AXIS Capital Holdings Limited ("AXIS Capital") (NYSE:AXS) today announced the Company's 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, 2022. The Company intends to repurchase common shares opportunistically, with the timing and amount of the repurchases depending on a variety of factors, including market conditions and corporate and regulatory considerations.
The Company's Board of Directors also has declared a quarterly dividend of $0.43 per common share, which represents an increase of 2.4%. This is the 18th consecutive year that the Company has increased its common stock dividend. The dividend is payable on January 18, 2022 to shareholders of record at the close of business on December 30, 2021.
Additionally, the Board declared a dividend of $34.375 per Series E 5.50% Preferred Share (equivalent to $0.34375 per depositary share) which is also payable on January 18, 2022 to shareholders of record at the close of business on December 30, 2021.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $5.3 billion at September 30, 2021, 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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this press release, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.