-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Wo3DuBV04DNHWUJcalrS4vNuJw4x22st21wpW6jz7HqhSdo+XV7Wd9b05OO3cuMy
 G/BIDnF8k+8i6x7VbNpbIw==

<SEC-DOCUMENT>0001181431-04-022007.txt : 20040423
<SEC-HEADER>0001181431-04-022007.hdr.sgml : 20040423
<ACCEPTANCE-DATETIME>20040423162607
ACCESSION NUMBER:		0001181431-04-022007
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040421
FILED AS OF DATE:		20040423

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DAVIS CHARLES A /NJ/
		CENTRAL INDEX KEY:			0001071287
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES [5700]
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0201

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04751410

	BUSINESS ADDRESS:	
		STREET 1:		17 FIELD POINT DRIVE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2014811100

	MAIL ADDRESS:	
		STREET 1:		1 CAPE MAY ST
		STREET 2:		1 CAPE MAY ST
		CITY:			HARRISON
		STATE:			NJ
		ZIP:			07029
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd39537.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-04-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001214816</issuerCik>
        <issuerName>AXIS CAPITAL HOLDINGS LTD</issuerName>
        <issuerTradingSymbol>AXS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001071287</rptOwnerCik>
            <rptOwnerName>DAVIS CHARLES A /NJ/</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>17 FIELD POINT DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>58757</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>251100</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>26182</value>
                    <footnoteId id="F5"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>111886</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Common  Shares (&quot;Common Shares&quot;) sold in connection with an underwritten public offering of 20,000,000 Common Shares (excluding up to 3,000,000 Common Shares subject to the Underwriters' overallotment option) at a price of $27.91 per Common Share, less $0.91 for underwriting discounts and commissions.</footnote>
        <footnote id="F2">Trident II, L.P. (&quot;Trident&quot;) sold 3,324,048 Common Shares beneficially owned by it.  Mr. Davis, by virtue of holding an interest of approximately 1.77% in Trident, may be deemed to have had a pecuniary interest in 58,757 Common Shares sold by Trident.  Mr. Davis disclaims beneficial ownership of the Common Shares that are, or may be deemed to be, beneficially owned by Trident.  This report shall not be deemed an admission that Mr. Davis is the beneficial owner of such shares.</footnote>
        <footnote id="F3">Mr. Davis may be deemed to have a pecuniary interest in these shares by virtue of holding an interest of approximately 1.77% in Trident.  Mr. Davis disclaims beneficial ownership of the Common Shares that are, or may be deemed to be, beneficially owned by Trident.  This report shall not be deemed an admission that Mr. Davis is the beneficial owner of such shares.  See footnote 2.</footnote>
        <footnote id="F4">Mr. Davis serves as a member of the investment committee of Trident and is the sole member of one of the single member limited liability companies that serves as a general partner of Trident Capital II, L.P., the general partner of Trident.  Mr. Davis disclaims beneficial ownership of the Common Shares that are, or may be deemed to be, beneficially owned by Trident.  This report shall not be deemed an admission that Mr. Davis is the beneficial owner of such shares.  See also footnotes 2 and 3.</footnote>
        <footnote id="F5">Marsh &amp; McLennan Capital Professionals Fund, L.P. (&quot;CPF&quot;) sold 93,061 Common Shares beneficially owned by it.  Mr. Davis, by virtue of holding an interest of approximately 28.13% in CPF, may be deemed to have had a pecuniary interest in 26,182 Common Shares sold by CPF.  Mr. Davis disclaims beneficial ownership of the Common Shares that are, or may be deemed to be, beneficially owned by CPF.  This report shall not be deemed an admission that Mr. Davis is the beneficial owner of such shares.</footnote>
        <footnote id="F6">Mr. Davis may be deemed to have a pecuniary interest in these shares by virtue of holding an interest of approximately 28.13% in CPF.  Mr. Davis disclaims beneficial ownership of the Common Shares that are, or may be deemed to be, beneficially owned by CPF.  This report shall not be deemed an admission that Mr. Davis is the beneficial owner of such shares.  See footnote 5.</footnote>
        <footnote id="F7">Mr. Davis serves as Chairman and CEO of MMC Capital, Inc., a Director of Marsh &amp; McLennan Risk Capital Holdings, Ltd. (&quot;MMRCH&quot;) and a Vice Chairman and Director of Marsh &amp; McLennan Companies, Inc.  MMRCH owns the entire equity interest in Marsh &amp; McLennan GP I, Inc., the general partner of CPF.  Mr. Davis disclaims beneficial ownership of the Common Shares that are, or may be deemed to be, beneficially owned by CPF.  See also footnotes 5 and 6.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Charles A. Davis</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>
</ownershipDocument>

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</SEC-DOCUMENT>
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