Press release from Business Wire
AXIS Capital Holdings Limited Redeems All Outstanding 7.25% Series A Preferred Shares
Monday, May 20, 2013
AXIS Capital Holdings Limited Redeems All Outstanding 7.25% Series A Preferred Shares16:06 EDT Monday, May 20, 2013
PEMBROKE, Bermuda (Business Wire) -- AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) today announced that it will redeem 4,000,000 of its 7.25% Series A 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 $100,000,000 in aggregate liquidation preference of Preferred Shares, on June 19, 2013 (the “Redemption Date”) at a redemption price equal to $25.00 per Preferred Share, plus all declared and unpaid dividends, through the Redemption Date.
The Preferred Shares are currently traded on the New York Stock Exchange under the symbol AXSprA(CUSIP GO692U208).
Payment of the redemption price will be made upon presentation and surrender of Preferred Shares to be redeemed to Computershare, Redemption Agent, by hand or 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, Attention: Corporate Actions.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at March 31, 2013 of $5.9 billion and locations in Bermuda, the United States, Europe, Singapore, Canada, Australia and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor's and “A” (“Excellent”) with a positive outlook 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. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Important factors that could cause actual events or results to be materially different from our expectations include the occurrence and magnitude of natural and man-made disasters; actual claims exceeding our loss reserves; general economic, capital and credit market conditions; the failure of any of the loss limitation methods we employ; the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions; the failure of our cedants to adequately evaluate risks; inability to obtain additional capital on favorable terms, or at all; the loss of one or more key executives; a decline in our ratings with rating agencies; loss of business provided to us by our major brokers; changes in accounting policies or practices; the use of industry catastrophe models and changes to these models; changes in governmental regulations; increased competition; changes in the political environment of certain countries in which we operate or underwrite business; fluctuations in interest rates, credit spreads, equity prices and/or currency values, and the other factors set forth in our most recent report on Form 10-K and other documents on file with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
AXIS Capital Holdings Limited
Linda Ventresca, 441-405-2727
Kekst and Company
Michael Herley, 212-521-4897