-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ODSaYepvgB2Xp/quJsfLfNml/WlWy3uc/H8HuKO4z8XzLY1lAXJSSl1Th8WXV2+G
 ymWPRNp41ttbim0swmcg+Q==

<SEC-DOCUMENT>0001179110-04-000386.txt : 20040106
<SEC-HEADER>0001179110-04-000386.hdr.sgml : 20040106
<ACCEPTANCE-DATETIME>20040106111915
ACCESSION NUMBER:		0001179110-04-000386
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040102
FILED AS OF DATE:		20040106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			REDING DENNIS
		CENTRAL INDEX KEY:			0001072536

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04508252

	BUSINESS ADDRESS:	
		STREET 1:		ACE USA INC
		STREET 2:		SIX CONCOURSE PARKWAY STE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	MAIL ADDRESS:	
		STREET 1:		AXIS CAPITAL HOLDING LTD
		STREET 2:		106 PITTS BAY RD
		CITY:			PEMBROKE BERMUDA
		STATE:			D0
		ZIP:			9999999999

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXIS CAPITAL HOLDINGS LTD
		CENTRAL INDEX KEY:			0001214816
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		106 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		4412962600
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2004-01-02</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001214816</issuerCik>
        <issuerName>AXIS CAPITAL HOLDINGS LTD</issuerName>
        <issuerTradingSymbol>AXS</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001072536</rptOwnerCik>
            <rptOwnerName>REDING DENNIS</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O AXIS CAPITAL HOLDINGS LIMITED</rptOwnerStreet1>
            <rptOwnerStreet2>106 PITTS BAY ROAD</rptOwnerStreet2>
            <rptOwnerCity>PEMBROKE</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HM 08</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>CEO US Insurance</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Shares</value>
</securityTitle>
<transactionDate><value>2004-01-02</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>20000</value>
</transactionShares>
<transactionPricePerShare><footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>170000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Employee Stock Option</value>
</securityTitle>
<conversionOrExercisePrice><value>29.62</value>
</conversionOrExercisePrice>
<transactionDate><value>2004-01-02</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>40000</value>
</transactionShares>
<transactionPricePerShare><footnoteId id="F3"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2005-01-02</value>
<footnoteId id="F2"></footnoteId>
</exerciseDate>
<expirationDate><value>2014-01-02</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>40000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>40000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Grant of Restricted Stock.</footnote>
<footnote id="F2">The Employee Stock Option vests in three equal installments commencing on January 2, 2005.</footnote>
<footnote id="F3">Grant of Employee Stock Option.</footnote>
</footnotes>
<ownerSignature><signatureName>John R. Charman, Attorney-in-Fact</signatureName>
<signatureDate>2004-01-06</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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