8-K

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): July 13, 2004

AXIS CAPITAL HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)

Bermuda	001-31721	98-0395986
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
106 Pitts Bay Road Pembroke, Bermuda		HM 08
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 441-296-2600

Not Applicable

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

Item 5. Other Events and Required FD Disclosure

On July 13, 2004, AXIS Capital Holdings Limited, a Bermuda company (the “Company”), issued the press release attached hereto regarding the resignation of a member of its board of directors.

Item 7.	Financial Statements, Pro Forma Financial Information and Exhibits
(c)	Exhibits

99.1Press Release dated July 13, 2004.

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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: July 13, 2004	AXIS CAPITAL HOLDINGS LIMITED
	By:	/s/ Clare E. Moran
		Clare E. Moran
		Executive Vice President and Controller

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EXHIBIT INDEX

Exhibit Number	Description of Document
99.1	Press Release dated July 13, 2004

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Investor Contacts	Media Contacts
Andrew Cook / Linda Ventresca	Laura Accettella /
AXIS Capital Holdings Limited	Caroline Gentile
info@axiscapital.com	Kekst and Company
(441) 297-9513	(212) 521-4859

ANDREW RUSH RESIGNS FROM AXIS CAPITAL BOARD

FOLLOWING HIS DEPARTURE FROM CSFB

Pembroke, Bermuda, July 13, 2004 – AXIS Capital Holdings Limited (“AXIS Capital”)   (NYSE: AXS) announced today that Andrew Rush has resigned from its Board of Directors following his departure from Credit Suisse First Boston’s Private Equity Group to pursue new opportunities.

Mr. Rush has served as a director of AXIS Capital since its formation in November of 2001 and was an important contributor in efforts leading toward the Company’s successful initial public offering in July 2003.   Until last week, he was a Managing Director of Credit Suisse First Boston in the Private Equity Group, a position he held since 1997, and a member of the Investment Committee of DLJ Merchant Banking Partners III, L.P., which is a founding shareholder of AXIS Capital.

Michael Butt, Chairman of AXIS Capital, stated, “The Board, the Company and I are all grateful to Andy for his valuable contributions, support and service during AXIS Capital’s critical development stages.  We wish him all the very best in his new endeavors.”

AXIS Capital Holdings Limited, 106 Pitts Bay Road, Pembroke HM 08, Bermuda

Telephone: 1-441-296-2600 • Fax: 1-441-296-3140

www.axiscapital.com

Mr. Rush’s resignation took effect yesterday and the Company has no immediate plans to appoint a successor.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity of approximately $3.0 billion and locations in Bermuda, the United States and Europe.  Its operating subsidiaries have been assigned a rating of “A” (“Excellent”) by A.M. Best and a rating of “A” (“Strong”) by Standard & Poor’s.  For more information about AXIS Capital, visit the Company’s website at www.axiscapital.com.

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