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Axis shareholder to sell rest of stake in offering

NEW YORK (AP) -- Axis Capital Holdings Ltd. said Monday that one of its major shareholders will sell its remaining 2.7 million-share stake in the insurer in an underwritten secondary public offering.

The shares are being sold by Trident II LP and related entities for an undisclosed price. After taking into account the offering and Bermuda-based Axis Capital's recent repurchase of 3 million common shares from Trident, Trident will no longer own any Axis Capital common shares, the company said.

Axis isn't selling any shares in the offering and won't receive any of the proceeds from it.

The shares purchased by the underwriter — UBS Investment Bank — are expected to be offered for resale from time to time.

Axis currently has about 122.2 million outstanding shares. Its shares closed Friday at $25.75.