AXIS Capital Holdings has entered a stock repurchase agreement with an affiliate of Stone Point Capital, acquiring 2.4 million shares for $238 million and ending the institutional investor's stake in the Bermuda-based underwriter.
T-VIII PubOpps LP, an investment vehicle managed by Stone Point Capital, agreed to sell the shares to AXIS, according to a filing with the US Securities and Exchange Commission.
The transaction eliminates Stone Point's ownership position in AXIS. Stone Point-managed investment funds held approximately 3.1% of AXIS's outstanding common shares before the repurchase, which AXIS said will be zero following the completion of the agreement.
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AXIS completed the repurchase under its board-authorized $400 million share repurchase program. The company has actively deployed capital through this authorization, repurchasing $110 million in common shares and paying $35 million in dividends during the third quarter of 2025 alone.
Stone Point Capital continues to maintain a significant investment presence in the insurance industry through other ventures. The firm invested $2.5 billion in Ardonagh Group, the global insurance broker, in a transaction that valued the company at $14 billion, participating alongside existing shareholders Madison Dearborn Partners and HPS Investment Partners.
Read more: Fidelis Insurance launches stock buyback plan, increases dividend
The Stone Point transaction is also part of a broader trend in the insurance industry toward capital returns. Competitors, including Fidelis Insurance Holdings Ltd., have similarly announced expanded repurchase authorizations, with Fidelis renewing its program to $200 million and increasing its quarterly dividend to $0.15 per share after returning $110.8 million to shareholders in the first half of 2025.
Allianz, the German financial services giant, unveiled an even larger program worth €2 billion, set to run from March through December 2025.
AXIS Capital operates as a provider of property, casualty, and specialty lines insurance and reinsurance. The company is domiciled in Bermuda and trades on the New York Stock Exchange.
