AXIS Capital is the Bermuda-based holding company of the AXIS group of companies. AXIS Capital provides specialty insurance and reinsurance on a worldwide basis through operating subsidiaries and branch networks based in Bermuda, the United States, Europe, Singapore, Canada and Australia, as well as a Representative Office in Brazil. AXIS Capital was capitalized with approximately $1.7 billion in November 2001 to address the need for quality capacity in the global insurance/reinsurance industry following the tragedy of September 11th. In July 2003, the Company decided to go public marking the first major step in its goal of financial flexibility. By 2004, AXIS Capital had firmly established itself in both the global insurance and reinsurance marketplaces. AXIS Capital has continued to focus on strong organic growth by maximizing opportunities available to the Company globally.