Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CHARMAN JOHN
   2. Issuer Name and Ticker or Trading Symbol
AXIS CAPITAL HOLDINGS LTD [AXS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO, President and Deputy Chai
(Last)
(First)
(Middle)
AXIS CAPITAL HOLDINGS LIMITED, 92 PITTS BAY ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
03/19/2008
(Street)

PEMBROKE, D0 HM 08		 4. If Amendment, Date Original Filed(Month/Day/Year)
03/20/2008		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 03/19/2008   M   800,000 A $ 12.5 1,432,064 D  
Common Shares (1) 03/19/2008   S   800,000 (2) D $ 34.0461 632,064 D  
Common Shares 03/20/2008   M   775,000 A $ 12.5 1,407,064 D  
Common Shares (1) 03/20/2008   S   775,000 (3) D $ 33.0744 632,064 D  
Common Shares               497,704 (4) I By N.I.M.I.C. International Ltd.
Common Shares               1,804,908 (5) I By Dragon Holdings Trust

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option $ 12.5 03/19/2008   M     800,000   (6) 09/30/2011 Common Shares 800,000 (7) 1,225,112 D  
Employee Stock Option $ 12.5 03/20/2008   M     775,000   (6) 09/30/2011 Common Shares 775,000 (7) 450,112 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CHARMAN JOHN
AXIS CAPITAL HOLDINGS LIMITED
92 PITTS BAY ROAD
PEMBROKE, D0 HM 08		   X     CEO, President and Deputy Chai  

Signatures

 Richard T. Gieryn, Jr., Attorney-in-Fact   03/20/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The purpose of this amendment is to include Exhibit 1 which was omitted from the originally filed Form 4.
(2) 800,000 consists of the trades listed on Exhibit 1.
(3) 775,000 consists of the trades listed on Exhibit 1.
(4) Mr. Charman disclaims beneficial ownership of the shares held by N.I.M.I.C. International Ltd. (formerly known as the JR Charman Children's Settlement).
(5) Mr. Charman disclaims beneficial ownership of the shares held by the Dragon Holdings Trust.
(6) The Employee Stock Option vested in three equal installments commencing October 1, 2001.
(7) Grant of Employee Stock Option.

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