Safeco has announced that its board of directors has increased the company’s share repurchase authorization to 10 million shares, including shares that remain available for repurchase under previously approved programs. The current authorization is equal to 8.1 percent of Safeco’s shares outstanding at Oct. 31, 2005.
Since 2003, Safeco has repurchased 18.6 million shares, or 13.4 percent of its then outstanding shares, at a total cost of $918 million.
The company is authorized to repurchase shares through open-market purchases, privately negotiated purchases or other means, including accelerated share repurchases and 10b5-1 trading plans.
Safeco, in business since 1923, is a Fortune 500 property and casualty insurance company based in Seattle.
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