PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS) today announced that it will redeem 14,042,955 of its 6.875% Series C Preferred Shares, par value $0.0125 per share and liquidation preference $25.00 per share (the “Preferred Shares”), constituting all of its outstanding Preferred Shares, representing $351,073,875 in aggregate liquidation preference of Preferred Shares, on April 17, 2017 (the “Redemption Date”) at a redemption price equal to $25.00 per Preferred Share, plus all declared and unpaid dividends, if any, to, but excluding, the Redemption Date, without accumulation of any undeclared dividends.
The Preferred Shares are currently traded on the New York Stock Exchange under the symbol AXSprC (CUSIP G0692U307).
Payment of the redemption price will be made upon presentation and surrender of Preferred Shares to be redeemed to Computershare, Redemption Agent, by overnight delivery at 250 Royall Street, Canton, Massachusetts 02021, Attention: Corporate Actions, or by mail at P.O. Box 43014, Providence, Rhode Island 02940-3014.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2016 of $6.3 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements contained in this release include our expectations regarding market conditions and information regarding our estimates of losses related to natural disasters. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “should,” “could,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “predict,” “potential,” “outlook,” “seeks,” “approximately” and “intend.” Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Accordingly there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this press release. We believe these factors include but are not limited to those described under the caption “Risk Factors” set forth in our most recent report on Form 10-K and other documents on file with the Securities and Exchange Commission. These factors should not be construed as exhaustive. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.