Axis Capital has approved a $US750 million ($823 million) share buyback, as it extends a repurchasing program and returns funds to investors.

Company capital exceeded $US6.7 billion ($7.4 billion) at the end of September, according to the Bermuda-based insurer.

“We believe we can effectively balance growth with return of capital to our shareholders, all the while maintaining our financial strength,” President and CEO Albert Benchimol said.

Axis has bought 10.1 million shares for $US441 million ($484 million) this year.

Buyback spending has reached $US2.6 billion ($2.9 billion) in the decade since its initial public offering.

“We are pleased this new authorisation will provide us with the flexibility to continue to return capital to shareholders into 2015,” Mr Benchimol said.

The authorisation takes effect from January 1. Shares will be bought through the open market or privately negotiated transactions, depending on prevailing conditions.

The company has also declared an 8% rise in quarterly dividend to US27 cents (30 cents) per common share.