Allied World Assurance Company Holdings, AG announced that its shareholders approved the following proposals at the Annual Shareholder Meeting:
An annual dividend increase of 35 percent, from $2.00 per share to $2.70 per share (pre-split). The new $2.70 dividend amount is on a pre-split basis and the annual amount after the stock split takes place will be $0.90 per share. The first of the four approved installments is expected to be paid in July 2014.
A new $500 million share repurchase program. The new $500 million program will supersede the 2012 share repurchase program and no further repurchases will be made under the 2012 share repurchase program.
A three-for-one stock split. Shareholders of record as of May 12, 2014 will receive two additional common shares for each common share owned. These additional shares will be credited to shareholders’ accounts on May 22, 2014. When the market opens on May 23, 2014, its value will reflect the impact of the split.
Source: Allied World Assurance Company Holdings, AG