Insurer Axis has approved a massive $750 million share repurchase scheme, the firm announced yesterday.

The company said that the board of directors had backed the plan, which will see them buy back common shares in the firm.

President and CEO of Axis Capital Albert Benchimol said: “Axis Capital is committed to intelligent capital management considering the interests of all our stakeholders, including both clients and shareholders.

“With total capital in excess of $6.7 billion as at September 30, 2013 and increasingly efficient use of our capital, we believe we can effectively balance growth with return of capital to our shareholders, all the while maintaining our financial strength.”

The firm has already bought back $441 million worth of shares this year alone — a total of more than ten million shares out of the $750 million authorisation granted in 2012. The new authorisation — which is effective from the start of next year — replaces an existing one backed, which still has almost $309 million in cash, which will remain in force until the end of this year.

Mr Benchimol said: “We are pleased that this new authorisation will provide us with the flexibility to continue to return capital to shareholders into 2015.”

He added that “a critical component” of maximising shareholder returns was consistent growth in common dividends and that an eight percent increase was the tenth consecutive annual dividend increase since the firm delivered its first dividend in 2003.

Mr Benchimol said that the firm also regarded the return of capital through share repurchases as “an important tool” in capital management.

He added that, since the initial purchase offer a decade ago, Axis has spent $2.6 billion buying back 78 million shares in open market and private transactions.