Bermudian-based insurer and reinsurer Axis Capital Holdings is to buy back around $350 million of its preferred shares.

The firm said yesterday it would redeem more than 14 million of its 6.875 per cent Series C preferred shares on April 17.

The redemption price is equal to $25 per preferred share, plus all declared and unpaid dividends, if any, to, but excluding the redemption date, without accumulation of any undeclared dividends.

The shares are traded on the New York Stock Exchange.