Chubb instigates share buyback programme
US-based business insurer Chubb has announced plans to buy back 20 million shares from common stock.
Chubb’s board of directors approved the share repurchase programme in a meeting last week, during which they also declared a quarterly dividend of $0.33, in line with the two previous quarters.
The share buyback has no deadline, with purchases to be made at Chubb’s discretion on the open market or in privately negotiated transactions.
Chief executive John Finnegan said the company will choose opportune moments to buyback shares when potential for growth is greatest.
The decision by the board to buyback shares represents their confidence in Chubb’s strong financial condition, Finnegan said.
He added that the pace at which shares are repurchased will depend on the state of global financial markets.
Category: Financials, Insurance News
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