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Axis Capital Holdings Limited (NYSE:AXS), a prominent insurance industry player with a market capitalization of $7.2 billion and an impressive InvestingPro Financial Health score of "GREAT," disclosed Monday that Kent Ziegler, the Global Corporate Controller and principal accounting officer, will resign effective May 1, 2025, to pursue a new opportunity. His decision to leave the Bermuda-based insurer was not due to any disagreements over operations, policies, or practices, according to the company’s statement.
The company has initiated a search for Ziegler’s successor. In the interim, Peter Vogt, currently the Chief Financial Officer, will assume the additional role of principal accounting officer. Vogt will undertake these expanded responsibilities without additional compensation. The transition comes as the company maintains strong financial metrics, trading at an attractive P/E ratio of 7.4x and boasting a 23-year track record of consistent dividend payments.
The company provided details of Vogt’s background and qualifications in its proxy statement filed with the SEC on April 3, 2025, which is referenced in the current report. Axis Capital has not indicated any changes to its financial reporting processes or timelines as a result of this transition.
This latest executive movement comes as Axis Capital continues to navigate the complex global insurance market, with the company’s common shares and depositary shares remaining listed on the New York Stock Exchange. The information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, AXIS Capital announced a $200 million stock repurchase from T-VIII PubOpps LP, managed by Stone Point Capital LLC. This transaction is part of AXIS Capital’s ongoing capital management strategy and reduces Stone Point’s stake in the company from about 5.6% to 3%. In a separate development, AXIS Capital extended its $300 million credit facility with Citibank Europe plc until March 2027, ensuring continued financial flexibility for its subsidiaries. Analyst firm Keefe, Bruyette & Woods raised AXIS Capital’s price target to $120, maintaining an Outperform rating, citing confidence in the company’s strategic initiatives. Despite adjusting the 2025 earnings per share estimates downward due to anticipated catastrophe losses, the 2026 estimates were increased due to expected premium growth. Meanwhile, TD Cowen reiterated a Buy rating with a price target of $127, highlighting AXIS Capital’s attractive valuation and potential 30% upside. The firm’s strategic focus on the insurance sector and effective underwriting capabilities were noted as key strengths. These recent developments reflect AXIS Capital’s ongoing efforts to enhance shareholder value and financial stability.
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