Bermuda-based Platinum Underwriters Holdings announced that it has increased the authorized amount under its existing share repurchase program to a total of up to $250 million of its common shares.
“This represents an increase of approximately $167 million from the approximately $83 million remaining in the program,” said the bulletin. “Repurchases under the program may be made in open market or privately negotiated transactions or otherwise, from time to time, depending on market conditions.”
The Company also announced that the Board of Directors has declared a quarterly dividend of $0.08 per common share. The dividend is payable on March 31, 2010 to shareholders of record on March 1, 2010.
In addition the bulletin set the date for the Company’s 2010 Annual General Meeting of Shareholders for Thursday, April 29, 2010 at 10:00 a.m. local time in Bermuda. In addition to electing officers and directors, shareholders will also be “asked to consider proposals approving the amendment and restatement of the Bye-laws of the Company to take advantage of several developments in the laws of Bermuda and the United States that involve matters covered by, and to improve the organization of, the Company’s Bye-laws,” in addition to other matters.
Source: Platinum Underwriters – www.platinumre.com
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