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AXIS Capital Announces New $100 Million Share Repurchase Authorization; Increases Quarterly Dividend By $0.01
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
buybackdividends
Rhea-AI Summary
AXIS Capital has authorized a $100 million repurchase of its common shares to be executed in the open market or through private negotiations until December 31, 2023. This buyback aims to enhance shareholder value based on market conditions. Additionally, the Board declared a quarterly dividend of $0.44 per common share and $34.375 per Series E preferred share, payable on January 18, 2023. The company reported $4.3 billion in shareholders' equity as of September 30, 2022.
Positive
Share repurchase plan of $100 million expected to boost shareholder value.
Quarterly dividend of $0.44 per common share enhances income for investors.
Negative
None.
PEMBROKE, Bermuda--(BUSINESS WIRE)--
AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that its Board of Directors has authorized the repurchase of up to $100 million of the Company’s common shares, which may be effected from time to time in open market or privately negotiated transactions through December 31, 2023. The Company intends to repurchase common shares opportunistically, when the timing and amount of the repurchases depending on a variety of factors, including market conditions and corporate and regulatory conditions.
The Company Board of Directors has also declared a quarterly dividend of $0.44 per common share payable on January 18, 2023 to shareholders of record at the close of business on December 30, 2022.
In addition, the Board declared a dividend of $34.375 per Series E 5.50% preferred share (equivalent to $0.34375 per depositary share) payable on January 18, 2023 to shareholders of record at the close of business on December 30, 2022.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $4.3 billion at September 30, 2022 and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
