AXIS Capital authorises $1bn share repurchase programme
AXIS Capital Holdings has been authorised by its board of directors to repurchase up to $1 billion of company’s common shares in 2017.
This new repurchase authorization, effective from 1 January, will replace the existing programme that has approximately $264.9 million in remaining authorization available through the end of this year.
“This new share repurchase authorization from our Board will allow us to continue to improve investor returns through intelligent capital management,” said Albert Benchimol, president and chief executive officer of AXIS Capital.
Benchimol added: “AXIS has a strong track record of capital management, returning excess capital through a combination of buybacks and dividends dating back to our initial public offering in 2003.
“In the trailing five year period since 2012 through the end of the most recent quarter, we have returned $2.6 billion to shareholders, representing over 100% of the sum of our operating earnings in this period and the merger termination fee received in 2015.
“AXIS’ commitment to deliver superior returns to our shareholders is reflected by the consistent growth in our common dividends. We are pleased to announce the thirteenth consecutive annual dividend increase since we declared our first dividend.”
The company’s board of directors also declared a quarterly dividend of $0.38 per common share, which represents an increase of 8 percent. The common dividend will be payable on January 17, 2017 to the shareholders of record at the close of business on December 30, 2016.
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