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): October 11, 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 October 11, 2004, AXIS Capital Holdings Limited, a Bermuda company, issued the press release attached hereto regarding Hurricanes Charley, Frances, Ivan and Jeanne.

Item 9.01.          Financial Statements and Exhibits

(c)                       Exhibits.

99.1 Press Release dated October 11, 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: October 11, 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 October 11, 2004.

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

AXIS CAPITAL REPORTS TOTAL ESTIMATED IMPACT
OF HURRICANES FOR THE THIRD QUARTER

Pembroke, Bermuda, October 11, 2004 – AXIS Capital Holdings Limited (“AXIS Capital”)  (NYSE: AXS) today reported that the total estimated net after-tax impact relating to its exposure to Hurricanes Charley, Frances, Ivan and Jeanne during the third quarter is expected to be between $190 - $210 million.  This estimate is derived from the output of industry models, a review of in-force contracts and preliminary indications from clients.  Actual losses from these hurricanes may vary materially from estimated losses.

This estimate encompasses exposures from each of AXIS Capital’s four segments and includes AXIS Capital’s previously announced estimate for Hurricane Charley of $60 - $80 million.

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

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

more information about AXIS Capital, visit the Company’s website at www.axiscapital.com.

This release contains forward-looking statements within the meaning of the U.S. federal securities laws.  AXIS Capital intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws.  Forward looking statements only reflect expectations and are not guarantees.  These statements involve risks, uncertainties and assumptions.  Actual events or results may differ materially from our expectations.  Important factors that could cause actual events or results to be materially different from our expectations are set forth under the heading “Risk Factors” in our latest prospectus filed with the Securities and Exchange Commission.  AXIS Capital undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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