Axis Capital Holdings Ltd. said on Monday it will receive a $315 million merger termination fee from PartnerRe Ltd. , which just agreed to be acquired by Exor SpA . The merger with PartnerRe was originally announced in January. “While I am disappointed that the merger will not proceed, I have no doubt that the best days for Axis Capital, our employees, clients, brokers and shareholders lie ahead,” said Chief Executive Albert Benchimol. “We have built a powerful global platform on which to continue to advance our hybrid insurance model with three diversified businesses in specialty insurance, reinsurance, and accident and health.” Axis also said Monday it will reinstate its share repurchase program, which has $749 million remaining. As part of the reinstatement, it will launch a $300 million accelerated buyback program to be completed by Dec. 31. Axis’s stock, which was still inactive in premarket trade, has climbed 13% year to date, while the S&P 500 has gained 2.2%.
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