SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION

AXIS CAPITAL HOLDINGS LIMITED

SUPPLEMENTARY INSURANCE INFORMATION

At and year ended December 31, 2011
			Reserve for								Losses		Amortization of
	Deferred		Losses				Net		Net		And		Deferred		Other		Net
	Acquisition		and Loss		Unearned		Premiums		Investment		Loss		Acquisition		Operating		Premiums
(in thousands)	Costs		Expenses		Premiums		Earned		Income⁽¹⁾		Expenses		Costs		Expenses⁽²⁾		Written

Insurance	$	142,743	$	4,081,741	$	1,412,699	$	1,429,687	$	-	$	919,319	$	199,583	$	278,147	$	1,466,134
Reinsurance		264,784		4,343,304		1,041,763		1,885,274		-		1,755,733		387,886		103,915		1,953,300
Corporate		-		-		-		-		362,430		-		-		77,089		-
Total	$	407,527	$	8,425,045	$	2,454,462	$	3,314,961	$	362,430	$	2,675,052	$	587,469	$	459,151	$	3,419,434


At and year ended December 31, 2010
			Reserve for								Losses		Amortization of
	Deferred		Losses				Net		Net		And		Deferred		Other		Net
	Acquisition		and Loss		Unearned		Premiums		Investment		Loss		Acquisition		Operating		Premiums
(in thousands)	Costs		Expenses		Premiums		Earned		Income⁽¹⁾		Expenses		Costs		Expenses⁽²⁾		Written

Insurance	$	119,323	$	3,512,002	$	1,359,668	$	1,206,493	$	-	$	569,869	$	152,223	$	276,435	$	1,332,220
Reinsurance		239,977		3,520,373		974,008		1,740,917		-		1,107,263		336,489		98,001		1,815,320
Corporate		-		-		-		-		406,892		-		-		75,449		-
Total	$	359,300	$	7,032,375	$	2,333,676	$	2,947,410	$	406,892	$	1,677,132	$	488,712	$	449,885	$	3,147,540


At and year ended December 31, 2009
			Reserve for								Losses		Amortization of
	Deferred		Losses				Net		Net		And		Deferred		Other		Net
	Acquisition		and Loss		Unearned		Premiums		Investment		Loss		Acquisition		Operating		Premiums
(in thousands)	Costs		Expenses		Premiums		Earned		Income⁽¹⁾		Expenses		Costs		Expenses⁽²⁾		Written

Insurance	$	87,818	$	3,502,680	$	1,293,529	$	1,157,966	$	-	$	612,694	$	113,187	$	216,954	$	1,025,061
Reinsurance		214,502		3,061,453		915,868		1,633,798		-		811,178		307,308		76,127		1,791,368
Corporate		-		-		-		-		464,478		-		-		77,076		-
Total	$	302,320	$	6,564,133	$	2,209,397	$	2,791,764	$	464,478	$	1,423,872	$	420,495	$	370,157	$	2,816,429



(1) As we evaluate the underwriting results of each of our reportable segments separately from the results of our investment portfolio, we do not allocate net investment income to our reportable segments.
(2) General and administrative expenses incurred by our reportable segments are allocated directly. Certain corporate overhead is allocated to our reportable segments based on estimated consumption, headcount and other variables deemed relevant to the allocation of such expenses. Other corporate expenses do not relate to underwriting operations and, therefore, are not allocated to our reportable segments.

- Definition

The entire disclosure for required supplementary insurance information giving segment detail in support of various balance sheet and income statement captions. The balance sheet information generally is presented as of the date of each audited balance sheet filed, and the income statement information generally is presented for each period for which an audited income statement is required to be filed. Supplementary insurance information table includes segment name; deferred policy acquisition costs; future policy benefits, losses, claims and loss expenses; unearned premiums; other policy claims and benefits payable; premium revenue; net investment income; benefits, claims, losses and settlement expenses; amortization of deferred policy acquisition costs; other operating expenses; and premiums written.

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