PRESS RELEASE
March 2007

Dear Colleague:

By now you have probably seen the press release announcing that AXIS Capital, a leading global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire the assets and operations of Media/Professional Insurance and E&O Professionals (together "Media/Pro") around the world from Aon Corporation. See separate Press Release entitled Announcement.

This is a very exciting development in the evolution of our business. Following the close, which we expect to occur on or around May 1, 2007, the tremendous resources of Media/Pro and AXIS PRO – AXIS's E&O department – will be combined to form what we believe will be the most sophisticated and diversified E&O underwriting facility in the marketplace.

Leib Dodell, currently President and CEO of Media/Pro, and Tim Covello, Executive Vice President of AXIS PRO will lead this new unit of AXIS, which will continue to trade under the name Media/Professional Insurance. In addition, I am very pleased to tell you that I will continue to lead our London facility and I am very excited by what the future holds.

I want to assure you that there will be no disruption whatsoever to any of our business operations. Media/Pro will continue to provide the same state-of-the-art specialty E&O products and first-rate claims and underwriting services that you have come to expect from us. In the future, we expect to be able to offer additional new insurance products that will help us continue to grow our business.

We will be communicating with you in the future as we work through the details of this transaction. In the meantime, if you have any questions or concerns, please feel free to call me at (0)20 7772 4704 or Leib Dodell at 001 816 292 7245.

Thank you for your continued support,

Chris Newton

Ends

For further information contact:

4th floor, Plantation Place South
60 Great Tower Street
London
EC3R 5AZ

Tel: +44 (0) 20 7 877 3800
Fax: + 44 (0) 20 7 877 3840