Bermuda’s PartnerRe Ltd. announced that its Board of Directors has approved an increase in the company’s stock repurchase authorization for a total of up to 5 million common shares.
“This reflects an increase of approximately 3.5 million common shares to the approximately 1.5 million common shares remaining under the prior authorization announced by the company on May 17, 2004,” said the bulletin. During the past 12 months, the company has repurchased a total of 3,472,000 common shares.
President and CEO Patrick Thiele commented: “Active capital management is an important component of our long term and cyclical strategy. Subject to maintaining our unquestioned financial strength for our cedants, we expect to return capital to our shareholders through share repurchases during softening reinsurance markets. This authorization provides us the flexibility to do that.”
From time to time, and depending on market conditions, the repurchase program will be accomplished in open market or privately negotiated transactions.
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