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AXIS Capital Announces Additional $750 Million Share Repurchase Authorization

^{Published on 2010-09-24 06:00:58 - Market Wire}
 

PEMBROKE, Bermuda--([ BUSINESS WIRE ])--AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that the Companya™s Board of Directors has authorized the Company to repurchase up to an additional $750 million of the Companya™s common shares. This new repurchase authorization is in addition to the $121 million available as of September 23, 2010 under the Boarda™s previous share repurchase authorization. The Board has authorized the Company to effect repurchases under the new plan and the previous plan from time to time in open market or privately negotiated transactions through December 31, 2012, depending on market conditions.

The Companya™s Board of Directors has declared a quarterly dividend of $0.21 per common share. The common dividend will be payable on October 15, 2010 to the shareholders of record at the close of business on September 30, 2010.

The Board declared a dividend of $0.453125 per Series A 7.25% Preferred Share and a dividend of $1.875 per Series B 7.5% Preferred Share. The Series A Preferred Share dividend is payable on October 15, 2010 to shareholders of record at the close of business on September 30, 2010 and the Series B Preferred Share dividend is payable on December 1, 2010 to shareholders of record at the close of business on November 15, 2010.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholdersa™ equity at June 30, 2010 of $5.5 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia. Its operating subsidiaries have been assigned a rating of aA+a (aStronga) by Standard & Poora™s and aAa (aExcellenta) by A.M. Best. AXIS Capital and AXIS Specialty Finance LLC have been assigned senior unsecured debt ratings of A- (stable) by Standard & Poora™s and Baa1 (stable) by Moodya™s Investors Service. For more information about AXIS Capital, visit our website at [ www.axiscapital.com ].