The repurchases are likely to be made through December 31, 2010
The Navigators Group has adopted a stock repurchase program for up to $35m of the company’s common stock. The repurchases are likely to be made from time to time at prevailing prices in open market or privately negotiated transactions through December 31, 2010.
The timing and amount of the repurchase transactions under the program will depend on various factors, including the trading price of the stock, market conditions and corporate and regulatory considerations.
Stan Galanski, president and CEO of The Navigators, said: The authorisation of a share repurchase program reflects the board’s confidence in the company’s financial condition and our ability to grow shareholder value in the future. It demonstrates our commitment to effective capital management while assuring policyholders and investors of our financial strength and claims paying ability.
The Navigators Group is a specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd’s of London. Headquartered in New York City, Navigators has offices in major insurance centers in the US, the UK and Continental Europe.