AXIS Capital Completes IPO

NU Online News Service, July 2, 3:55 p.m. EDT?AXIS Capital Holdings, the Bermuda-based provider of specialtyinsurance and treaty reinsurance, has completed its initial publicoffering of 21.5 million common shares priced at $22 each.

After their debut yesterday, the new AXIS shares, which arelisted on the New York Stock Exchange, were trading up from theoriginal IPO price, at more than $25 per share.

The New York-based Morgan Stanley and Citigroup were the jointbook-running managers for the offering. Co-managers for theoffering included Farmington, Conn.-based Dowling & PartnersSecurities, as well as Credit Suisse First Boston, J.P. Morgan,Merrill Lynch & Co., and Fox-Pitt, Kelton, all based in NewYork.

AXIS Capital was founded in late 2001, in the aftermath of Sept.11 terror events. The company's specialty coverage includesterrorism, aviation and marine war, and political risk. It alsooffers insurance for commercial property, aviation, marine, andonshore/offshore energy.

Last year, AXIS wrote $1.1 billion of gross premiums. Itcurrently has an "A" rating by Standard & Poor's and by theA.M. Best Co.