Axis Capital Announces New $750 Million Share Repurchase Authorization
Company Increases Quarterly Common Dividend by 7.4% and Declares Dividends on Preferred Shares
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 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, 2016, depending on market conditions. This new repurchase authorization, effective January 1, 2015, will replace the existing authorization, which currently has approximately $268 million in remaining authorization available through December 31, 2015.
The Company’s Board of Directors 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. The Series B Preferred Share dividend is payable on March 2, 2015 to shareholders of record at the close of business on February 13, 2015. The Series C Preferred Share dividend is payable on January 15, 2015 to shareholders of record at the close of business on December 31, 2014. The Series D Preferred Share dividend is payable on March 2, 2015 to shareholders of record at the close of business on February 13, 2015.
Albert Benchimol, President and Chief Executive Officer of AXIS Capital, said: “AXIS Capital has a long track record of executing on a capital management strategy that benefits all of our stakeholders. This 7.4% increase in our common dividend represents the eleventh 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 eleven years since our IPO, AXIS Capital has repurchased approximately 92 million shares in open market or private transactions for a total of $3.2 billion. So far in 2014, we have already purchased 10.5 million shares at a total cost of $482 million, out of the $750 million authorization granted last December. This increase in dividend and new share repurchase authorization enhance our capacity to return capital to our shareholders into 2015.”
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity attributable to AXIS Capital at September 30, 2014 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. For more information about AXIS Capital, visit our website atwww.axiscapital.com.
Axis Capital to Release Third Quarter Financial Results On October 29, 2014
Company Release - 09/29/2014 16:30
PEMBROKE, Bermuda--(BUSINESS WIRE)-- AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS) today announced that it expects to release financial results for the third quarter ended September 30, 2014 on Wednesday, October 29, 2014, after the close of the financial markets.
Albert Benchimol, President and CEO, and Joseph C. Henry, CFO, will host an investor teleconference, including a question and answer period, on Thursday, October 30, 2014, at 8:00 a.m. (Eastern) to discuss the third quarter results as well as related matters.
The teleconference can be accessed by dialing (888) 317-6003 (U.S. callers) or (412) 317-6061 (international callers) and entering the passcode 8-6-4-7-5-2-0approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of the Company’s website at www.axiscapital.com.
A replay of the teleconference will be available for three weeks by dialing (877) 344-7529 (U.S. callers) or (412) 317-0088 (international callers) and entering the passcode 1-0-0-5-3-1-3-5. The webcast will be archived in the Investor Information section of the Company’s website.
About AXIS Capital
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity attributable to AXIS Capital at June 30, 2014 of $6.0 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. For more information about AXIS Capital, visit our website atwww.axiscapital.com
InvestorAXIS Capital Holdings LimitedLinda Ventresca, firstname.lastname@example.orgMediaKekst and CompanyMichael Herley, email@example.com
Source: AXIS Capital Holdings Limited
Axis Capital Group Insurance in Jakarta Review: Underwriting Your Future Needs
Insurance implies preparing for the future’s needs and exigencies. While every person or company still has the resources and the energy to raise ample funds, investing in the future through insurance coverage can be one of the wisest decisions to make. But not every insurer has the expertise to provide you with excellent coverage. AXIS Group Insurance is one of the few excellent companies which many have learned to trust.
Located in one of the most dynamic trade, cultural and tourism centers of the world, AXIS Capital Group Insurance is an international insurer and reinsurer company operating in Hong Kong and in the whole of Asia, serving their clients’ and distribution partners’ need for various custom-tailored risk-transfer products and services. The wide range of choices provided by AXIS not only separates it from commonplace insurers; its top-quality, expert teams handling underwriting, claims, modelling and actuarial tasks, also widen and heighten the client’s knowledge and experience in the insurance process.
AXIS has developed a company professional culture based on establishing and preserving an “ethical, entrepreneurial and disciplined culture that promotes outstanding client-service and intelligent risk-taking.”
World-standard insurance coverage and capital strength are the prime concerns of AXIS Group Insurance. Its wide portfolio of unique products customized for the clients’ goals provide solutions to the present economic challenges. Among the products and services AXIS Insurance caters are the following:
Wholesale brokers, retail brokers and designated managing general agents/underwriters (MGAs/MGUs) in the U.S. and abroad comprise the distribution partners of AXIS throughout the world. Insurance coverages are supported financially by the stable and secure AXIS insurance companies, rated "A+" (Strong) by Standard & Poor's and "A+" (Superior) XV by A.M. Best.
Although AXIS is based in Hong Kong and began operations in Asia, its operations covers the entire globe, providing convenient access to expert underwriting, outstanding service and skilled claims assistance. Moreover, AXIS Insurance’s Global Property team specializes in Commercial Property Insurance for risk-managed assureds all over the globe. AXIS assures its clients of a strong support for their particular objectives with its extensive connections in more than 150 countries.
AXIS underwriters have a long track-record and a stable network of associates in the insurance industry. It has the capability and the knowhow required in developing property coverage for clients in various business concerns.
In our fast changing and volatile and extremely unpredictable interrelated global geophysical as well as economic environments, having insurance coverage provides a failsafe protection for unpredictable and inevitable circumstances. AXIS understands the clients’ needs for protecting their lives and their assets. It is your strong bridge to a secure and bright future.