Axis repurchases $238m stake from Stone Point

Bermuda-based specialty re/insurer Axis Capital is repurchasing 2.4 million shares from a Stone Point Capital–managed vehicle for $238 million.

Axis has agreed to repurchase the shares from T-VIII PubOpps LP (T8), managed by Stone Point’s Trident Funds, which held about 3.1% of the company’s stock, a stake that will be fully exited following the buyback, according to a SEC filing.

"We view repurchasing stock as an opportunistic use of our capital and are buying back these shares as part of our company’s $400 million authorisation announced September 17. We look forward to continuing to execute on our strategy while delivering significant and sustained value creation for all Axis shareholders," Axis management said.

Axis director Charles Davis, the sole member of one of five general partners for the relevant investment funds, and chairman, co-CEO and member of Stone Point, said: “Stone Point and its investors have been exceptionally pleased with the performance of Axis. For myself, I plan to continue to hold my personal stake and am excited to remain a long-term shareholder. Under the strong leadership of Vince Tizzio, the team at Axis is delivering upon its vision of becoming a global specialty underwriting leader and I expect the firm to create tremendous value for its shareholders.”

Stone Point Capital is a founding investor which helped launch Axis in 2001 with a $1.7 billion equity raise and handpicked the senior management and board that built the Bermudian re/insurer.

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