AXIS Capital(US:AXS) zacks.com·2024-05-17 17:57Group 1 - AXIS Capital Holdings Limited has authorized a new share buyback program allowing up to $300 million for repurchasing common stock, in addition to a previously approved $100 million program [1] - The company has already repurchased $76 million worth of shares in Q1 2024 and $2 million in April, leaving $36 million under the previous authorization, resulting in a total of $336 million available for buybacks with the new program [1] - AXIS Capital has a strong history of returning value to shareholders through dividends and share buybacks, having increased its dividend for 18 consecutive years and maintaining one of the highest dividend yields among peers [1] Group 2 - The company is focusing on specialty lines and investing in growth areas such as wholesale insurance and lower middle markets, while exiting volatile catastrophe and property reinsurance sectors [2] - This strategic shift aims to reduce risk exposure and enhance focus on accident and health, casualty, credit and surety, and specialty reinsurance lines, which is expected to improve results and boost shareholder value [2] Group 3 - AXIS Capital's shares have increased by 28.4% year to date, outperforming the industry average increase of 16.1% [4] Group 4 - Other top-ranked insurance stocks include The Allstate Corporation, Arch Capital Group Ltd, and RLI Corp, all with a Zacks Rank 1 (Strong Buy) [5] - Allstate has a four-quarter average earnings surprise of 41.88% and has gained 21.6% year to date, with significant earnings growth projected for 2024 and 2025 [5] - Arch Capital has a four-quarter average earnings surprise of 28.41% and has gained 34.6% year to date, with modest earnings growth expected for the next two years [5] - RLI has a four-quarter average earnings surprise of 132.49% and has gained 11% year to date, with positive earnings growth anticipated for 2024 and 2025 [5]