Axis Capital approves new $400 million share buyback, declares $0.44 quarterly dividend
By Mia MacGregor
Feb 20 - (The Insurer) - Axis Capital announced on Wednesday that its board of directors has approved a new $400 million share repurchase programme, in addition to declaring a quarterly dividend of $0.44 per common share.
The quarterly dividend will be payable on April 17, 2025, to shareholders of record at the close of business on March 31, 2025.
The board also declared a dividend of $34.375 per Series E 5.50% preferred share (equivalent to $0.34375 per depositary share), also payable on April 17, 2025, to shareholders of record as of March 31, 2025.
Additionally, the company announced that its board has approved the new share repurchase programme, authorising the repurchase of up to $400 million in common shares. This replaces the previous $300 million authorisation, which has been fully utilised, according to Axis Capital.
The new repurchase programme is open-ended, allowing the company to buy back shares periodically through open-market transactions or privately negotiated deals.
Axis Capital said that it will consider share repurchases on an opportunistic basis, and that the timing and volume of repurchases will be influenced by market conditions, economic factors and regulatory considerations.
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