The board of directors of White Mountains Insurance Group, the Bermuda-based financial services holding company, has authorised the company to repurchase up to an additional 1 million common shares. The timing is subject to market conditions.
This authorisation is in addition to the roughly 407,000 shares remaining under the company's existing share repurchase authorisation.
Shares may be purchased in the open market, through privately negotiated transactions, one or more tender offers or otherwise. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, alternative opportunities and other market conditions.
The repurchase authorisation does not obligate White Mountains to acquire any specific number of shares.
The company intends to fund any repurchases with available cash.