Fitch rates AXIS Specialty notes A-

Fitch Ratings said it assigned an A- rating to the $500 million senior unsecured notes (two tranches of $250 million each) issuance completed today by AXIS Specialty Finance plc, a subsidiary of AXIS Capital Holdings, Ltd.

The notes are fully and unconditionally guaranteed by AXIS Capital and its ratings are therefore based on AXIS Capital's issuer default rating of A.

The agency also affirmed the A+ insurer financial strength ratings of AXIS Capital's operating subsidiaries.

The outlook is stable.

Fitch said the ratings reflect AXIS Capital's diverse revenue stream, solid history of underwriting results, strong capitalization and conservative reserving practices and investment profile. Offsetting factors include the company's significant catastrophe exposure.

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