Published December 9, 2016 8:35am EST | Updated December 9, 2016 10:05am EST

Axis Capital Unveils $1 Billion Share Buyback Program, Raises Quarterly Dividend By 8%

Axis Capital Holdings Ltd. said Friday it's board has approved a share buyback program of up to $1 billion. The new authorization will replace the existing one, which has $264.9 million available. The company is also raising its quarterly dividend by 8% to 38 cents a share. The new dividend will be payable Jan. 17 to shareholders of record as of Dec. 30. Shares were not yet active in premarket trade, but are up 12% in the year to date, while the S&P 500 has gained 10%.