The increase will provide for aggregate repurchases under the program of up to $200 million of company shares
The Hanover Insurance has announced that its board of directors has authorised a $100 million increase to the company’s existing share repurchase program.
Initially, the program was authorised by the board in October 2007, allowing for the repurchase of up to $100 million of its outstanding shares. Since that time, The Hanover has made common stock purchases of approximately $94 million. The increase will provide for aggregate repurchases under the program of up to $200 million of company shares, said the company.
As per the stock buy back program, the company may repurchase its common stock from time to time, in amounts, at prices, and at such times as the company deems appropriate, subject to market conditions and other considerations. The program does not stipulate that the company purchase any specific number of shares or make purchases by a certain time and date.
The Hanover also expects to establish from time to time 10b5-1 trading plans that will provide flexibility as it buys back its shares.
Frederick Eppinger, chief executive officer of The Hanover, said: This increase in our stock repurchase program is consistent with our commitment to deliver significant value for our shareholders. This authorisation is a demonstration of the confidence we have in our company’s overall financial condition and in our ability to generate strong profitable growth going forward.