AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today
announced that the Company’s Board of Directors has authorized the
repurchase up to $750 million 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,
2015, depending on market conditions. This new repurchase authorization,
effective January 1, 2014, will replace the existing authorization,
which currently has approximately $308.9 million in remaining
authorization available through December 31, 2013.
The Company’s Board of Directors also declared a quarterly dividend of
$0.27 per common share, which represents an increase of 8%. The common
dividend will be payable on January 15, 2014 to the shareholders of
record at the close of business on December 31, 2013.
In addition, the Board declared a dividend of $1.875 per Series B
Preferred Share, a dividend of $0.429688 per Series C Preferred Share
and a dividend of $0.34375 per Series D Preferred Share. The Series B
Preferred Share dividend is payable on March 3, 2014 to shareholders of
record at the close of business on February 14, 2014. The Series C
Preferred Share dividend is payable on January 15, 2014 to shareholders
of record at the close of business on December 31, 2013. The Series D
Preferred Share dividend is payable on March 3, 2014 to shareholders of
record at the close of business on February 14, 2014.
Albert Benchimol, President and Chief Executive Officer of AXIS Capital,
said: “AXIS Capital is committed to intelligent capital management
considering the interests of all of our stakeholders, including both
clients and shareholders. With total capital in excess of $6.7 billion
as at September 30, 2013, and increasingly efficient use of our capital,
we believe we can effectively balance growth with return of capital to
our shareholders, all the while maintaining our financial strength.
A critical component of delivering superior returns to our shareholders
is consistent growth in our common dividends. This 8% increase
represents the tenth consecutive annual dividend increase since we
declared our first dividend following our initial public offering in
2003.
Another important tool in capital management is the return of capital
through share repurchases. Over the ten years since our IPO, AXIS
Capital has repurchased approximately 78 million shares in open market
or private transactions for a total of $2.6 billion. So far in 2013, we
have already purchased 10.1 million shares at a total cost of $441
million, out of the $750 million authorization granted last December. We
are pleased this new authorization will provide us with the flexibility
to continue to return capital to shareholders into 2015.”
AXIS Capital is a Bermuda-based global provider of specialty lines
insurance and treaty reinsurance with shareholders’ equity at September
30, 2013 of $5.8 billion and locations in Bermuda, the United States,
Europe, Singapore, Canada, Australia 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. AXIS Capital and AXIS
Specialty Finance LLC have been assigned senior unsecured debt ratings
of A- (stable) by Standard & Poor’s and Baa1 (stable) by Moody’s
Investors Service. For more information about AXIS Capital, visit our
website at www.axiscapital.com.
Copyright Business Wire 2013