Canadian Underwriter
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JP Morgan to buy 7.8 million AXIS shares in block trade


August 9, 2005   by Canadian Underwriter


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AXIS Capital Holdings Limited (NYSE: AXS) recently implemented an agreement with JPMorgan Partners a private equity affiliate of JPMorgan Chase & Co. and related entities to buy approximately 7.8 million of AXIS Capital’s common shares in a block trade.
These shares to be sold do not include 3.8 million shares owned by J.P. Morgan Capital, L.P. and J.P. Morgan Corsair II Offshore Capital Partners, L.P.
Morgan Stanley & Co. Incorporated has agreed to purchase the common shares from JPMorgan and subsequently sell the shares to public investors. The common shares were offered under AXIS Capital’s Form S-3 shelf registration statement. JPMorgan, an initial investor in AXIS Capital, will receive all net proceeds from the sale.


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