The board of directors of Bermudian-based Axis Capital Holdings Limited has authorised the repurchase of up to $100 million of the company's common shares.

The company said the repurchase may be affected from time to time in open market or privately negotiated transactions through December 31, 2022.

Axis said it intends to repurchase common shares opportunistically, with the timing and amount of the repurchases depending on a variety of factors, including market conditions and corporate and regulatory considerations.

The board has also declared a quarterly dividend of 43 cents per common share, which represents an increase of 2.4 per cent.

Axis said this is the 18th consecutive year that the company has increased its common stock dividend.

The dividend is payable on January 18 to shareholders of record at the close of business on December 30.