Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 153

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 153
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 nine months ended September 30, 2025, common equity increased by $278 million. The following table reconciles opening and closing common equity positions:

Nine months ended September 30,2025Common equity - opening$5,539,379 Share-based compensation expense32,108 Change in unrealized gains on available for sale investments, net of tax265,305 Foreign currency translation adjustment12,421 Net income719,289 Preferred share dividends(22,688)Common share dividends(105,201)Treasury shares repurchased(625,633)Treasury shares reissued2,029 Common equity - closing$5,817,009 

During the nine months ended September 30, 2025, we repurchased 6.7 million common shares for a total of $626 million, including $600 million repurchased pursuant to our Board-authorized share repurchase programs and $26 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units granted under our 2017 Long-Term Equity Compensation Plan. 

On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.

On February 19, 2025, the Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. On September 3, 2025, authorization under this plan was exhausted.

On September 17, 2025, the Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At September 30, 2025, we had $400 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases (refer to Part II, Item 2 'Unregistered Sales of Equity Securities and Use of Proceeds' for further details). 

We expect cash flows generated from operations, combined with liquidity provided by our investment portfolio, will be sufficient to cover cash outflows and other contractual commitments through the foreseeable future