Bermuda re/insurer Axis Capital Holdings Ltd announced yesterday that it is offering and selling more than 2.7 million common shares in an underwritten secondary public offering.The company said the shares will be sold at a two percent discount to Friday’s close through Trident II LP and related entities as Trident exits its investment in the insurance holding company.In addition to the secondary stock sale, the Bermuda-based insurer also repurchased three million of its shares from Trident. The secondary offer priced at $39.50 a share.As of October 24, Axis Capital had about 122.2 million shares outstanding. The company won't receive any proceeds from the stock sale.Shares were down 39 cents at $39.91 in trading yesterday. Overall, the stock has risen 25 percent this year.