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AXIS Capital Prices Offering of $425.0 Million of 4.900% Fixed-Rate Reset Junior Subordinated Notes Due 2040

December 3, 2019

PEMBROKE, Bermuda--(BUSINESS WIRE)--Dec 3, 2019--

AXIS Capital Holdings Limited (“AXIS Capital” or the “Company”) (NYSE:AXS) announced today that its subsidiary, AXIS Specialty Finance LLC (the “Issuer”), has priced an offering of $425.0 million aggregate principal amount of 4.900% Fixed-Rate Reset Junior Subordinated Notes due 2040, fully and unconditionally guaranteed on a junior subordinated basis by AXIS Capital, pursuant to an effective shelf registration statement.

The Issuer intends to use the proceeds from the notes offering for the repayment or redemption of its 5.875% Senior Notes due 2020 and the redemption of all of the Company’s outstanding 5.50% Series D Preferred Shares, par value $0.0125 per share and a liquidation preference of $25 per share, equivalent to $225.0 million in aggregate liquidation preference, which are redeemable at the Company’s option at a price of $25.00 per share, plus declared and unpaid dividends, if any. The offering is expected to close on December 10, 2019, subject to customary closing conditions.

Wells Fargo Securities, LLC and Citigroup Global Markets Inc. are the joint book-running managers for the offering.

A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission and is effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offering may be made only by means of a prospectus supplement and the accompanying prospectus.

Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies may also be obtained by contacting Wells Fargo Securities, LLC at (800) 645-3751 and Citigroup Global Markets Inc. at (800) 831-9146.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2019 of $5.6 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this press release, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States federal 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. These forward-looking statements are not historical facts, and are based upon current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management’s control.

Forward-looking statements contained in this press release 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 and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, 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. These statements involve risks, uncertainties and assumptions. 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:

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191203006066/en/

CONTACT: Matthew Rohrmann (Investors):

(212) 940-3339

investorrelations@axiscapital.comAnna Kukowski (Media):

(212) 715-3574

anna.kukowski@axiscapital.com

KEYWORD: BERMUDA CARIBBEAN

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: AXIS Capital Holdings Limited

Copyright Business Wire 2019.

PUB: 12/03/2019 05:02 PM/DISC: 12/03/2019 05:02 PM

http://www.businesswire.com/news/home/20191203006066/en