Bermuda’s XL Capital Ltd. announced that on September 21, 2007, the Company’s Board of Directors “approved a new share repurchase program, authorizing the Company to repurchase up to $500 million of its Class A ordinary shares.”
XL said it expects to make the purchases “from time to time in the open market or in privately negotiated transactions, and that such repurchases are expected to be funded from cash on hand.”
It also indicated that the “timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time.”
Source: XL Capital – www.xlcapital.com.