The New York-based Navigators Group, Inc. announced that its Board of Directors has adopted a stock repurchase program for up to $35 million of the Company’s common stock.
“Repurchases may be made from time to time at prevailing prices in open market or privately negotiated transactions through December 31, 2010,” the bulletin explained. “The timing and amount of the repurchase transactions under the program will depend on a variety of factors, including the trading price of the stock, market conditions and corporate and regulatory considerations.”
President and CEO Stan Galanski, commented: “The authorization of a share repurchase program reflects the Board’s confidence in the Company’s financial condition and our ability to grow shareholder value in the future. It demonstrates our commitment to effective capital management while assuring policyholders and investors of our financial strength and claims paying ability.”
Source: Navigators Group – www.navg.com
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