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.