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BRIEF-Axis Capital to record reorganization charge of about $51 mln in Q3

Published 07/10/2015, 10:34 pm
Updated 07/10/2015, 10:38 pm
© Reuters.  BRIEF-Axis Capital to record reorganization charge of about $51 mln in Q3

Oct 7 (Reuters) - AXIS Capital Holdings Ltd AXS.N :

* Announces initiatives to support profitable growth and enhance shareholder

value

* Company to record a reorganization charge of approximately $51 million in the

third quarter

* Says retail insurance operations in Australia to be wound down

* Company anticipates a workforce reduction of approximately 100 positions

* Says board of directors plans to review its share repurchase and dividend

policy at December 2015 regular meeting

* Workforce reductions primarily in its corporate and select insurance

operations

* Anticipated annual run-rate pre-tax cost savings of approximately $30 million

to be substantially realized in 2016

* Restructuring actions to result in a pre-tax reorganization charge of $0.51

per share during Q3

* Ecognized an impairment of certain customer-based intangibles following

closure of its retail insurance operations in Australia

* Says to continue serving Australian market through its international

wholesale insurance and global reinsurance operations

* Source text for Eikon ID:nBw2YJyl5a

* Further company coverage AXS.N

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