Safeco announced that its board of directors has increased the company’s share repurchase authorization to 10 million shares, including shares that remain available for repurchase under previously approved programs. The current authorization is equal to 8.6 percent of Safeco’s shares outstanding at June 30, 2006.
Since 2003, Safeco has repurchased 27.5 million shares, or 19.9 percent of its then outstanding shares, at a total cost of $1.4 billion. The company is authorized to repurchase shares through open-market purchases, privately negotiated purchases or other means, including accelerated share repurchases and 10b5-1 trading plans.
Meanwhile, the company also declared a regular dividend of $0.30 per share on its common stock. The dividend is payable October 23, 2006 to shareholders of record on Oct. 6, 2006.
Safeco, in business since 1923, is a property and casualty insurance company based in Seattle.
Topics Funding
Was this article valuable?
Here are more articles you may enjoy.
Dubai Floods Expose Weaknesses to a Rapidly Changing Climate 
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs 
How California’s Huge Raises for Fast-Food Workers Will Ripple Across Industries 
California Sees Two More Property Insurers Withdraw From Market 
