Bermuda re/insurer Axis Capital Holdings Ltd has spent $250 million buying back 2.46 million of its Series B preference shares through a tender offer.The shares carried a 7.5 percent token and the company paid a purchase price of $102.81 per share.Axis said that following the completion of the tender offer, 38,850 Series B Preferred Shares, representing $3.88 million in aggregate liquidation preference, remain outstanding.