Axis said it would wind down its retail insurance operations in Australia while still serving that market through its international wholesale insurance and global reinsurance businesses. The reorganization is expected to save about $30 million annually before taxes, according to the statement.

Benchimol intends to boost the firm’s value through accessing a “broad range of capital” to complement its balance sheet, he said in the statement. Axis will also continue to work with third parties and generate fee income from providing tailored products to investing firms, he said.

“The company is looking at different avenues where it can generate alpha in a very difficult business, that may get more difficult in this hurricane season, and as the level of excess capital continues to build,” Amit Kumar, an analyst at Macquarie Group Ltd., said by phone. He said in a note to clients Tuesday that staff layoffs are “not necessarily a path to value creation.”

The reinsurer gained 4.4 percent this year through Tuesday. The company said its $300 million share repurchase program is expected to be completed by the end of the year and the board will review the stock buybacks and dividend policy at a December meeting. Axis is scheduled to report third-quarter results on Oct. 27.