- After a review of operations, AXIS Capital (NYSE:AXS) expects to cut about 100 jobs, primarily in its corporate and select insurance operations.
- The company will book a pre-tax reorganization charge of about $51M or $0.51 per share in Q3, and anticipates annual run-rate pre-tax cost savings of about $30M to mostly begin in 2016.
- The company reminds it announced a $300M accelerated buyback program in early August which is expected to be completed by year-end. The repurchase and dividend policies will be reviewed at the Dec. 2015 board meeting.
- Source: Press release