Cincinnati-based, The Midland Company, a provider of specialty insurance products and services, this week announced that its Board of Directors has extended its existing stock repurchase program until July 2008.
The Board, in a written statement said that it has also provided authorization for an additional 500,000 shares of outstanding common stock to be repurchased under the program. The Company had approximately 600,000 shares of availability under the previously authorized repurchase program, which was set to end in July 2006. The new authorization increases the total amount of shares available for repurchase to approximately 1.1 million.
Under the stock repurchase program, management is permitted the discretion to purchase shares, from time to time and in accordance with applicable laws, rules and regulations, at prices that are deemed reasonable in light of circumstances at the time of purchase. No shares have been repurchased by the Company since 2003.
Midland also announced that the Board of Directors has declared a regular quarterly dividend of 6.125 cents per share, maintaining the annual dividend at 24.5 cents per share. The quarterly dividend is payable July 6, 2006 to shareholders of record on June 22, 2006. The Midland Company presently has 19,042,000 shares outstanding.
Midland is a provider of specialty insurance products and services through its wholly owned subsidiary, American Modern Insurance Group, which accounts for approximately 95 percent of Midland’s consolidated revenue. American Modern specializes in writing physical damage insurance and related coverages on manufactured housing and has expanded to other specialty insurance products including coverage for site-built homes, motorcycles, watercraft, snowmobiles, recreational vehicles, physical damage on long-haul trucks, extended service contracts, excess and surplus lines coverages, credit life and related products as well as collateral protection and mortgage fire products sold to financial institutions and their customers. For more information about Midland go to www.midlandcompany.com.
Source: The Midland Company
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