Bermuda-based Axis Capital Holdings Ltd. said its investors plan to sell as much as $580 million of shares in a secondary offering.

The offering will be led by Morgan Stanley and Citigroup Inc., Axis said in Securities and Exchange Commission filing. The company won't receive any proceeds from the sale, it said.

Marsh & McLennan Cos., the largest insurance brokerage, J.P. Morgan Chase & Co., Blackstone Group LP and other investors created Axis after the September 11, 2001 terrorist attacks, which caused a jump in insurance rates. The company sold $473 million in an initial offering last year.