Reinsurance Group of America (RGA) has entered into a definitive agreement with Barclays Bank, acting through its agent, Barclays Capital, to purchase shares of its common stock under an accelerated share repurchase (ASR) program.

Pursuant to the agreement, the RGA purchased 2.5 million shares from Barclays for $149.4m, or $59.76 per share.

Under the ASR agreement, Barclays plans to purchase an equivalent number of shares of common stock in the open market from time to time until it has acquired that number.

At the end of this period, RGA may receive, or may be required to remit, a purchase price adjustment based upon the volume weighted average price of its common shares during the period.

According to the RGA, the purchase price adjustment can be settled, at the election of RGA, in cash or in shares of its common stock.