Rush Resigns from Axis Capital Board

Bermuda-based AXIS Capital Holdings Limited has announced that Andrew Rush has resigned from its board of directors following his departure from Credit Suisse First Boston’s Private Equity Group to pursue new opportunities.

Rush has served as a director of AXIS Capital since its formation in November of 2001 and was an important contributor in efforts leading toward the company’s initial public offering in July 2003. Until last week, he was a managing director of Credit Suisse First Boston in the Private Equity Group, a position he held since 1997, and a member of the Investment Committee of DLJ Merchant Banking Partners III L.P., which is a founding shareholder of AXIS Capital.

Michael Butt, chairman of AXIS Capital, stated, “The board, the company and I are all grateful to Andy for his valuable contributions, support and service during AXIS Capital’s critical development stages. We wish him all the very best in his new endeavors.”

Rush’s resignation took effect on July 12, 2004, and the company has no immediate plans to appoint a successor.