MMC sells Axis common shares

Marsh & McLennan Cos. Inc.’s risk capital unit is selling an additional 1.85 million Axis Capital Holdings Ltd. common shares in a block trade, Axis Capital says. Receiving all net proceeds from the sale half of its current holdings of Axis Capital shares is the founding investor of the Pembroke, Bermuda-based specialty insurer and treaty reinsurer, Marsh & McLennan Risk Capital Holdings Ltd. Merrill Lynch will purchase the shares for sale to public investors. Previously, the MMC unit agreed to sell 3.7 million Axis Capital common shares in a block trade, of which Merrill Lynch also purchased. Marsh Risk Capital will retain about 1.85 million Axis Capital common shares following the sale, and this is equivalent to an ownership of approximately 1% of the company’s outstanding shares.