637",,"908757.
946615815",,"1187298.
11310632",,"75.
949237581168",,"117.
583883703245",,"191.
51749677299",,,,,"California","Earthquake","422970.
349274112","845.
518030045845","640560.
247231954",,"1078722.
23928503",,"23.
1594293341488","845.
518030045845","35.
1585590241094",,"60.
6591431844178",,,,,"Europe","Windstorm","452246.
471761946","508.
486919197528","662549.
594234335",,"952317.
80759612",,"27.
925190703503","508.
486919197528","40.
3025233741202",,"58.
8877774189891",,,,,"Japan","Earthquake","221709.
693268602","663.
104542733176","302584.
521224376",,"552058.
990105035",,"16.
964627614974","663.
104542733176","24.
1895207112944",,"44.
3207545047001",,,,,"Japan","Windstorm","85078.
3378628789","306.
508150647984","128663.
176484978",,"139493.
79606828",,"17.
9671963627436","306.
508150647984","25.
8216316262142",,"41.
8240891327844",,,,"Fornaturalperilcatastrophes,basedonourcurrenttolerances,wearenotwillingtolosemorethan25%ofourprioryear-endcapitalforamodeledsingleoccurrence1-in-250yearreturnperiodprobablemaximumnetloss.
Wereservetherighttochangethesethresholdsatanytime.

,"TheabovetableshowsournetlossestimatestothepeaknaturalcatastropheterritoriesatJuly1,2009.
Wehavedevelopedtheselossestimatesusingmultiplecommerciallyavailablecatastrophemodelsandourownassessmentsfornon-modeledexposures.
Thesemodelsallowustosimulatemanyhypotheticallossscenariostosupplementourunderwritingjudgment.
Theseestimatesincludeassumptionsregardingthelocation,sizeandmagnitudeofanevent,thefrequencyofevents,theconstructiontypeanddamageabilityofpropertyinazone,andthecostofrebuildingpropertyinazone.
Lossestimatesfornon-U.
S.
territorieswillbesubjecttofluctuationsincurrencyrates,althoughfromafinancialstatementpointofview,wemaymitigatethiscurrencyvariability.
Returnperiodreferstothefrequencywithwhichlossesofagivenamountorgreaterareexpectedtooccur.

,"Thefigurestakeintoaccountthefactthataneventmaytriggerclaimsinanumberoflinesofbusiness.
Forinstance,ourU.
Shurricanemodelingincludes,amongotherthings,theestimatedpre-taximpacttoourfinancialresultsarisingfromourcatastrophe,property,engineering,energy,marineandaviationlinesofbusiness.
Asindicatedinthetableabove,ourmodeledsingleoccurrence1-in-100yearreturnperiodU.
S.
hurricaneprobablemaximumloss,netofreinsurance,isapproximately$909million(or19%ofshareholders'equityatJune30,2009).
Accordingtoourmodeling,thereisaonepercentchancethatourlossesincurredinanysingleU.
S.
hurricaneeventcouldbeinexcessof$909million.
Conversely,thereisa99%chancethatthelossfromaU.
S.
hurricanewillfallbelow$909million.
Weestimatethat,atsuchhypotheticallosslevels,aggregateindustrylosseswouldbeapproximately$118billion,resultinginanestimatedmarketshareofinsuredlossesfortheCompanyof0.
8%,"Netlossestimatesarebeforeincometax,netofreinstatementpremiums,andnetofreinsurancerecoveries.
Theestimatessetforthabovearebasedonassumptions(seeabove)thatareinherentlysubjecttosignificantuncertaintiesandcontingencies.
Theseuncertaintiesandcontingenciescanaffectactuallossesandcouldcauseactuallossestodiffermateriallyfromthoseexpressedabove.
Inparticular,modeledlossestimatesdonotnecessarilyaccuratelypredictactuallosses,andmaysignificantlymisstateactuallosses.
Suchestimates,therefore,shouldnotbeconsideredasarepresentationofactuallosses.
Ourestimatednetlossesfrompeakzonecatastrophesmaychangefromperiodtoperiodasaresultofseveralfactors,whichincludebutarenotlimitedto,updatestovendorcatastrophemodels,changesinourownmodeling,changesinourunderwritingportfoliosandchangesinforeignexchangerates.

,,,,,,,,,,,,,,,,,,"AXISCapitalHoldingsLimited""EARNINGSPERCOMMONSHAREINFORMATION-ASREPORTED,GAAP",,,,,,"ThreemonthsendedJune30,",,,,"SixmonthsendedJune30,",,,,,,,,"2009",,"2008",,"2009",,"2008""Netincomeavailabletocommonshareholders",,,,,,"159160.
80123",,"231267",,"274840.
10274",,"468989""WEIGHTEDAVERAGECOMMONSHARESOUTSTANDING""Weightedaveragebasicsharesoutstanding",,,,,,"137849.
327115934",,"142333",,"137586.
486210221",,"142786""Dilutiveshareequivalents:"Warrants",,,,,,"10017.
8156871568",,"12579",,"9873.
64675100267",,"12870""Restrictedstock",,,,,,"1332.
376",,"1496",,"1322.
7005",,"1511""Options",,,,,,"655.
768",,"1194",,"661.
003",,"1726""Restrictedstockunits",,,,,,"5.
573",,"0",,"3.
502",,"0""Weightedaveragedilutedsharesoutstanding",,,,,,"149860.
859803091",,"157602",,"149448",,"158893""EARNINGSPERCOMMONSHARE""Basic",,,,,,"1.
15459976889218",,"1.
62000122070313",,"1.
9975806513444",,"3.
28000244140625""Diluted",,,,,,"1.
06205717382863",,"1.
47000122070312",,"1.
83904314101459",,"2.
95000244140625""AXISCapitalHoldingsLimited""EARNINGSPERCOMMONSHAREINFORMATIONANDCOMMONSHAREROLLFOWARD-QUARTERLY",,,,,,"Quarterended",,,,,,"Q22009",,"Q12009",,"Q42008",,"Q32008",,"Q22008",,"Q22007","Netincome(loss)availabletocommonshareholders",,,,,,"159160.
80123",,"115677.
30151",,"130858",,"-249347",,"231267.
113",,"251590","COMMONSHARESOUTSTANDING""CommonShares-atbeginningofperiod",,,,,,"137622.
124",,"136212",,"137991",,"139653",,"144590",,"150417""Sharesissued",,,,,,"92.
5",,"1630.
061",,"13",,"113",,"154",,"121""Sharesrepurchasedfortreasury"4.
868",,"-219.
937",,"-1791.
831",,"-1775",,"-5091",,"-1""Sharesrepurchasedandcancelled",,,,,,"0",,"0",,"0",,"0",,"0",,"-2613""CommonShares-atendofperiod",,,,,,"137709.
756",,"137622.
124",,"136212.
169",,"137991",,"139653",,"147924""WEIGHTEDAVERAGECOMMONSHARESOUTSTANDING""Weightedaveragebasicsharesoutstanding",,,,,,"137849.
327115934",,"137316",,"136433.
083082609",,"139335",,"142333.
367566484",,"149027","Dilutiveshareequivalents:"Warrants[a]10017.
8156871568",,"9729",,"10293.
3780639278",,"0",,"12579",,"13304","Restrictedstock[a]1332.
376",,"1308",,"1920.
76125",,"0",,"1496",,"1505","Options[a]655.
768",,"668",,"715.
765625",,"0",,"1194",,"2484","Restrictedstockunits",,,,,,"5.
573",,"2",,"0",,"0",,"0",,"0","Weightedaveragedilutedsharesoutstanding",,,,,,"149860.
859803091",,"149023",,"149362.
986146537",,"139335",,"157602.
367566484",,"166320","EARNINGSPERCOMMONSHARE""Basic",,,,,,"1.
15459976889218",,"0.
842416772335343",,"0.
959140606100404",,"-1.
78955036423009",,"1.
62482710100972",,"1.
69000122070312","Diluted",,,,,,"1.
06205717382863",,"0.
776237906296344",,"0.
876110697677253",,"-1.
78955036423009",,"1.
46741694071701",,"1.
51000122070313",,"[a]DuetothenetlossincurredinthethreemonthsendedSeptember30,2008,thesesecuritieswerenotincludedinthecomputationofdilutedearningspershare,becauseoftheiranti-dilutiveeffect.

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"AXISCapitalHoldingsLimited""DILUTEDBOOKVALUEPERCOMMONSHAREANALYSIS-TREASURYSTOCKMETHOD[a],,,,,"AtJune30,2009",,,,,,,,,,,,"WeightedAverageStrikePrice",,"CommonShareholders'Equity",,"OutstandingCommonSharesnetofTreasuryShares",,"Pershare","Closingstockprice"26.
18001953125"0",,,,"Bookvaluepercommonshare",,,,,,"4409118.
57711",,"137709.
712",,"32.
0174845555555"0",,,,"Dilutivesecurities:,,"Warrants",,,"12.
380009765625",,"0",,"10404.
2357327259",,"-2.
24906203625081",,"Restrictedstocks",,,,,"0",,"4615",,"-0.
892975197100416",,"Options",,,"21.
20001953125",,"0",,"549.
290374331551",,"-0.
109990258231246",,"Restrictedstockunits",,,,,"0",,"167",,"-0.
031306486854497",,"Phantomstockunits",,,,,"0",,"66.
523",,"-0.
0124516967628843","Dilutedbookvaluepercommonshare",,,,,,"4409118.
57711",,"153511.
761107057",,"28.
7216988803557",,,,,"AtDecember31,2008",,,,,"WeightedAverageStrikePrice",,"CommonShareholders'Equity",,"OutstandingCommonSharesnetofTreasuryShares",,"Pershare","Closingstockprice"29.
12001953125"0",,,,"Bookvaluepercommonshare",,,,,,"3961041",,"136211",,"29.
0799764376043"0",,,,"Dilutivesecurities:,,"Warrants",,,"12.
400009765625",,"0",,"11317.
2294597827",,"-2.
2307773543504",,"Restrictedstocks",,,,,"0",,"5163",,"-0.
89784285118586",,"Options",,,"21.
20001953125",,"0",,"834.
428571428572",,"-0.
151005615368252",,"Phantomstockunits",,,,,"0",,"62.
089",,"-0.
0104299205464038","Dilutedbookvaluepercommonshare",,,,,,"3961041",,"153588",,"25.
7899206961534""[a]Thismethodassumesthatproceedsreceiveduponexerciseofoptionsandwarrantswillbeusedtorepurchaseourcommonsharesattheclosingmarketprice.
Unvestedrestrictedstockisalsoaddedtodeterminethedilutedcommonsharesoutstanding.