-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 /oprBfUHUe/6eapCvN/+3Q==

<SEC-DOCUMENT>0001181431-04-021831.txt : 20040422
<SEC-HEADER>0001181431-04-021831.hdr.sgml : 20040422
<ACCEPTANCE-DATETIME>20040422174245
ACCESSION NUMBER:		0001181431-04-021831
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031230
FILED AS OF DATE:		20040422

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN CAPITAL PROFESSIONALS FUND LP
		CENTRAL INDEX KEY:			0001098152

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04749031

	BUSINESS ADDRESS:	
		STREET 1:		20 HORSENECK LN
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MMC CAPITAL INC
		CENTRAL INDEX KEY:			0001280277
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04749027

	MAIL ADDRESS:	
		STREET 1:		20 HORSENECK LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

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:			MARSH & MCLENNAN RISK CAPITAL HOLDINGS LTD
		CENTRAL INDEX KEY:			0001026605
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04749028

	BUSINESS ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036-2774
		BUSINESS PHONE:		2123455000

	MAIL ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN EMPLOYEES SECURITIES CO LP
		CENTRAL INDEX KEY:			0001096727

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04749030

	BUSINESS ADDRESS:	
		STREET 1:		MMC CAPITAL INC
		STREET 2:		20 HORSENECK LANE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2038622900

	MAIL ADDRESS:	
		STREET 1:		1166 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN GP I INC
		CENTRAL INDEX KEY:			0001249874
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04749029

	BUSINESS ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			100362774
		BUSINESS PHONE:		2123455000

	MAIL ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			100362774

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARSH & MCLENNAN COMPANIES INC
		CENTRAL INDEX KEY:			0000062709
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31721
		FILM NUMBER:		04749026

	BUSINESS ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		2123455000

	MAIL ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER NAME:	
		FORMER CONFORMED NAME:	MARLENNAN CORP
		DATE OF NAME CHANGE:	19760505
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd40129.xml
<TEXT>
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2003-12-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000062709</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN COMPANIES INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1166 AVENUE OF THE AMERICAS.</rptOwnerStreet1>
            <rptOwnerStreet2>.</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK.</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001098152</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN CAPITAL PROFESSIONALS FUND LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAPLES &amp; CALDER, UGLAND HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>BOX 309, SOUTH CHURCH STREET</rptOwnerStreet2>
            <rptOwnerCity>GEORGETOWN, GRAND CAYMAN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001096727</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN EMPLOYEES SECURITIES CO LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAPLES &amp; CALDER, UGLAND HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>BOX 309, SOUTH CHURCH STREET</rptOwnerStreet2>
            <rptOwnerCity>GEORGETOWN, GRAND CAYMAN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001249874</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN GP I INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1166 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001026605</rptOwnerCik>
            <rptOwnerName>MARSH &amp; MCLENNAN RISK CAPITAL HOLDINGS LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1166 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001280277</rptOwnerCik>
            <rptOwnerName>MMC CAPITAL INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>20 HORSENECK LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2003-12-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>267146</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>29.27</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5374252</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>286542</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>89159</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7404827</value>
                    <footnoteId id="F7"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11792</value>
                    <footnoteId id="F8"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Marsh &amp; McLennan Risk Capital Holdings, Ltd.  (&quot;MMRCH&quot;), a wholly-owned subsidiary of Marsh &amp; McLennan Companies, Inc. (&quot;MMC&quot;), increased its limited partnership interest in Trident II, L.P. (&quot;Trident&quot;) through the acquisition of a limited partnership interest in Trident in a private transaction on December 30, 2003.  As a result of this transaction, MMC's pecuniary interest in the portfolio investments owned by Trident may be deemed to have increased from approximately 29.13% to approximately 30.66% and indirectly MMC's pecuniary interest in the Common Shares (the &quot;Common Shares&quot;) of AXIS Capital Holdings Limited (&quot;AXIS&quot;) owned by Trident may be deemed to have increased by 267,146 Common Shares to a total of 5,374,252 Common Shares as of December 30, 2003.  MMC and its subsidiaries each disclaim any beneficial ownership of any Common Shares held by Trident.  This report shall not be deemed an admission that any such person i
s the beneficial owner of such securities.</footnote>
        <footnote id="F2">Based on the December 30, 2003 closing price of Common Shares on the New York Stock Exchange of $29.27.</footnote>
        <footnote id="F3">MMRCH has agreed that it will coordinate the timing of the sale of Common Shares held by it with the sale of Common Shares held by Trident.  As a result of such agreement, MMC and MMRCH may be deemed to beneficially own Common Shares that are held by Trident.  MMC and MMRCH each disclaim any beneficial ownership that may be attributed to them as a result of such agreement.  This report shall not be deemed an admission that any such person is the beneficial owner of such securities.  Trident has made separate filings with respect to the Common Shares beneficially owned by it.</footnote>
        <footnote id="F4">MMRCH owns a limited partnership interest in Trident.  The sole general partner of Trident is Trident Capital II, L.P. (&quot;Trident GP&quot;).  The general partners of Trident GP are Marsh &amp; McLennan GP I, Inc. (&quot;MMGPI&quot;), a wholly-owned subsidiary of MMC, and two single member limited liability companies that are owned by individuals who are senior executive officers of MMC.  In the Trident filings, the two single member limited liability companies that act as general partners of Trident GP each disclaimed beneficial ownership of Common Shares that are, or may be deemed to be, beneficially owned by Trident.  MMC, MMRCH and MMGPI each disclaim beneficial ownership of Common Shares that are, or may be deemed to be, beneficially owned by Trident.  This report shall not be deemed an admission that any such person is the beneficial owner of such securities.</footnote>
        <footnote id="F5">Marsh &amp; McLennan Capital Professionals Fund, L.P. (&quot;CPF&quot;) beneficially owns 490,756 Common Shares and Marsh &amp; McLennan Employees' Security Company , L.P. (&quot;ESC&quot;) beneficially owns 493,469 Common Shares.   By virtue of holding indirect partnership interests in ESC and CPF, MMC has a pecuniary interest in approximately 57.29% of the Common Shares beneficially owned by CPF (281,174 Common Shares) and approximately 1.09% of the Common Shares beneficially owned by ESC (5,368 Common Shares).</footnote>
        <footnote id="F6">Common Shares held of record by Putnam Investments Holdings, LLC (&quot;Putnam&quot;), an indirect subsidiary of MMC.</footnote>
        <footnote id="F7">Common Shares owned of record by MMRCH.</footnote>
        <footnote id="F8">Common Shares owned of record by MMC Capital, Inc.</footnote>
    </footnotes>

    <remarks>Marsh &amp; McLennan Companies, Inc. is making this joint filing on Form 4 on its own behalf and on behalf of Marsh &amp; McLennan Risk Capital Holdings, Ltd.,

Marsh &amp; McLennan GP I, Inc., Marsh &amp; McLennan Capital Professionals Fund, L.P., Marsh &amp; McLennan Employees' Securities Company, L.P. and MMC

Capital, Inc.</remarks>

    <ownerSignature>
        <signatureName>Marsh &amp; McLennan Companies, Inc. By: /s/ Leon Lichter, Vice President and Counsel</signatureName>
        <signatureDate>2004-04-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Marsh &amp; McLennan Capital Professionals Fund, L.P. By: Marsh &amp; McLennan GP I, Inc., its sole general partner By: /s/ David Wermuth, Assistant Secretary</signatureName>
        <signatureDate>2004-04-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Marsh &amp; McLeannan Employees' Securities Company, L.P. By: Marsh &amp; McLennan GPI, Inc., its sole general partner By: /s/ David Wermuth, Assistant Secretary</signatureName>
        <signatureDate>2004-04-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Marsh &amp; McLennan GP I, Inc. By: /s/ David Wermuth, Assistant Secretary</signatureName>
        <signatureDate>2004-04-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Marsh &amp; McLennan Risk Capital Holdings, Ltd. By: /s/ David Wermuth, Secretary</signatureName>
        <signatureDate>2004-04-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>MMC Capital, Inc. By:/s/ David Wermuth, Principal and Legal Director</signatureName>
        <signatureDate>2004-04-22</signatureDate>
    </ownerSignature>
</ownershipDocument>

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