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): September 1, 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 8.01.              Other Events.

On September 1, 2004, AXIS Capital Holdings Limited, a Bermuda company, issued the press release attached hereto regarding the receipt of a subpoena from the Office of the Attorney General of the State of New York.

Item 9.01.              Financial Statements and Exhibits

(c)                           Exhibits.

99.1         Press Release dated September 1, 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: September 1, 2004	AXIS CAPITAL HOLDINGS LIMITED
	By:	/s/ Andrew Cook
		Andrew Cook
		Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description of Document
99.1	Press Release dated September 1, 2004.

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EX-99.1

Exhibit 99.1

NOT 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

AXIS CAPITAL TO COMPLY WITH SUBPOENA
REGARDING BROKER COMPENSATION

Pembroke, Bermuda, September 1, 2004 – AXIS Capital Holdings Limited (“AXIS Capital”)   (NYSE: AXS) today announced that its U.S. holding company has received a subpoena from the Office of the Attorney General of the State of New York seeking information regarding incentive commission agreements between its insurance companies and insurance brokers.  John Charman, AXIS Capital CEO and President, has stated that AXIS Capital is more than happy to fully cooperate with this inquiry.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity in excess of $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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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