Axis Capital Holdings Limited will today close on the repurchase of $350 million worth of stock owned by the insurer's initial investors.

Axis said the repurchase of 12,783,094 common shares will be made using existing cash on hand.

The repurchase involves $300 million of common shares owned by Blackstone Capital Partners III and related entities and $50 million of shares owned by DLJ Merchant Banking Partners III and related entities.The initial investors purchased $200 million worth of shares in November of 2001 at approximately $12.50 per share.

Axis said the average purchase price agreed to was $27.38 per common share, representing a 3.9 percent discount to last Friday's reported closing price.

Axis Capital's board authorised the repurchase in December 2004. Following today's closing, the company will exhaust the currently authorised share repurchase programme.