Summary of AXIS CAPITAL HOLDINGS LTD

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed on Form 8-K filed on May 9, 2012, Michael A. Butt, Chairman of the Board of Directors of AXIS Capital Holdings Limited (the "Company"), and John R. Charman, Director, and the Company's subsidiary AXIS Specialty Limited ("AXIS Specialty"), previously entered into supplemental executive retirement plans, or "SERPs", each dated January 1, 2004, as amended and restated in May 2008 and, in the case of Mr. Butt, further amended in September 2008. The SERP with Mr. Butt provided for annual payments to Mr. Butt for a period of ten years beginning in 2010, while the SERP with Mr. Charman required the Company to make annual payments to Mr. Charman beginning in 2009 for a period of 20 years. On May 3, 2012, the Board approved an arrangement providing for the: (i) termination of the SERPs, and (ii) accelerated payment to Mr. Butt and Mr. Charman of the present value of the benefit amounts owed and payable under the SERPs, measured as of June 30, 2012. On July 11, 2012 and July 13, 2012, the Company, AXIS Specialty and Codan Trust Company Limited entered into an addendum to the SERPs with Mr. Charman and Mr. Butt, respectively, to effect the foregoing. Pursuant to the terms of the addenda, Mr. Charman was paid the present value benefit amount of $13,846,268 and Mr. Butt was paid the present value benefit amount of $2,368,608, in each case in lieu of the future stream of payments set forth in the SERPs. Copies of the addendum to the SERPs are attached hereto as Exhibits 10.1 and 10.2.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.       Description

10.1              Addendum to the Amended and Restated Supplemental Executive
                  Retirement Agreement dated July 11, 2012 between AXIS Capital
                  Holdings Limited, AXIS Specialty Limited, Codan Trust Company
                  Limited and John R. Charman.

10.2              Addendum to the Amended and Restated Supplemental Executive
                  Retirement Agreement dated July 13, 2012 between AXIS Capital
                  Holdings Limited, AXIS Specialty Limited, Codan Trust Company
                  Limited and Michael A. Butt.