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 <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><a name="scotch"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As filed with the Securities and Exchange Commission on May&nbsp;16, 2007</font></a></p> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;margin:0pt 0pt 12.0pt;padding:0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </div>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;text-transform:none;">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">Form
S-8</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION STATEMENT UNDER<br>
THE SECURITIES ACT OF 1933<br><br></font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;font-weight:bold;">AXIS CAPITAL HOLDINGS LIMITED<br>
</font></b>(Exact name of registrant as specified in its charter)</p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.1%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Bermuda</b></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.3%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.6%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of incorporation or <br>
  organization)</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.6%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">98-0395986</font></b><br>
  (I.R.S. Employer Identification No.)</p>
  </td>
 </tr>
</table>

<div style="line-height:9.0pt;margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.22%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>&nbsp;92 Pitts Bay Road <br>
  Pembroke <br>
  Bermuda</b></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.34%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.44%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><br>
  <br>
  HM 08</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.22%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  Principal Executive Offices)</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.44%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AXIS Capital Holdings Limited 2007<br>
Long-Term Equity Compensation Plan</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(Full title of the plan)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CT Corporation System<br>
111 Eighth Avenue, 13th Floor<br>
New York, New York 10011</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of
agent for service)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 894-8940</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Telephone number, including
area code, of agent for service)<br><br></font></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copies to:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.52%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->Richard T. Gieryn, Jr., Esq.
  <br>
  Executive Vice President and General Counsel <br>
  AXIS Capital Holdings Limited <br>
  92 Pitts Bay Road <br>
  Pembroke HM 08 <br>
  Bermuda <br>
  (441) 496-2600</p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James C. Woolery,
  Esq. <br>
  Cravath, Swaine &amp; Moore LLP <br>
  Worldwide Plaza <br>
  825 Eighth Avenue <br>
  New York, New York <br>
  10019-7475 <br>
  (212) 474-1000</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CALCULATION OF REGISTRATION FEE</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:22.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:19.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:21.22%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:1.44%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:19.56%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.3%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->Title of securities to be<br>
  registered</p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount to be registered (1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.22%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed maximum offering<br>
  price per share (2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.44%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.56%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed maximum<br>
  aggregate offering price (2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount of<br>
  registration fee</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="22%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:22.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares, par value $0.0125 per share</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:19.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  5,000,000</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:21.22%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  U.S.&nbsp;$38.445</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:1.44%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:19.56%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  U.S.&nbsp;$192,225,000</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:12.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  U.S.&nbsp;$5,901.31</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0pt 36.0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pursuant
to paragraph&nbsp;(a) of Rule&nbsp;416 under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), there are also registered hereunder such
indeterminate number of additional Common Shares as may become issuable under
the above-captioned benefit plan as a result of stock splits, stock dividends
or similar transactions that result in an increase in the number of the
registrant&#146;s outstanding Common Shares.</p>

<p style="font-size:10.0pt;margin:0pt 36.0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Estimated
solely for the purpose of calculating the registration fee in accordance with
Rule 457.&#160; The proposed maximum aggregate
offering price is based upon the average of the high and low prices of the
Common Shares reported on the New&nbsp;York Stock Exchange on May 14, 2007.</p>

<p style="margin:12.0pt 0pt .0001pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PART I</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 18.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></b></p>

<p style="margin:12.0pt 0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The document(s) containing the information specified
in Part&nbsp;I of Form&nbsp;S-8 have been or will be sent or given to
participating employees as specified by Rule&nbsp;428(b)(1) under the
Securities Act.&#160; In accordance with the
rules and regulations of the Securities and Exchange Commission (the &#147;Commission&#148;)
and the Note to the instructions to Part&nbsp;I of Form&nbsp;S-8, such
documents are not being filed with the Commission either as part of this
registration statement filed pursuant to the requirements of Form&nbsp;S-8 (the
&#147;Registration Statement&#148;) or as prospectuses or prospectus supplements pursuant
to Rule&nbsp;424 under the Securities Act.&#160;
Such documents and the documents incorporated by reference in this
Registration Statement pursuant to Item&nbsp;3 of Part&nbsp;II of this
Registration Statement, taken together, constitute a prospectus that meets the
requirements of Section&nbsp;10(a) of the Securities Act.</font></p>

<p style="margin:12.0pt 0pt 12.0pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-1</font></p>
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PART II</font></b><a name="PartIi_135512"></a></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></b></p>

<p style="margin:12.0pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3. &#160;&#160; Incorporation of Documents by Reference</font></b><a name="Item3_IncorporationOfDocumentsByR_135517"></a></p>

<p style="margin:12.0pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following documents previously filed by the
registrant with the Commission are incorporated in this Registration Statement
by reference and shall be deemed a part hereof:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
registrant&#146;s Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2006 filed on March&nbsp;1, 2007.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All
other reports filed by the registrant under Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) since December
31, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
description of the Company&#146;s shares set forth under the heading &#147;Description of
Share Capital&#148; in the Company&#146;s Prospectus, dated February&nbsp;15, 2006, filed
pursuant to Rule&nbsp;424(b) under the Securities Act, which constitutes a part
of the Company&#146;s Registration Statement on Form&nbsp;S-3, as amended (File
No.&nbsp;333-118023), filed under the Securities Act, including any amendment
or report filed for the purpose of updating such description.</p>

<p style="margin:12.0pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, all reports and documents filed by the
registrant under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act
after the date of this Registration Statement and prior to the filing of a
post-effective amendment which indicates that all securities being offered have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in and to be part of this Registration
Statement from the filing date of each such document.</font></p>

<p style="margin:12.0pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4. &#160;&#160; Description of Securities</font></b><a name="Item4_DescriptionOfSecurities_135525"></a></p>

<p style="margin:12.0pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>

<p style="margin:12.0pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5. &#160;&#160; Interests of Named Experts and Counsel</font></b><a name="Item5_InterestsOfNamedExpertsAndC_135527"></a></p>

<p style="margin:12.0pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>

<p style="margin:12.0pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6. &#160;&#160; Indemnification of Directors and Officers</font></b><a name="Item6_IndemnificationOfDirectorsA_135528"></a></p>

<p style="margin:12.0pt 0in;text-indent:35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bye-law 30 of the Company&#146;s bye-laws provides, among
other things, that:&#160; the directors,
officers and any other persons appointed to a committee of the board of
directors of the Company, and their heirs, executors and administrators
(collectively, the &#147;Indemnitees&#148;), shall be indemnified and secured harmless
out of the assets of the Company to the full extent permitted by law from and
against all actions, costs, charges, liabilities, losses, damages and expenses
which they or any of them, their heirs, executors or administrators, shall or
may incur or sustain by or by reason of any act done, concurred in or omitted
in or about the conduct of the Company&#146;s business or the execution of their
duty, or supposed duty, or in their respective offices or trusts, and none of
them shall be answerable for the acts, receipts, neglects or defaults of the
others of them or for joining in any receipts for the sake of conformity, or
for any bankers or other persons with whom any moneys or effects belonging to
the Company shall or may be lodged or deposited for safe custody, or for
insufficiency or deficiency of any security upon which any moneys of or
belonging to the Company shall be placed out on or invested, or for any other
loss, misfortune or damage which may happen in the execution of their
respective offices or trusts, or in relation thereto; <i>provided, that </i>this indemnity shall not
extend to any matter in which any of said persons is found, in a final judgment
or decree not subject to appeal, to have committed fraud or dishonesty.&#160; Bye-law&nbsp;30 also provides that the
Company may advance moneys to the Indemnitees or any of them for the costs, charges
and expenses incurred by them in defending any civil or criminal proceedings
against them, on condition that any person to whom such moneys are advanced
shall repay the advance if any allegation of fraud or dishonesty is proved
against such person.</font></p>


 <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:12.0pt 0in;text-indent:35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bye-law 31 of the Company&#146;s bye-laws provides that
each shareholder agrees to waive any claim or right of action it might have,
whether individually or by or in the right of the Company, against any director
or officer on account of any action taken by such director or officer, or the
failure of such director or officer to take any action in the performance of
his duties with or for the Company, provided that such waiver shall not extend
to any matter in respect of any fraud or dishonesty which may attach to such
director or officer.</font></p>

<p style="margin:12.0pt 0in;text-indent:35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Bermuda Companies Act of 1981, as amended (the &#147;Companies
Act&#148;), provides that a Bermuda company may indemnify its director in respect of
any loss arising or liability attaching to them as a result of any negligence,
default, breach of duty or breach of trust of which they may be guilty.&#160; However, the Companies Act also provides that
any provision, whether contained in the company&#146;s bye-laws or in a contract or
arrangement between the company and the director, indemnifying such director
against any liability which would attach to him in respect of his fraud or
dishonesty will be void.</font></p>

<p style="margin:12.0pt 0in;text-indent:35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has purchased directors and officers
liability insurance policies.&#160; Such
insurance would be available to the Company&#146;s directors and officers in
accordance with its terms.&#160; In addition,
certain directors may be covered by directors and officers liability insurance
policies purchased by their respective employers.</font></p>

<p style="margin:12.0pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7. &#160;&#160; Exemption from Registration Claimed</font></b><a name="Item7_ExemptionFromRegistrationCl_135530"></a></p>

<p style="margin:12.0pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>

<p style="margin:12.0pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8. &#160;&#160; Exhibits</font></b><a name="Item8_Exhibits_135532"></a></p>

<p style="margin:12.0pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following exhibits are filed as part of this
Registration Statement:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:10.72%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate of Incorporation and Memorandum of
  Association of the Company. (1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Bye-laws of the Company.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specimen Common Share Certificate. (2)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AXIS Capital Holdings Limited 2007 Long-Term Equity
  Compensation Plan.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Conyers Dill&nbsp;&amp; Pearman.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Deloitte&nbsp;&amp; Touche.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Conyers Dill&nbsp;&amp; Pearman (included
  as part of Exhibit&nbsp;5.1).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney to file future amendments (set
  forth on the signature page of the Registration Statement).</font></p>
  </td>
 </tr>
</table>

<div style="margin:0in 0in .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Previously
filed as Exhibit&nbsp;3.1 to the Company&#146;s Registration Statement on
Form&nbsp;S-1 (Amendment No.&nbsp;1) (File No.&nbsp;333-103620), filed
with the Commission on April&nbsp;16, 2003.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Previously
filed as Exhibit&nbsp;4.1 to the Company&#146;s Registration Statement on
Form&nbsp;S-1 (Amendment No.&nbsp;3) (File No.&nbsp;333-103620), filed
with the Commission on June&nbsp;10, 2003.</p>


 <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:12.0pt 0in;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9. &#160;&#160; Undertakings</font></b><a name="Item9_Undertakings_135815"></a></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned
registrant hereby undertakes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To file, during any period in which offers or
sales are being made, a post-effective amendment to this Registration Statement
to include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material change
to such information in the Registration Statement;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That, for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That, for the purpose of determining liability
under the Securities Act of 1933 to any purchaser: each prospectus filed
pursuant to Rule 424(b) as part of a registration statement relating to an
offering, other than registration statements relying on Rule 430B or other than
prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and
included in the registration statement as of the date it is first used after
effectiveness; provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such first use, supersede
or modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That, for the purpose of determining liability
of the registrant under the Securities Act of 1933 to any purchaser in the
initial distribution of the securities: the undersigned registrant undertakes
that in a primary offering of securities of the undersigned registrant pursuant
to this Registration Statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 145.45pt;text-autospace:none;text-indent:-35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any preliminary prospectus or prospectus of
the registrant relating to the offering required to be filed pursuant to Rule
424;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 145.45pt;text-autospace:none;text-indent:-35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any free writing prospectus relating to the
offering prepared by or on behalf of the registrant or used or referred to by
the undersigned registrant;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 145.45pt;text-autospace:none;text-indent:-35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the portion of any other free writing
prospectus relating to the offering containing material information about the
registrant or its securities provided by or on behalf of the undersigned
registrant; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 145.45pt;text-autospace:none;text-indent:-35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other communication that is an offer in
the offering made by the undersigned registrant to the purchaser.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of
1933, each filing of the registrant&#146;s annual report pursuant to section 13(a)
or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an </p>


 <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">employee benefit plan&#146;s
annual report pursuant to section 15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the </font>registration</font> statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers, and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act of 1933 and will be governed by the final adjudication of such
issue.</p>


 <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SIGNATURES</font></b><a name="Signatures_140130"></a></p>

<p style="margin:12.0pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of
1933, the registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Hamilton, Bermuda on this 11th day of
May 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="54%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:54.4%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AXIS CAPITAL HOLDINGS LIMITED</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in 0in;width:17.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in 0in;width:17.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in 0in;width:17.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in 0in;width:17.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:32.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John R. Charman</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in 0in;width:17.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:32.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John R. Charman</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in 0in;width:17.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in 0in;width:32.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and
  Chief Executive Officer</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in 0in;width:17.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" valign="top" style="padding:0in .7pt 0in 0in;width:45.6%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in 0in;width:32.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal
  Executive Officer)<u>  </u></font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in 0in;width:17.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-indent:264.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">POWER OF ATTORNEY</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the registrant
and each director or officer of the registrant whose individual signature
appears below hereby appoints David&nbsp;B. Greenfield, John&nbsp;J. Murray and
Richard&nbsp;T. Gieryn, Jr. and each of them, any of whom may act without the
joinder of the others, as the true and lawful attorney-in-fact and agent of the
undersigned, in any and all capacities, with full power of substitution, to
sign any and all amendments to this Registration Statement (including
post-effective amendments), and, in connection with any registration of
additional securities, to sign any abbreviated registration statement and any
and all amendments thereto, and to file the same with exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact, and each of them, full power
and authority to do and perform each and every act and thing requisite and
necessary to be done, as fully to all intents and purposes as the undersigned
might or could do in person, hereby ratifying and confirming all that each said
attorney-in-fact and agent, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates
indicated.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Signature</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:41.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="bottom" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="41%" valign="bottom" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John R. Charman</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer,</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John R. Charman</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director
  (Principal Executive Officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David B. Greenfield</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice
  President and Chief</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David B. Greenfield</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
  Officer (Principal Financial Officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Gordon W. McFadden</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice
  President and Controller</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gordon W. McFadden</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Controller)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Geoffrey Bell</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Geoffrey Bell</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Michael A. Butt</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael A. Butt</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Charles A. Davis</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charles A. Davis</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert L. Friedman</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert L. Friedman</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Donald J. Greene</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Donald J. Greene</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher V. Greetham</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christopher V. Greetham</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ J&#252;rgen Grupe</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J&#252;rgen Grupe</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Maurice A. Keane</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maurice A. Keane</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sir Andrew Large</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sir Andrew Large</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Henry B. Smith</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Henry B. Smith</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Frank J. Tasco</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 11, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:33.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank J. Tasco</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in 0in;width:41.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in .7pt 0in 0in;width:19.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='II-6',FILE='C:\fc\13617656132_H10036_2129876\13663-2-be.htm',USER='jmsproofassembler',CD='May 16 17:07 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">AUTHORIZED REPRESENTATIVE</font></b><a name="AuthorizedRepresentative_141431"></a></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of Section 6(a) of the Securities Act of 1933, the undersigned has
signed this Registration Statement, solely in the capacity of the duly
authorized representative of AXIS Capital Holdings Limited in the State of New
York on this 15th day of May&nbsp;2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CT Corporation
  System</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in 0in;width:3.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Allan
  Farnell</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Name:
  ALLAN FARNELL</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Title:
  ASSISTANT SECRETARY</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 265.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEX TO EXHIBITS</font></u></b><a name="IndexToExhibits_141727"></a></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:10.72%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate of Incorporation and Memorandum of
  Association of the Company. (1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Bye-laws of the Company.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specimen Common Share Certificate. (2)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AXIS Capital Holdings Limited 2007 Long-Term Equity
  Compensation Plan.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Conyers Dill&nbsp;&amp; Pearman.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Deloitte&nbsp;&amp; Touche.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Conyers Dill&nbsp;&amp; Pearman (included
  as part of Exhibit&nbsp;5.1).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0in .7pt 0in 0in;width:10.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in .7pt 0in 0in;width:86.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney to file future amendments (set
  forth on the signature page of the Registration Statement).</font></p>
  </td>
 </tr>
</table>

<div style="margin:0in 0in .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Previously
filed as Exhibit&nbsp;3.1 to the Company&#146;s Registration Statement on
Form&nbsp;S-1 (Amendment No.&nbsp;1) (File No.&nbsp;333-103620), filed
with the Commission on April&nbsp;16, 2003.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0in 12.0pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Previously
filed as Exhibit&nbsp;4.1 to the Company&#146;s Registration Statement on
Form&nbsp;S-1 (Amendment No.&nbsp;3) (File No.&nbsp;333-103620), filed
with the Commission on June&nbsp;10, 2003.</p>

<p style="margin:12.0pt 0in 12.0pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-8</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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{"company-data": {"conformed-name": "AXIS CAPITAL HOLDINGS LTD", "cik": "0001214816", "assigned-sic": "6331", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-143024", "film-number": "07858712"}, "business-address": {"street1": "92 PITTS BAY ROAD", "city": "PEMBROKE", "state": "D0", "zip": "HM 08", "phone": "4412962600"}, "mail-address": {"street1": "92 PITTS BAY ROAD", "city": "PEMBROKE", "state": "D0", "zip": "HM 08"}}
As filed with the Securities and Exchange Commission on May 16, 2007
Registration No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
AXIS CAPITAL HOLDINGS LIMITED
(Exact name of registrant as specified in its charter)
Bermuda
(State or other
  jurisdiction of incorporation or
organization)
98-0395986
(I.R.S. Employer Identification No.)
92 Pitts Bay Road
Pembroke
Bermuda
HM 08
(Address of
  Principal Executive Offices)
(Zip Code)
AXIS Capital Holdings Limited 2007
Long-Term Equity Compensation Plan
(Full title of the plan)
CT Corporation System
111 Eighth Avenue, 13th Floor
New York, New York 10011
(Name and address of
agent for service)
(212) 894-8940
(Telephone number, including
area code, of agent for service)
Copies to:
Richard T. Gieryn, Jr., Esq.
Executive Vice President and General Counsel
AXIS Capital Holdings Limited
92 Pitts Bay Road
Pembroke HM 08
Bermuda
(441) 496-2600
James C. Woolery,
  Esq.
Cravath, Swaine & Moore LLP
Worldwide Plaza
825 Eighth Avenue
New York, New York
10019-7475
(212) 474-1000
CALCULATION OF REGISTRATION FEE
Title of securities to be
registered
Amount to be registered (1)
Proposed maximum offering
price per share (2)
Proposed maximum
aggregate offering price (2)
Amount of
registration fee
Common Shares, par value $0.0125 per share
5,000,000
U.S. $38.445
U.S. $192,225,000
U.S. $5,901.31
(1)
Pursuant
to paragraph (a) of Rule 416 under the Securities Act of 1933, as
amended (the "Securities Act"), there are also registered hereunder such
indeterminate number of additional Common Shares as may become issuable under
the above-captioned benefit plan as a result of stock splits, stock dividends
or similar transactions that result in an increase in the number of the
registrant's outstanding Common Shares.
(2)
Estimated
solely for the purpose of calculating the registration fee in accordance with
Rule 457.  The proposed maximum aggregate
offering price is based upon the average of the high and low prices of the
Common Shares reported on the New York Stock Exchange on May 14, 2007.
PART I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the information specified
in Part I of Form S-8 have been or will be sent or given to
participating employees as specified by Rule 428(b)(1) under the
Securities Act.  In accordance with the
rules and regulations of the Securities and Exchange Commission (the "Commission")
and the Note to the instructions to Part I of Form S-8, such
documents are not being filed with the Commission either as part of this
registration statement filed pursuant to the requirements of Form S-8 (the
"Registration Statement") or as prospectuses or prospectus supplements pursuant
to Rule 424 under the Securities Act. 
Such documents and the documents incorporated by reference in this
Registration Statement pursuant to Item 3 of Part II of this
Registration Statement, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
I-1
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.    Incorporation of Documents by Reference
The following documents previously filed by the
registrant with the Commission are incorporated in this Registration Statement
by reference and shall be deemed a part hereof:
1.
The
registrant's Annual Report on Form 10-K for the fiscal year ended
December 31, 2006 filed on March 1, 2007.
2.
All
other reports filed by the registrant under Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") since December
31, 2006.
3.
The
description of the Company's shares set forth under the heading "Description of
Share Capital" in the Company's Prospectus, dated February 15, 2006, filed
pursuant to Rule 424(b) under the Securities Act, which constitutes a part
of the Company's Registration Statement on Form S-3, as amended (File
No. 333-118023), filed under the Securities Act, including any amendment
or report filed for the purpose of updating such description.
In addition, all reports and documents filed by the
registrant under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act
after the date of this Registration Statement and prior to the filing of a
post-effective amendment which indicates that all securities being offered have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in and to be part of this Registration
Statement from the filing date of each such document.
Item 4.    Description of Securities
Not Applicable.
Item 5.    Interests of Named Experts and Counsel
Not Applicable.
Item 6.    Indemnification of Directors and Officers
Bye-law 30 of the Company's bye-laws provides, among
other things, that:  the directors,
officers and any other persons appointed to a committee of the board of
directors of the Company, and their heirs, executors and administrators
(collectively, the "Indemnitees"), shall be indemnified and secured harmless
out of the assets of the Company to the full extent permitted by law from and
against all actions, costs, charges, liabilities, losses, damages and expenses
which they or any of them, their heirs, executors or administrators, shall or
may incur or sustain by or by reason of any act done, concurred in or omitted
in or about the conduct of the Company's business or the execution of their
duty, or supposed duty, or in their respective offices or trusts, and none of
them shall be answerable for the acts, receipts, neglects or defaults of the
others of them or for joining in any receipts for the sake of conformity, or
for any bankers or other persons with whom any moneys or effects belonging to
the Company shall or may be lodged or deposited for safe custody, or for
insufficiency or deficiency of any security upon which any moneys of or
belonging to the Company shall be placed out on or invested, or for any other
loss, misfortune or damage which may happen in the execution of their
respective offices or trusts, or in relation thereto;
provided, that
this indemnity shall not
extend to any matter in which any of said persons is found, in a final judgment
or decree not subject to appeal, to have committed fraud or dishonesty.  Bye-law 30 also provides that the
Company may advance moneys to the Indemnitees or any of them for the costs, charges
and expenses incurred by them in defending any civil or criminal proceedings
against them, on condition that any person to whom such moneys are advanced
shall repay the advance if any allegation of fraud or dishonesty is proved
against such person.
II-1
Bye-law 31 of the Company's bye-laws provides that
each shareholder agrees to waive any claim or right of action it might have,
whether individually or by or in the right of the Company, against any director
or officer on account of any action taken by such director or officer, or the
failure of such director or officer to take any action in the performance of
his duties with or for the Company, provided that such waiver shall not extend
to any matter in respect of any fraud or dishonesty which may attach to such
director or officer.
The Bermuda Companies Act of 1981, as amended (the "Companies
Act"), provides that a Bermuda company may indemnify its director in respect of
any loss arising or liability attaching to them as a result of any negligence,
default, breach of duty or breach of trust of which they may be guilty.  However, the Companies Act also provides that
any provision, whether contained in the company's bye-laws or in a contract or
arrangement between the company and the director, indemnifying such director
against any liability which would attach to him in respect of his fraud or
dishonesty will be void.
The Company has purchased directors and officers
liability insurance policies.  Such
insurance would be available to the Company's directors and officers in
accordance with its terms.  In addition,
certain directors may be covered by directors and officers liability insurance
policies purchased by their respective employers.
Item 7.    Exemption from Registration Claimed
Not Applicable.
Item 8.    Exhibits
The following exhibits are filed as part of this
Registration Statement:
Exhibit No.
Description
4.1
Certificate of Incorporation and Memorandum of
  Association of the Company. (1)
4.2
Amended and Restated Bye-laws of the Company.
4.3
Specimen Common Share Certificate. (2)
4.4
AXIS Capital Holdings Limited 2007 Long-Term Equity
  Compensation Plan.
5.1
Opinion of Conyers Dill & Pearman.
23.1
Consent of Deloitte & Touche.
23.2
Consent of Conyers Dill & Pearman (included
  as part of Exhibit 5.1).
24.1
Power of Attorney to file future amendments (set
  forth on the signature page of the Registration Statement).
(1)
Previously
filed as Exhibit 3.1 to the Company's Registration Statement on
Form S-1 (Amendment No. 1) (File No. 333-103620), filed
with the Commission on April 16, 2003.
(2)
Previously
filed as Exhibit 4.1 to the Company's Registration Statement on
Form S-1 (Amendment No. 3) (File No. 333-103620), filed
with the Commission on June 10, 2003.
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Item 9.    Undertakings
(a)           The undersigned
registrant hereby undertakes:
(1)
To file, during any period in which offers or
sales are being made, a post-effective amendment to this Registration Statement
to include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material change
to such information in the Registration Statement;
(2)
That, for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.
(4)
That, for the purpose of determining liability
under the Securities Act of 1933 to any purchaser: each prospectus filed
pursuant to Rule 424(b) as part of a registration statement relating to an
offering, other than registration statements relying on Rule 430B or other than
prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and
included in the registration statement as of the date it is first used after
effectiveness; provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such first use, supersede
or modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use; and
(5)
That, for the purpose of determining liability
of the registrant under the Securities Act of 1933 to any purchaser in the
initial distribution of the securities: the undersigned registrant undertakes
that in a primary offering of securities of the undersigned registrant pursuant
to this Registration Statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:
(i)
any preliminary prospectus or prospectus of
the registrant relating to the offering required to be filed pursuant to Rule
424;
(ii)
any free writing prospectus relating to the
offering prepared by or on behalf of the registrant or used or referred to by
the undersigned registrant;
(iii)
the portion of any other free writing
prospectus relating to the offering containing material information about the
registrant or its securities provided by or on behalf of the undersigned
registrant; and
(iv)
any other communication that is an offer in
the offering made by the undersigned registrant to the purchaser.
(b)
The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of
1933, each filing of the registrant's annual report pursuant to section 13(a)
or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an
II-3
employee benefit plan's
annual report pursuant to section 15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the
registration
statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c)
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers, and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act of 1933 and will be governed by the final adjudication of such
issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, the registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Hamilton, Bermuda on this 11th day of
May 2007.
AXIS CAPITAL HOLDINGS LIMITED
By:
/s/ John R. Charman
John R. Charman
President and
  Chief Executive Officer
(Principal
  Executive Officer)
POWER OF ATTORNEY
Each of the registrant
and each director or officer of the registrant whose individual signature
appears below hereby appoints David B. Greenfield, John J. Murray and
Richard T. Gieryn, Jr. and each of them, any of whom may act without the
joinder of the others, as the true and lawful attorney-in-fact and agent of the
undersigned, in any and all capacities, with full power of substitution, to
sign any and all amendments to this Registration Statement (including
post-effective amendments), and, in connection with any registration of
additional securities, to sign any abbreviated registration statement and any
and all amendments thereto, and to file the same with exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact, and each of them, full power
and authority to do and perform each and every act and thing requisite and
necessary to be done, as fully to all intents and purposes as the undersigned
might or could do in person, hereby ratifying and confirming all that each said
attorney-in-fact and agent, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.
Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates
indicated.
II-5
Signature
Title
Date
/s/ John R. Charman
President and Chief
  Executive Officer,
May 11, 2007
John R. Charman
Director
  (Principal Executive Officer)
/s/ David B. Greenfield
Executive Vice
  President and Chief
May 11, 2007
David B. Greenfield
Financial
  Officer (Principal Financial Officer)
/s/ Gordon W. McFadden
Senior Vice
  President and Controller
May 11, 2007
Gordon W. McFadden
(Controller)
/s/ Geoffrey Bell
Director
May 11, 2007
Geoffrey Bell
/s/ Michael A. Butt
Director
May 11, 2007
Michael A. Butt
/s/ Charles A. Davis
Director
May 11, 2007
Charles A. Davis
/s/ Robert L. Friedman
Director
May 11, 2007
Robert L. Friedman
/s/ Donald J. Greene
Director
May 11, 2007
Donald J. Greene
/s/ Christopher V. Greetham
Director
May 11, 2007
Christopher V. Greetham
/s/ Jürgen Grupe
Director
May 11, 2007
Jürgen Grupe
/s/ Maurice A. Keane
Director
May 11, 2007
Maurice A. Keane
/s/ Sir Andrew Large
Director
May 11, 2007
Sir Andrew Large
/s/ Henry B. Smith
Director
May 11, 2007
Henry B. Smith
/s/ Frank J. Tasco
Director
May 11, 2007
Frank J. Tasco
II-6
AUTHORIZED REPRESENTATIVE
Pursuant to the
requirements of Section 6(a) of the Securities Act of 1933, the undersigned has
signed this Registration Statement, solely in the capacity of the duly
authorized representative of AXIS Capital Holdings Limited in the State of New
York on this 15th day of May 2007.
CT Corporation
  System
By:
/s/ Allan
  Farnell
Name:
  ALLAN FARNELL
Title:
  ASSISTANT SECRETARY
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INDEX TO EXHIBITS
Exhibit
Description
4.1
Certificate of Incorporation and Memorandum of
  Association of the Company. (1)
4.2
Amended and Restated Bye-laws of the Company.
4.3
Specimen Common Share Certificate. (2)
4.4
AXIS Capital Holdings Limited 2007 Long-Term Equity
  Compensation Plan.
5.1
Opinion of Conyers Dill & Pearman.
23.1
Consent of Deloitte & Touche.
23.2
Consent of Conyers Dill & Pearman (included
  as part of Exhibit 5.1).
24.1
Power of Attorney to file future amendments (set
  forth on the signature page of the Registration Statement).
(1)
Previously
filed as Exhibit 3.1 to the Company's Registration Statement on
Form S-1 (Amendment No. 1) (File No. 333-103620), filed
with the Commission on April 16, 2003.
(2)
Previously
filed as Exhibit 4.1 to the Company's Registration Statement on
Form S-1 (Amendment No. 3) (File No. 333-103620), filed
with the Commission on June 10, 2003.
II-8