Axis Capital Announces 10% Increase in Quarterly Common Dividend and Share Repurchase Authorization.PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE NYSE See: New York Stock Exchange : AXS AXS Access AXS Anomalous X-Ray Scattering AXS Alpha Chi Sigma AXS Alpha X-Ray Spectrometer AXS Activex Script ) today announced that the Company's Board of Directors has approved a 10% increase in the quarterly common dividend and has authorized renewal of the Company's share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and . The Board has approved a 10% increase in the quarterly common dividend to $0.165 per share. The common dividend declared today will be payable on January 16, 2007 to the shareholders of record at the close of business on December 31, 2006. The Board also 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 January 16, 2007 to shareholders of record at the close of business on December 31, 2006 and the Series B Preferred Share dividend is payable on March 1, 2007 to shareholders of record at the close of business on February 15, 2007. The Board also today authorized a renewal of the Company's share repurchase plan with authorization to repurchase up to $400 million of common shares. The plan is set to expire on December 31, 2008. Repurchases under the plan may be effected from time to time in open market or privately negotiated transactions, depending on market conditions. No repurchases were effected under the previous authorization of $150 million approved in March 2005. AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. with shareholders'equity at September 30, 2006 of $4.1 billion and locations in Bermuda, the United States, Europe and Singapore. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") by Standard & Poor's. AXIS Capital has been assigned a senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating of Baa1 (stable) by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. + (stable) by Standard & Poor's. For more information about AXIS Capital, visit our website at www.axiscapital.com. |
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