AXIS Capital Holdings Limited (AXS) will raise its quarterly dividend from $0.35 to $0.38 per share.

The common dividend will be payable on January 17, 2017 to the shareholders of record at the close of business on December 30, 2016.

"AXIS has a strong track record of capital management, returning excess capital through a combination of buybacks and dividends dating back to our initial public offering in 2003," said Albert Benchimol, President and Chief Executive Officer of AXIS Capital. "In the trailing five year period since 2012 through the end of the most recent quarter, we have returned $2.6 billion to shareholders, representing over 100% of the sum of our operating earnings in this period and the merger termination fee received in 2015. This new share repurchase authorization from our Board will allow us to continue to improve investor returns through intelligent capital management.

The dividend yield is 2.3% based on a stock price of $65.39.

AXIS Capital Holdings Limited is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance. The Company provides a range of specialty (re)insurance, through subsidiaries and branch networks- based in Bermuda, the United States, Canada, Europe and Singapore.