Ohio-based Progressive Corporation, the nation’s 4th largest auto insurer, and American Medical Security Group (AMS), a supplier of health care benefits and insurance to small businesses based in Green Bay Wisconsin, both issued announcements concerning their respective share repurchase programs.
Progressive said it had purchased 400,000 of its Common Shares from Peter B. Lewis, the Company’s CEO for $52.23 per share. “This transaction is part of Progressive’s ongoing repurchase program to eliminate the effect of dilution created by equity compensation awards,” said the bulletin. It added that it had been unanimously approved by a “committee of independent directors of the Company.”
Lewis will use the proceeds personally. The purchase follows the December sale of 308,000 Common Shares in open market transactions, “made to satisfy charitable contributions.”
AMS’ Board approved a share repurchase program that provides the company with the authority to reacquire up to $10 million of its outstanding common shares. Under the plan the company can “buy back its shares, from time to time, in open market or privately negotiated transactions, subject to price and market conditions.”
“A future decision on our part to repurchase shares will be motivated by the interests of our shareholders and will reflect our confidence in AMS’ long-term earnings potential,” stated Samuel V. Miller, AMS Chairman, President & CEO.
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