The Board of Directors of Bermuda-based PartnerRe Ltd. has approved an increase in the Company’s stock repurchase authorization for a total of up to 5 million common shares.
The new authorization represents “an increase of approximately 1.2 million common shares to the approximately 3.8 million common shares remaining under the prior authorization announced by the Company on May 11, 2005,” said the announcement. So far PartnerRe has repurchased a total of 487,300 common shares.
President & CEO Patrick Thiele commented: “Active capital management is a vital part of our long term strategy in a cyclical industry. We allocate capital to those areas, which we believe provide the best available risk adjusted returns. Given current market conditions, we believe share repurchase represents one of the most attractive risk adjusted return opportunities for PartnerRe at this time. This authorization provides us with the flexibility to take full advantage of all opportunities.”
From time to time, and depending on market conditions, the repurchase program will be accomplished in open market or privately negotiated transactions.
Topics Mergers & Acquisitions
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