AXIS CAPITAL HOLDINGS LTD — Director's Dealing 2012

Aug 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AXIS CAPITAL HOLDINGS LTD (AXS)
CIK: 0001214816
Period of Report: 2012-08-14

Reporting Person: BUTT MICHAEL A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-08-14	Common Shares	M	80000	$12.65	Acquired	1187130	Direct
2012-08-14	Common Shares	F	29599	$34.19	Disposed	1157531	Direct
2012-08-14	Common Shares	M	40000	$14.50	Acquired	1197531	Direct
2012-08-14	Common Shares	F	16964	$34.19	Disposed	1180567	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-08-14	Employee Stock Option	$12.65	M	80000	Disposed	2012-09-29	Common Shares (80000)	Direct
2012-08-14	Employee Stock Option	$14.50	M	40000	Disposed	2012-12-11	Common Shares (40000)	Direct

Footnotes

F1: The Employee Stock Option vested in three equal installments commencing September 30, 2002.

F2: The Employee Stock Option vested in three equal installments commencing December 12, 2002.