The Firm represented AXIS Capital Holdings Limited in connection with a registered offering of 9,000,000 shares of 5.50% Series D Preferred Shares, including 1,000,000 shares issued pursuant to the partial exercise of the underwriters’ over-allotment option, at a liquidation preference of $25 per share, representing $225,000,000 in aggregate liquidation preference. AXIS intends to use a portion of the net proceeds from the offering to redeem all of its outstanding Series A Preferred Shares and any remaining net proceeds for general corporate purposes, which may include the repurchase of a portion of its outstanding common shares.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at March 31, 2012 of $5.9 billion and locations in Bermuda, the United States, Europe, Singapore, Canada, Australia and Latin America.
The Simpson Thacher team included Gary Horowitz, Lesley Peng, Karen Wang and Shannon Itoyama (Capital Markets); Steven DeLott (Insurance); Jonathan Cantor and Andrew Purcell (Tax); and Gregory Grogan and Douglas Tang (Executive Compensation & Employee Benefits).