Axis Capital Holdings on Wednesday said one of its founding shareholders was selling a two percent percent stake in the company for an estimated $100.2 million.

Trident II, L.P. and related companies will sell the 3.15 million shares in a block trade to public investors, Axis said in its statement.

Trident, a unit of Stone Point Capital which was formerly the private equity arm of insurance broker Marsh & McLellan, will receive all net proceeds from the sale.

The sale will reduce the group's stake in Axis to about 7.6 percent. Axis spokesman Joseph Kuo said in an international news report that the Trident-led group held about 14.5 million shares.

Trident is a longtime investor in the Bermuda insurance market, most recently investing along with Chubb Corp. in $1.5 billion reinsurer Harbor Point. The private equity firm was a lead investor in Axis when the company formed in 2001.

Banc of America Securities will be the underwriter in the offering.

Axis shares rose 52 cents, or 1.7 percent, to $31.80 in New York Stock Exchange composite trading yesterday. The stock has climbed 10 percent in the past year.