AXIS Capital Announces $750 Mln Share Buyback; Lifts Dividend

(RTTNews) - AXIS Capital Holdings Ltd (AXS) Friday announced that its board has authorized the repurchase up to $750 million of its 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, 2016, depending on market conditions. This new repurchase authorization, effective January 1, 2015, will replace the existing authorization, which currently has about $268 million in remaining authorization available through December 31, 2015.

The company's board also declared a quarterly dividend of $0.29 per common share, which represents an increase of 7.4%. The common dividend will be payable on January 15, 2015 to the shareholders of record at the close of business on December 31, 2014.

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.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance.