Bermudian-based Axis Capital Holdings Ltd has repurchased more than two million of its shares for an aggregate price of nearly $200 million.

In a filing with the US Securities and Exchange Commission, Axis said it has entered into a stock repurchase agreement with TVIII PubOpps LP pursuant to which T8 agreed to sell 2,234,636 shares to the company.

The aggregate purchase price is $199,999,922.

T8, a Delaware limited partnership, is an investment vehicle managed by Stone Point Capital LLC.

Stone Point manages the Trident Funds including investment funds that hold approximately 8 per cent of Axis’s outstanding common shares, which will be approximately 5 per cent following the repurchase.

The repurchase was made under the company’s board-authorised share repurchase programme.