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AXIS Capital updates on accelerated share repurchase agreement with Goldman Sachs

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AXIS Capital updates on accelerated share repurchase agreement with Goldman Sachs

Goldman Sachs & Co. on Jan. 15 early terminated itsaccelerated share repurchase agreementwith AXIS Capital Holdings Ltd.and delivered 1,358,380 additional common shares to AXIS Capital.

Under an accelerated share repurchase agreement, enteredinto in August 2015, AXIS Capital will pay Goldman Sachs $300 million and willreceive initial deliveries of 4,149,378 shares. The accelerated share repurchasewas scheduled to be completed in February.

The agreement's early termination resulted in the reductionfrom additional paid-in capital of $60 million being reclassified to treasuryshares.

In total, AXIS Capital repurchased 5,507,758 common sharesunder the accelerated share repurchase agreement at an average price of $54.47,according to a Form 10-Q.