8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 15, 2011

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda	001-31721	98-0395986
(State of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

92 Pitts Bay Road

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 405-2600

(Registrant’s telephone number, including area code)

Not applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))

Item 7.01 Regulation FD Disclosure.

John R. Charman, Chief Executive Officer and President of AXIS Capital Holdings Limited, a Bermuda company (the “Company”) is scheduled to present at the Bank of America Merrill Lynch Insurance Conference 2011 at 10:00 a.m. Eastern Time on Tuesday, February 15, 2011 at The New York Palace Hotel in New York City.

A live, listen-only webcast of the presentation can be accessed by following the link: http://www.veracast.com/webcasts/baml/insurance2011/id76596300.cfm. This link, which will also be available on the Company’s website at www.axiscapital.com, can be utilized to access both the live and the archived webcasts. The archived replay will be available one hour after the conclusion of the live event and will remain available for replay through Friday, March 4, 2011. The presentation will include the slides attached hereto as Exhibits 99.1 and incorporated by reference herein.

The information in the preceding paragraph, as well as Exhibit 99.1 referenced therein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 unless the Company expressly so incorporates such information by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Bank of America Merrill Lynch 2011 Insurance Conference presentation materials

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 15, 2011

AXIS CAPITAL HOLDINGS LIMITED
By:	/s/ Richard T. Gieryn, Jr.
	Richard T. Gieryn, Jr.
	General Counsel

EXHIBIT INDEX

Exhibit No.	Description
99.1	Bank of America Merrill Lynch 2011 Insurance Conference presentation materials.

EX-99.1

AXIS Capital

Bank of America Merrill Lynch

Insurance Conference 2011

New York, NY

John Charman, CEO and President

February 15, 2011

Exhibit 99.1

2

Safe Harbor Disclosure

Forward-looking statements only reflect our expectations and are not guarantees of performance. Accordingly, there are or will

be important factors that could cause actual results to differ materially from those indicated in such statements. We believe that

these factors include, but are not limited to, the following:

•

The occurrence of natural and man-made disasters,

•

Actual claims exceeding our loss reserves,

•

General economic, capital and credit market conditions,

•

The failure of any of the loss limitation methods we employ,

•

The effects of emerging claims and coverage issues,

•

The failure of our cedants

to adequately evaluate risks,

•

Inability

to

obtain

additional

capital

on

favorable

terms,

or

at

all,

•

The loss of one or more key executives,

•

A decline in our ratings with rating agencies,

•

Loss of business provided to us by our major brokers,

•

Changes in accounting policies or practices,

•

Changes in governmental regulations,

•

Increased competition,

•

Changes in the political environment of certain countries in which we operate or underwrite business, and

•

Fluctuations in interest rates, credit spreads, equity prices and/or currency values.

This report is for informational purposes only. It should be read in conjunction with the documents that we file with the Securities

and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

Statements in this presentation that are not historical facts, including statements regarding our estimates, beliefs, expectations,

intentions, strategies or projections, may be “forward-looking statements” within the meaning of the U.S. federal securities laws,

including the Private Securities Litigation Reform Act of 1995.  We intend these forward-looking statements to be covered by the

safe harbor provisions for forward-looking statements in the United States securities laws. In some cases, these statements can

be identified by the use of forward-looking words such as “may,” “should,” “could,” “anticipate,” “estimate,” “expect,” “plan,”

“believe,” “predict,” “potential,” “intend” or similar expressions.  Our expectations are not guarantees and are based on currently

available competitive, financial and economic data along with our operating plans.  Forward-looking statements contained in this

presentation may include, but are not limited to, information regarding our estimates of losses related to catastrophes and other

large losses, measurements of potential losses in the fair value of our investment portfolio, our expectations regarding pricing

and other market conditions and valuations of the potential impact of movements in interest rates, equity prices, credit spreads

and foreign currency rates.

3

3

AXIS –

Who we Are

Bermuda-domiciled Specialty Insurer and Reinsurer

Founded 2001; IPO –

2003; $4.2 Bn

market capitalization at 2/11/2011

$3.75 Bn

GWP in 2010

Underwriting-led, Diversified Specialty Insurer and Reinsurer with Strong Risk

Management Culture

Strong Balance Sheet

Multi-Platform Approach

Well Diversified

Portfolio

$5.6 Bn

of shareholders’

equity

as at December 31, 2010

Financial Strength Ratings of

A+ (S&P), A2 (Moody’s) and A

(AM Best)

Diluted BVPS 13.4% CAGR

since 6/30/2003 (IPO)

Locations in Bermuda, U.S.,

Europe, Singapore, Canada and

Australia

Approximately 1,000 employees

32 offices in 9 countries

Focus on Specialty Lines

4

4

AXIS Insurance

Development of AXIS Insurance GPW

($ in millions)

5

5

AXIS Reinsurance

Development of AXIS Reinsurance GPW

($ in millions)

6

6

AXIS Performance –

Share Price to Fully Diluted Book Value

(1)  Diluted book value per share calculated using Treasury stock method.  Note 6/30/03 diluted book value per share is pro forma

for AXIS Capital IPO.

(2)  Total value creation calculated as diluted book value per share plus cumulative declared dividends.

Book value per share

(1)

CAGR since 6/30/03 (IPO)

13.4%

Total value creation per share

(2)

CAGR since 6/30/03 (IPO)

15.2%

7

Key Highlights

2010 Financial Results

GPW Growth

4.6%

Combined Ratio

88.7%

Operating ROACE

12.4%

Diluted Book Value per Share Growth

17.0%

Total Value Creation

(1)

19.6%

Managing bottom of soft P&C cycle and expecting improvement in

P&C marketplace in 2012

Significant investments in Infrastructure, Geography and Product

to prepare for market turn

Returned $820 million to common shareholders through share

repurchases and dividends

(1)  2010 Total Value Creation = Growth in diluted book value per share + declared dividends                

8

8

Accident and Health Strategic Initiative

Provide customized products and risk-taking solutions for

(re)insurance clients

Primary product focus = accident, health, travel, disability

and allied personal lines insurance and reinsurance

Global footprint

•

Growth in 2011 from accident, catastrophe and specialty health

reinsurance globally

•

Good progress in building insurance capabilities globally

•

Over 60 employees globally as of year-end 2010

9

9

Strong Risk Management

Clearly articulated objectives and risk appetite at a group and

legal entity level

Controlled risk taking: our financial strength and sustainable

value creation are integral to our existence

Clear accountability: we operate on the principle of delegated

and clearly defined authority

Independent risk controlling: to avoid conflicts of interests

Open risk culture: risk transparency and responsiveness to

change are integral to our risk control process

10

10

Underwriting Objectives -

2011

Manage risk

Maintain quality of our seasoned portfolio

Prepare to accelerate when the market turns

•

Transformation initiative to increase productivity of intellectual capital at AXIS

•

Continue to build global footprint

•

A&H strategic initiative

11

11

Investment and Financial Objectives -

2011

Protect Book Value and Total Returns in Rising Rate Environment

Defend investment income in a low rate and spread environment

•

Maintain exposure to investment-grade spread assets

•

Take advantage of weakness in municipal markets

•

Maintain positions in short-duration high yield bonds

Optimize risk-adjusted returns

•

Diversify away from interest-rate sensitive assets

•

Increased exposure to equities and alternatives

•

Monitor implementation of a hedge on fixed income assets

•

Limiting significant further exposure to prepayment-sensitive MBS

Capital management

•

Maintain strength but “right size”

to opportunity

•

Share

repurchase

and

dividend

policy

characterized

by

consistent

increase and

attractive yield

12

Efficient Capital Management

Total Equity Raised

$2.1

Dividends

$0.8

Share Repurchases

$1.8

Total Capital Returned

$2.6

AXIS Market Value

$5.0

IRR 2001-2010

18.2%

2001-2010 (Billions)