PEMBROKE, Bermuda--(BUSINESS WIRE)--
AXIS Capital Holdings Limited ("AXIS Capital") (NYSE:AXS) today announced that the Company’s Board of Directors has authorized the repurchase of up to $1.0 billion of the Company’s common shares. The Board has authorized the Company to effect repurchases under this new plan in open market or privately negotiated transactions through December 31, 2017, depending on market conditions. This new repurchase authorization, effective January 1, 2017, will replace the existing authorization, which currently has approximately $264.9 million in remaining authorization available through December 31, 2016.
“AXIS has a strong track record of capital management, returning excess capital through a combination of buybacks and dividends dating back to our initial public offering in 2003,” said Albert Benchimol, President and Chief Executive Officer of AXIS Capital. “In the trailing five year period since 2012 through the end of the most recent quarter, we have returned $2.6 billion to shareholders, representing over 100% of the sum of our operating earnings in this period and the merger termination fee received in 2015. This new share repurchase authorization from our Board will allow us to continue to improve investor returns through intelligent capital management.”
Mr. Benchimol continued: “AXIS’ commitment to deliver superior returns to our shareholders is reflected by the consistent growth in our common dividends. We are pleased to announce the thirteenth consecutive annual dividend increase since we declared our first dividend.”
The Company’s Board of Directors also declared a quarterly dividend of $0.38 per common share, which represents an increase of 8%. The common dividend will be payable on January 17, 2017 to the shareholders of record at the close of business on December 30, 2016.
In addition, the Board declared a dividend of $0.429688 per Series C 6.875% Preferred Share, a dividend of $0.34375 per Series D 5.5% Preferred Share and a dividend of $0.34375 per Series E 5.5% Preferred Share. The Series C Preferred Share dividend is payable on January 17, 2017 to shareholders of record at the close of business on December 30, 2016. The Series D Preferred Share dividend is payable on March 1, 2017 to shareholders of record at the close of business on February 15, 2017. The Series E Preferred Share dividend is payable on January 17, 2017 to shareholders of record at the close of business on December 30, 2016.
About AXIS Capital
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2016 of $6.0 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com. Please be sure to follow AXIS Capital on LinkedIn.
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