Business: AXIS Capital Holdings Ltd., 5.50% Depositary Shares, each representing 1/100th interest in a share of the Issuer’s Non-Cumulative Series E, Preferred Shares, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 11/7/2021 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. <p> Non-Cumulative distributions of 5.50% per annum ($1.375 per annum or $0.34375 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be the fifteenth day of the month prior to the payment date or such other record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. <p> Dividends paid by these preferred shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page 61 of the prospectus for further information).<p> Following the occurrence of a tax event or within 90 days of a capital redemption trigger the issuer may redeem the Preferred Shares at $25 per depositary share (see prospectus for further information). At any time prior to 11/7/2021 if the issuer submit to the holders of its common shares a proposal for an amalgamation or merger or a change in Bermuda Law will have the option to redeem the shares at $26 per depositary share (see prospectus for further information). <p> This security was rated as Baa3 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.