AXIS Capital Holdings Limited yesterday announced that Trident II, L.P. and related entities will sell 3,150,000 of AXIS Capital's common shares in a block trade (plus any additional shares that may be sold upon exercise of the underwriter's option to purchase additional shares).

Banc of America Securities will be the underwriter in the offering of the shares to public investors. The common shares are being offered under AXIS Capital's Form S-3 shelf registration statement (No. 333-118023). Trident will receive all net proceeds from the sale.

The sale would gain Trident, a specialty fund set up to invest in the insurance industry, more than $100 million at yesterday's share price of $31.80.