FWP

Filed Pursuant to Rule 433

Registration No. 333-165548

333-165548-01

March 18, 2010

AXIS Specialty Finance LLC

$500,000,000 5.875% Senior Notes due 2020

Fully and unconditionally guaranteed by

AXIS Capital Holdings Limited

 

 

  Issuer:

 

  

 

AXIS Specialty Finance LLC

 

    

 

  Guarantor:

 

  

 

AXIS Capital Holdings Limited

 

    

 

  Securities:

 

  

 

5.875% Senior Notes due 2020

 

        

 

  Legal Format:

 

  

 

SEC Registered

 

    

 

  Principal Amount:

 

  

 

$500,000,000

 

    

 

  Ratings: (Moody’s / S&P)*

 

  

 

Baa1 (stable) / A-(stable)

 

    

 

  Pricing Date:

 

  

 

March 18, 2010

 

    

 

  Settlement Date:

 

  

 

March 23, 2010 (T+3)

 

    

 

  Maturity Date:

 

  

 

June 1, 2020

 

    

 

  Interest Payment Dates:

 

  

 

June 1 and December 1, commencing June 1, 2010

 

    

 

  Benchmark Treasury:

 

  

3.625% due February 15, 2020

 

        

 

  Benchmark Treasury Yield:

 

  

3.676%

 

        

 

  Spread to Benchmark Treasury:

 

  

 

+ 225 basis points

 

        

 

  Yield to Maturity:

 

  

 

5.926%

 

        

 

  Coupon:

 

  

 

5.875%

 

        

 

  Public Offering Price:

 

  

 

99.624%

 

        

 

  Net Proceeds (before expenses):

 

  

 

$494,870,000. AXIS Finance will lend all of the net proceeds from this offering to its direct parent, AXIS U.S. Holdings. AXIS U.S. Holdings will use the proceeds for general corporate purposes.

 

    

 

  Optional Redemption:

 

  

 

At any time at a discount rate of T + 35 basis points, plus accrued and unpaid interest

 

    

 

  Denominations:

 

  

 

$2,000 and integral multiples of $1,000 in excess thereof

 

    

 

  CUSIP / ISIN:

 

  

 

05463HAA9 / US05463HAA95

 

        

 

  Joint Book-Running Managers:

 

  

 

Barclays Capital Inc.

 

Deutsche Bank Securities Inc.

 

Wells Fargo Securities, LLC

        

 

  Co-Managers:

 

  

 

Banc of America Securities LLC

 

Citigroup Global Markets Inc.

 

J.P. Morgan Securities Inc.

 

Crédit Agricole Securities (USA) Inc.

 

HSBC Securities (USA) Inc.

        

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) and a prospectus supplement with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the issuer’s prospectus in that registration statement and any other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it by calling, Barclays Capital Inc. toll-free at 1-888-603-5847, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611 or Wells Fargo Securities, LLC toll-free at 1-800-326-5897.