Everest Re ups share buyback plan

Bermuda-based Everest Re has increased its existing share repurchase programme by 5 million shares.

The increased amount takes the company’s authorisation for repurchases up to approximately 6.8 million shares, net of shares already repurchased.

In addition, the board approved a 27 percent increase to its regular quarterly dividend from $0.75 to $0.95 per common share. This dividend will be payable on or before December 17, 2014 to all shareholders of record as of December 3, 2014.

Dominic Addesso, president and chief executive officer, said: “Today’s announcement reflects the Board’s commitment to driving shareholder value and its confidence in the future earnings power of the company. Our capital allocation strategy, reflective of our strong capital position and earnings generation, seeks to balance strategic growth opportunities with a measured return of capital to our shareholders. The effectiveness of these strategies can be gauged by the 14 percent compound annual growth in book value per share, adjusted for dividends, over the last five years.”