Bermuda-based AXIS Capital Holdings Limited has appointed Sir Andrew Large to its Board of Directors as an independent director. He will serve as a “Class I Director” and will remain on the Board until 2009.
The Company’s Board of Directors also approved a 10 percent increase in the quarterly common dividend and has authorized the renewal of the Company’s share repurchase plan
The announcement noted: “Large, 64, recently retired as Deputy Governor for Financial Stability at the Bank of England and member of the Bank’s Monetary Policy Committee. Prior to his appointment to the Bank of England in September 2002, he was Deputy Chairman of the Board of Barclays Bank plc from May 1998 when he also chaired the Group of 30 Project on Clearing and Settlement. He was an investment banker from 1970 through 1990 at Orion Bank and Swiss Bank Corporation of which he was a member of the Management Board from 1987 through 1989. He began his career at British Petroleum in 1964.”
Chairman Michael Butt commented: “We are pleased to welcome Sir Andrew Large to AXIS Capital’s Board of Directors. Andrew brings a wealth of international expertise from the private sector as well as experience at the highest level in the public sector as a financial policymaker and regulator. His background in the global financial services arena and significant experience of the risk management process will be of invaluable assistance to AXIS in meeting the current and future challenges of growing as a global financial services enterprise.”
In approving the 10 percent dividend increase the board raised the payment to 16.5 cents per share, 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 percent Preferred Share and a dividend of $1.875 per Series B 7.5 percent 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.
In addition the Board sanctioned 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.
Source: AXIS Capital
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