Axis Capital (NYSE:AXS) ticked higher Friday on news that its board of directors authorized the company to repurchase up to an additional $750 million of its shares.

The new authorization adds to the $121 million available as of yesterday under the stock repurchase program.

The shares will be repurchased from time to time in the open market or privately negotiated transactions through December 31, 2012.

The Bermuda-based insurer has declared a quarterly dividend of 21 cents a share, payable on October 15 to shareholders of record on September 30.

Axis also declared a dividend of 45.3 cents per Series A 7.25% preferred shares and a dividend of $1.875 for Series B 7.5% preferred shares. 

Those dividends are payable on October 15 to shareholders of record September 30 and December 1 to shareholders of record on November 15, respectively.