Bermuda-based AXIS Capital Holdings Limited announced that its Board of Directors has authorized the Company to engage in two capital management initiatives.
The Board approved a 20 percent increase in the quarterly dividend to $0.15 per common share. The dividend will be payable on April 14, 2005, to the shareholders of record at the close of business on March 31, 2005.
In addition, the Board has approved the additional repurchase of up to $150 million of common shares authorized under the Company’s share repurchase plan.
The announcement noted: “AXIS Capital recently completed a $350 million share repurchase from two of its founding shareholders. This repurchase from founding shareholders exhausted the share repurchase plan authorized by the Board in December 2004. The repurchases are expected to be effected from time to time in open market or privately negotiated transactions, depending on market conditions. The share repurchase plan is currently authorized to continue until December 2006.”
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