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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 N3Au39QWmAvUHvpKYyiVDARinYIhGBbkUm8lnMramxsgKq18rHhYBg/EVSjQuHvf
 S+zF9WTPQhy9ifEncz4oHA==

<SEC-DOCUMENT>0001179110-04-000383.txt : 20040106
<SEC-HEADER>0001179110-04-000383.hdr.sgml : 20040106
<ACCEPTANCE-DATETIME>20040106111800
ACCESSION NUMBER:		0001179110-04-000383
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:			CHARMAN JOHN
		CENTRAL INDEX KEY:			0001072537

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04508246

	BUSINESS ADDRESS:	
		STREET 1:		CHARMAN UNDERWRITING #1 MINSTER CRT
		STREET 2:		MINCING LANE LONDON ENGLAND BC3R7AA

	MAIL ADDRESS:	
		STREET 1:		AXIS CAPITAL HOLDINGS LTD
		STREET 2:		106 PITTS BAY RD
		CITY:			PEMBROKE BERMUDA
		STATE:			D0
		ZIP:			99999999

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>0001072537</rptOwnerCik>
            <rptOwnerName>CHARMAN JOHN</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>1</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>CEO, Pres &amp; Deputy Chairman</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>80000</value>
</transactionShares>
<transactionPricePerShare><footnoteId id="F1"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>2883576</value>
<footnoteId id="F2"></footnoteId>
</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>130000</value>
</transactionShares>
<transactionPricePerShare><footnoteId id="F4"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2005-01-02</value>
<footnoteId id="F3"></footnoteId>
</exerciseDate>
<expirationDate><value>2014-01-02</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>130000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>80000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Grant of Restricted Stock.</footnote>
<footnote id="F2">Includes 402,164 shares held directly, 1,803,708 shares held by Dragon Holdings Trust and 597,704 shares held by JR Charman Children's Settlement.  Mr. Charman disclaims beneficial ownership of the shares held by the trusts.</footnote>
<footnote id="F3">The Employee Stock Option vests in three equal installments commencing on Janaury 2, 2005.</footnote>
<footnote id="F4">Grant of Employee Stock Option.</footnote>
</footnotes>
<ownerSignature><signatureName>John R. Charman</signatureName>
<signatureDate>2004-01-06</signatureDate>
</ownerSignature>
</ownershipDocument>

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