Bermuda-based AlphaStar Insurance Group Limited announced that it has repurchased all of the Company’s shares formerly held by various Goldman Sachs entities, amounting to 2,181,775, or 22.9 percent, of the 9,519,972 shares currently outstanding (net of 443,400 current treasury shares). It will hold the repurchased shares as treasury stock.
Stephen A. Crane, the Company’s Chairman, President and CEO, stated that “AlphaStar is very appreciative of the support that Goldman Sachs has given to the Company as its largest shareholder over the past several years. It was indicative of that support that Goldman was willing to work with us in conjunction with Goldman’s portfolio management objectives. We are pleased that, through the retirement of these shares, we have been able to create value by increasing the book value per share for our remaining shareholders.”
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