I noticed AXS did not call the AXS-PA preferred shares when they became callable on 10/15/2010. These are trading near par. These are rated Baa3 / BBB and qualify for the 15% tax rate. I have had a number of high-yield preferred issues called away by companies that are able to refinance. It seems they are happy to pay the 7.25% rate for now.
Axis Capital Holdings Ltd, 7.25% Series A Non-cumul Preferred Shares