Insurer AXIS Capital Holdings Limited (AXS) will raise its quarterly dividend by 2.6 percent from to $0.40 per share in the first quarter of 2019.

The increased common dividend will be payable on January 15, 2019 to shareholders of record at the close of business on December 31, 2018.

A new annualized dividend rate of $1.60 per share yields 2.9% at a stock price of $55.76.

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.