AMENDMENT NO. 1 to EMPLOYMENT AGREEMENT dated June 6, 2013 by and between AXIS Specialty Limited (the Company) and John Gressier (the Executive)

WHEREAS, the Company and the Executive entered into an employment agreement dated as of December 31, 2010 (the “Agreement”);

WHEREAS, the Compensation Committee of the Board of Directors of AXIS Capital Holdings Limited (“Parent”), the Company and the Executive have determined that it is in the best interests of the Company and its shareholders to extend the Executive's service as the Chief Executive Officer of the AXIS Insurance unit of Parent through the period ending December 31, 2016;

WHEREAS, the Executive desires to extend his employment through the period ending December 31, 2016;

WHEREAS, the Company and the Executive desire to amend the Agreement to reflect the extension of the Executive's employment pursuant to the terms and conditions of the Agreement;

NOW, THEREFORE, the Agreement is hereby amended, effective as of the date hereof, as follows:

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.